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Market Report

Edmonton Multifamily Market Report

1Q 2023

Substantial Vacancy Drop Driven by Surging Demand;
In-Migration Ensures Healthy Performance

Robust economy and population gains boosted rental demand. Powered by an improving job market and a rebound in population growth, Edmonton’s multifamily sector had a strong year in 2022. The oil price rally during the first half boosted employment, while high borrowing costs eroded home affordability and directed residents to the rental market. Additionally, the metro saw a significant inflow of residents from within Alberta, other provinces and abroad, which further drove demand for apartments. With annual completions flattening to roughly 3,800 units over the past two years, the increase in demand resulted in a 300-basis-point drop in vacancy, the highest rate of decline among major metros in Canada. Rent growth also climbed to a seven-year high, with the monthly average nearing $1,200.
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