Market report · February 2024
Edmonton housing market: February 2024
The median home price in Greater Edmonton in February 2024 was $398,000, rose 11.5% year over year. 1,964 homes sold with 2.4 months of supply — a balanced market.
Josh & Jay’s video breakdown for February 2024.
Here’s the Greater Edmonton housing market for February 2024, in plain language. The median home sold for $398,000 — sits 11.5% above where it was a year ago, and up 2.1% from the month before. 1,964 homes changed hands, and with 2.4 months of supply on the shelf it was a balanced market.
Where prices landed
The typical Edmonton home came in at $398,000 in February 2024 (the average was $406,811). Over the last six months the median is down 7.9% in a choppy back-and-forth.
The gap between home types is the part worth watching: a detached home ran about $465,000, while an apartment was closer to $168,000. If a detached home feels out of reach this month, a townhouse or apartment is often where the math still works.
Median price · last 24 months
Supply and demand
On the demand side, 1,964 sales were 52.0% ahead of last year, against 2,726 new listings. Inventory is down 14.8% year over year, so buyers had fewer homes to choose from than a year ago.
Homes took about 50 days to sell. At 2.4 months of supply this is a balanced market — neither side has the whip hand, which usually means room to negotiate on the right home.
Homes sold · last 12 months
The rate backdrop
Prime rate over the two years to February 2024 — what variable mortgages track, and a big driver of what buyers can afford. It was 7.2% here (Bank of Canada policy rate 5%). See every rate decision →
By property type
| Type | Median | MoM | YoY | Sales | Supply |
|---|---|---|---|---|---|
| Detached | $465,000 | +3.3% | +8.3% | 1,157 | 2.4 |
| Semi-detached | $388,000 | -1.6% | +6.5% | 193 | 2.1 |
| Row / townhouse | $285,000 | +7.1% | +14.7% | 279 | 1.9 |
| Apartment | $168,000 | +0.2% | -2.6% | 335 | 3.2 |
Source: the REALTORS® Association of Edmonton. Greater Edmonton prices use the median.
Josh’s mortgage take
Josh Tagg · Indi Mortgage
From the mortgage side: a balanced market is a gift of time. Get pre-approved so you know exactly what you can carry, lock a rate hold while you look, and use the breathing room to choose well rather than chase. Either way, know your number before you shop — it changes every other decision.
Jay’s real-estate take
Jay Lewis · RE/MAX Excellence
From the real-estate side: numbers like these are a starting point, not the whole story — the right neighbourhood and the condition of the actual house matter more than the citywide median. With a builder’s eye I’m looking past the finishes at how a home is actually built, and at value pockets like Spruce Grove, Fort Saskatchewan and St. Albert where your budget can stretch further.
Why the median? We report the median — the middle sale price, where half of homes sold for more and half for less. It reflects a typical Edmonton home better than the average, which a handful of high-end sales can pull upward.
Edmonton market FAQ
What is the average home price in Edmonton right now?
In February 2024, the median price across Greater Edmonton was $398,000 (the average was $406,811). We use the median because it better reflects a typical home than the average, which a few high sales can skew.
Is it a buyer’s or seller’s market in Edmonton?
With 2.4 months of supply in February 2024, Greater Edmonton was a balanced market. Under ~2 months favours sellers; 2–4 is balanced; above that favours buyers.
Mortgage context by Josh Tagg (Indi Mortgage); real-estate read by Jay Lewis (RE/MAX Excellence). Canonical on edmontonhome.team; also published on mortgagesforless.ca.
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