Apartment Sales Surge in Edmonton in June

Here's something we haven't said in a while... apartment-style condo sales took a major leap in June - they were up 26% from last June. Net migration to Alberta has reached new all-time highs, with almost 150,000 people moving to the province between June 2022 and March 2023. Approximately 2/3 of these new migrants are international, and this is creating very high demand for rental properties. As a result, there has been increased interest in condo-style apartments. Apartment prices have been on the decline for years in Edmonton, and although we're not seeing a year-over-year increase in the benchmark price yet, it does appear as though apartment prices may have bottomed out in January of this year. 

Listing inventory is now well below normal levels, and with sales higher than normal, we're still in a strong seller's market. Typically, this would lead to rising prices, but elevated mortgage rates are keeping buyers looking at lower price ranges. At the same time, the average size of properties sold has been declining from the high reached in late-2021. 

City of Edmonton Stats