Dust off your property dreams, because Canada’s housing market is bouncing back to life! The post-pandemic world is seeing real estate prices spring up like perennials in an Alberta summer, and Edmonton is also blooming.

But the intriguing part isn’t merely the upward trend—it’s the pace of the gallop that’s got us talking.

Besides, how does Edmonton compare with the rest of the Canadian cities on the real estate map?

If a move is on the cards for you this year, let’s discover why Edmonton, the city that straddles the rural-urban divide, might be your ace in the hole.

But before we pack your bags, let’s unravel the price tag on an average home in this charming capital city.

How Much Does a House Cost in Edmonton?

An average house in Edmonton is a sweet deal at $417,465, as per WOWA. You might find this relatively gentle on the pocket compared to the Canadian average home price of a hefty $746,146.

Yes, you read it right. The Edmonton real estate market gives you more bang for your buck than most Canadian cities.

A case in point: Calgary, Edmonton’s Alberta sibling, parades an average house price of $532,093. That’s an eye-watering $100,000-plus more!

That means you can buy a much bigger house or land in Edmonton with the same amount of money you pay for a home in other Canadian cities.

And here’s a little secret—if you’re an adept property sleuth, Edmonton may reveal hidden gems in the form of homes cheaper than the city’s average price.

Your hunt might lead you to charming townhomes and condos. They may be smaller in size, and you might have to forgo the joys of detached living. But they are a savvy alternative if the budget is your ball game.

Edmonton Housing Market Predictions

There are varying expert forecasts for the housing market in Edmonton. It’s hard to say what’s most likely to happen because the current circumstances are unpredictable. But check out the top 3 predictions that most experts agree on.

Rising Interest Rates to Remain at Low Levels

The Edmonton housing market is still looking strong. Despite the threat of rising mortgage rates, the real estate bonanza continues unabated.

Why, you ask? Because, compared to the sky-high rates in other Canadian housing markets, Edmonton’s increase feels like a mild Alberta summer—warm but not scorching.

The result? Potential buyers are queuing up for a slice of the Edmonton house pie.

However, it’s worth noting that mortgage rates will continue their uphill journey as the market finds its footing post-pandemic. Ditto for house prices.

So, if Edmonton has caught your fancy, lock in your mortgage rates pronto before they begin to resemble the city’s towering skyscrapers.

Low Housing Inventory to Keep Demand High

Because of the rising house prices, the demand has cooled down a bit. Some people have held off on buying for the time being, especially those that don’t need a new house. Others have resorted to renting instead.

But despite this, the demand is still high. Owning a house is still a necessity for the majority of homebuyers. And the housing supply couldn’t quite keep up.

This is why the demand is expected to remain high this year. Even if some buyers are out of the game, more and more people are getting into it.

So, even with the huge number of current listings and the efforts of the housing sector to cater to the demand, it’s still not fast enough to catch up.

It might be best to prepare to offer a little more for a house you want. Also, expect to get into bidding wars. The market tends to get competitive as people rush to secure a home for themselves.

More People Buying Into the Market

In 2023, you could expect more people from outside of Edmonton (or even Alberta) to try to buy into the market.

The more people discover the favourable conditions of the housing market in Edmonton, the higher the demand increases. As this happens, the market will only get more competitive for everyone.

People recognize that they could get a much bigger property in Edmonton than they would in Vancouver or Toronto—or even Calgary. It boils down to where they would get the most worth for their money.

Renting vs. Buying in Edmonton

So, renting vs. buying a house in Edmonton—which is better and more worth it? Both of these have their pros and cons, so the choice is really up to you. Here are some things to consider before you make your decision.

First off, it’s cheaper to buy a house than rent one. Renting seems more manageable since you’ll only have to pay your security deposit and first month’s rent.

When buying a house, you’ll have to pay more upfront for the downpayment and other closing costs. But it will be worth it in the long run.

This is because when buying a house, you also build equity for your home in your mortgage. As this builds up over time, you can qualify for a bigger loan or cash-out refinancing.

In short, you reap all its benefits.

When renting, you might be able to manage your finances better since you know exactly how much would go into your rent. You won’t have to worry about emergency repair or maintenance expenses as you would when you own a home. The landlord is there to take care of things like these for you.

But then again, with renting, you won’t get to own the property you’re paying for. You won’t build equity. And you won’t be free to make whatever changes you want to your home without your landlord’s approval.

It’s a matter of weighing which one works better for you. If you’re someone who moves a lot, renting may be better. But if you want to build your roots in one place, you might be better off buying a home.

Living in Edmonton

Low house prices, affordable cost of living, and good quality of life are only some of the things that Edmonton has to offer for its residents. Anyone could easily fall in love with the beauty of Alberta’s capital city.

To recap, here are some quick facts and predictions for the Edmonton housing market:

• The current average house price is $417,465. You may find cheaper properties, though. Consider looking into townhomes and condos as well. These are cheaper than detached homes.
• House prices will keep increasing as well as interest rates. It’s best to secure a home you want as soon as possible before these values even rise further.
• The market could get competitive, so be ready for bidding wars. You might have to place a higher offer on a home you really want to get.
• As more people try to get into the local housing market in Edmonton, the supply might even be more scarce. This could, in turn, drive house prices further up and make the market more competitive.

Connect With Edmonton’s Trusted Realtor

Ready to jump into the exciting world of Edmonton’s real estate? Then you’ve come to the right place!

I’m Amrit Hunjan, your neighbourhood realtor and partner-in-crime for your upcoming house-hunting escapade!

With years of experience in turning property dreams into reality and an intimate knowledge of Edmonton’s real estate landscape, I am well-equipped to guide you through the labyrinth of home buying or selling.

My commitment to understanding your unique needs and aspirations sets me apart and ensures that your journey with me is as smooth as an Edmonton summer sky. I can also connect you to some of the best home builders in Edmonton to help you achieve your dream home. 

Why not pop over to my website for a more in-depth look at Edmonton’s vibrant housing market? While you’re there, you can also learn more about me, my services, and how I can help make your real estate journey an exciting and fulfilling adventure.

In this vibrant dance of supply and demand, you need a seasoned guide. Someone who knows the Edmonton market like the back of their hand, someone who can make your home dreams come true—and that’s where I step in.

So don’t hesitate to reach out to me. And together, we’ll make your Edmonton real estate dreams come true!