The Edmonton housing market witnessed a 4.3% decline in the average sale price from $418,713 in 2022 to $400,827 in 2023. Concurrently, the number of sales dropped by 11.4%, shifting from 22,388 in 2022 to 19,825 in 2023. Although currently a balanced market, Edmonton is poised to transition to a sellers' market in 2024, projecting a 4% increase in average residential prices and a 5% decrease in sale transactions.

Anticipated to be the most sought-after neighborhoods in 2024 are Oliver/Downtown, Rutherford/Heritage Valley—a newer development in the deep south perimeter—and Terra Losa, situated north of the West Edmonton Mall. Single-detached homes are expected to experience the highest demand, with a focus on new, denser construction developments, reflecting the rising cost of living and the popularity of in-home rental suites, including short-term rentals.

Housing supply dynamics are influenced by an influx of Ontarians moving to Edmonton, impacting first-time homebuyers who find themselves competing with investors from Ontario and BC for entry-level properties. Immigration also plays a significant role, driven by the region's relative affordability compared to other major cities.

John Carter, Broker Owner at RE/MAX River City, notes, "Rising interest rates have had a cooling effect on the Edmonton market, but due to the city's affordability and high overall incomes, we're witnessing strong migration, particularly from out-of-province buyers, keeping property values stable." He adds that Edmonton's affordability is attracting international immigration directly to the city, a departure from historical patterns where newcomers used Edmonton as a transit point to larger cities like Vancouver or Montreal.