It comes as no surprise to many that real estate is becoming increasingly expensive in Edmonton. In just under two decades, house prices in Alberta’s capital city have more than doubled.
We looked at the Canadian Real Estate Association’s (CREA) MLS Home Price Index (HPI) to see what house prices have historically been like in Edmonton. The index provides data on home price levels and trends in cities across Canada from the last 19 years.
When the HPI began keeping track in January 2005, the benchmark price for all property types in Edmonton (including single-family homes, apartments, and townhomes) was $169,500.
Canadian Real Estate Association
Between December 2005 and June 2007, housing costs in Edmonton dramatically spiked, with the benchmark price jumping from $183,000 to $356,800.
During this time, Alberta experienced a sudden oil boom that brought rapid economic growth and a fast-growing population. While the housing market cooled off after reaching a high point in mid-2007, the benchmark price never again fell below $250,000 in the city.
Edmonton’s prices reached their highest-ever point on the HPI in April 2022, when the benchmark price hit $406,100.
As of the most recent data point (April 2024), the benchmark price for all home types in Edmonton is $390,200.
In the nearly two decades between the first and last points on the HPI, the price of housing in Edmonton has risen by 130%.
Edmonton and the rest of Alberta have been a hotspot for people from other parts of Canada seeking a lower cost of living. Compared to the rest of Canada, Edmonton is one of the most affordable major cities in the country, though prices are once again climbing, with the rental market seeing some of the fastest growth in the country.