Edmonton Multifamily Market Report

Booming demand amid affordability appeal and economic growth. As one of Canada’s least costly rental markets, Edmonton witnessed a surge in rental demand last year. The metro’s lower cost of living provided an alternative for new residents who were priced out of higher-cost regions like British Columbia and Ontario. A growing tech sector and a well-performing energy industry helped boost personal income, but elevated mortgage costs made homeownership increasingly out of reach. All these factors propelled rental demand, causing a significant decline in the vacancy rate in 2023. Out of the seven major metros, Edmonton experienced the steepest drop, of 190 basis points, marking its lowest reading since 2015.