Market Report
Edmonton Multifamily Market Report
3Q 2024
Strong Population Growth Remains Key
Driver for Healthy Multifamily Fundamentals
Vacancy fell rapidly amid surging rental demand. Over the past few years, Edmonton’s strong economic performance amid a healthy energy sector, stable government employment and a growing tech presence, as well as the metro’s affordability appeal and the federal government’s liberal immigration policies, led to a substantial rise in the metro’s population. Of the nearly 200,000 newcomers who moved to Alberta in 2023, over 60,000 new residents settled in Edmonton. This population surge almost doubled the resident gains in 2021 and 2022 combined, leading to booming demand for rental units. As a result, Edmonton experienced the steepest drop in its multifamily vacancy rate, of 190 basis points, out of the seven major metros in Canada. Rent growth accelerated as well, more than doubling the rate of increase seen in the previous year. The average effective rent reached an all-time high, sitting just under $1,300 per month last year.
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