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Market Report

Edmonton Multifamily Market Report

3Q 2023

Sector Continues to Benefit from Population Growth;
Rents on Track to Break Record

Population gains support positive outlook. For many years, Edmonton has offered the least costly multifamily market for renters and investors among major Canadian metros. Due to this affordability characteristic, coupled with a booming economy and labour market coming out of the pandemic, Edmonton saw an influx of new residents in 2022. This accelerated the region’s population growth to an eight-year high. Within the first six months of 2023, resident gains remained strong as Alberta recorded one of the highest annual population growth rates in Canada, sitting at 4.5 per cent. These gains helped solidify the backbone for the metro’s apartment demand. Despite increasing new construction, vacancy has been on the descent since 2021, signaling that demand has consistently outpaced supply. 
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