Edmonton apartment-condo sales exploded in the first eight months of the year, says a Remax report.

Year-to-date sales skyrocketed about 37% between January and September compared to a year earlier. Edmonton led the country as total completed deals rose to 3,351 units from 2,452 from the same period in 2023, making this the best year for apartment sales in the past five years.

The average apartment sale price rose 4% year-over-year to $200,951, positioning Edmonton as the most affordable major market in the country said Remax.

Immigration and inter-provincial migration are key factors driving the trend. In the second quarter of 2024, Alberta saw nearly 9,654 new residents move from other Canadian provinces, particularly Ontario and British Columbia. Immigration numbers held steady at around 32,000. This influx of people has pushed the sales-to-new-listings ratio to 65%, signalling a clear seller’s market, said Remax. As a result, many condominiums are now being sold in multiple-offer scenarios.

“The influx of newcomers has buoyed the city, with growth evident in neighbourhoods from the downtown core to the suburbs,” said Remax.

Edmonton’s affordability compared to other major Canadian cities has attracted homebuyers, particularly newcomers and first-time buyers. Condominiums, including row houses with garages and backyards, are a popular option, with prices ranging from as low as $100,000 for older units to under $300,000 for newer developments. Investors are also active, purchasing older condos, renovating them, and renting them out at premium rates.

Out-of-province developers, especially from Ontario and B.C. are also seizing the opportunity due to Edmonton’s lower development costs and reduced red tape, according to Remax. Several high-rise and townhouse developments are currently under construction, with more planned to meet the growing demand. Market experts predict that more balanced conditions may emerge by 2027 as supply catches up with demand.

First-time buyers have been particularly active in the condo market, spurred by affordable prices and the lack of land transfer taxes in Alberta. Edmonton’s low cost of living is an additional draw for many, allowing homeowners to comfortably pay mortgages while enjoying a higher quality of life.

Amenity-rich areas such as Oliver, Old Strathcona, and Whyte Avenue are among the most sought-after neighborhoods. Oliver, with its proximity to the downtown core and the river valley, has become a hotspot for new condominium developments, while Old Strathcona’s arts and cultural scene continues to attract buyers looking for a vibrant lifestyle.

“Edmonton’s housing market continues to be driven from the bottom up,” said Remax. “Renters move into condo apartments, who move into condo row housing, who move into townhomes and eventually make their way to single-detached homes.

“The cycle is expected to be supported by a strong local and provincial economy heading into 2025 as monetary policy continues to ease, households and businesses increase spending, and oil prices climb.”

Remax included the Edmonton findings in a national condo market report that evaluated seven major markets. Edmonton’s high pace of activity contrasts with a general sales slowdown across the country.

The Alberta capital is “firmly entrenched in seller’s market territory, while conditions are more balanced in other major cities, the company said.

Remax Canada President Christopher Alexander views the current lull in sales nationally as “the calm before the storm” expected in 2025 as deals pick up due to lower interest rates.

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