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Market Report

Edmonton Multifamily Market Report

1Q 2024

Economic Resilience and Demographic
Shifts Propel Edmonton’s Rental Market

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. 
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