Edmonton’s housing market is booming, with new homes being built at a record-breaking pace. The latest data from the Canada Mortgage and Housing Corp. (CMHC) reveals over 10,000 new housing starts from January to July 2024, with all housing types seeing a surge in demand.
Single-family detached homes are leading the way, with starts up 67% compared to last year, while semi-detached homes and townhomes have also experienced strong growth. Apartment construction has seen a 71% increase, driven mainly by rental properties, which are up by 75%. Even the often-overlooked condominium market is bouncing back, with a 42% rise in new builds as more buyers turn to affordable options.
New zoning laws have further fueled development, allowing builders to revitalize older neighbourhoods with modern infill projects, adding much-needed housing supply and increasing neighbourhood density.
Despite this rapid growth, Edmonton’s new homes remain relatively affordable compared to other major cities in Canada. For example, the average price of a new single-family home in Edmonton is $635,938, much lower than in Calgary and Toronto, where prices are significantly higher. With borrowing costs expected to drop, demand for single-family homes is likely to grow, helping to reduce the available inventory in the coming months.
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Information Cited: Schlesinger , J. (2024, September 12). Edmonton new homes activity ramps up amid strong demand for housing. Retrieved September 16, 2024, from https://edmontonjournal.com/life/homes/edmonton-new-homes-activity-ramps-up-amid-strong-demand-for-housing
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