Edmonton has become a go-to destination for movers looking for more affordable housing, but that impression could also be contributing to the city’s exploding property costs.
According to a recent report from the real estate platform Zoocasa, home prices in the city have increased higher than most major Canadian cities since 2022.
Only three other cities on the list saw home price increases in the past two years, including Saint John, Regina, and Calgary.
The average home price in Edmonton in February 2022 was $388,000 — $2,200 lower than the current average home price in the city, which was $390,200 as of April 2024. That’s a 0.6% increase in two years, which isn’t something Edmontonians hope to hear but at least it’s significantly lower than what our neighbours to the south are seeing.
Zoocasa
Zoocasa
Calgary saw the second highest home price increases on the list at 15.8%, second only to Saint John, which saw almost double that number at 27.5%
The price increases in Alberta differ from what the rest of the country is experiencing, which is lower or stagnant prices since 2022.
“High mortgage rates have put downward pressure on home prices. In many major Canadian markets, home prices are either lower today or similar to what they were in 2022; before the rate increases began. This has led to opportunities for savvy buyers, that have had the luxury of time to negotiate on their side, as the market activity slowed,” said Carrie Lysenko, CEO of Zoocasa.
Much of those increases can also be attributed to Canadians flocking to Alberta, as the report also cited a Statistics Canada estimate that found the province had the highest amount of interprovincial migration across the country between 2022 and 2023.
Edmontonians have been reacting to news of people flocking to the city, telling them not to move to the area after a report found it’s a top destination for Vancouverites fleeing the city in search of more affordable living.