The Edmonton housing market, including the downtown area, is expected to experience rising prices and near-record sales in 2024. This growth trajectory follows a period of modest price increases in recent years, with Edmonton's housing prices rising by only 28% over the past 15 years, a rate lower than the official inflation rate for the same period. This growth is considered modest when compared to other major Canadian cities.

The Edmonton real estate market in early 2024 is experiencing significant dynamics, indicating a seller's market with a sales-to-new-listings ratio (SNLR) of 71%, suggesting that demand outpaces supply. The average home price has seen a notable year-over-year increase of 10.3% to $407,458 in February 2024, with detached homes, in particular, showing a substantial rise in average prices. After a period of decline, prices have been on an upward trend since November 2023. The market also witnessed a robust sales increase, with total residential unit sales rising significantly compared to the previous year. This growth in sales and prices suggests a healthy demand in the housing market, with detached homes, townhouses, and semi-detached homes all seeing price increases, while apartment prices have seen a slight decrease. 

The future outlook of the real estate market in Edmonton appears promising, characterized by a continued seller's market into early 2024, with robust year-over-year price increases and strong sales activity. This trend is supported by a significant rise in residential sales and an increase in the average home prices. The demand remains strong across various types of homes, with particularly notable growth in detached homes. The Edmonton market's resilience and steady growth, despite broader economic uncertainties, suggest a stable and potentially prosperous market for the foreseeable future. Factors contributing to this positive outlook include Edmonton's relative affordability compared to other major Canadian cities, modest price growth over the past years, and a housing market less affected by speculation. This stability is further bolstered by efficient approval processes for new housing projects, which may continue to attract buyers and investors to the region. The overall trend indicates a healthy demand that could sustain or potentially increase property values​

Factors influencing the Edmonton market include population growth, interest rate changes, and housing supply issues. For instance, Edmonton saw a significant population increase of 3.5% in the latter half of 2023, with more than 45,000 people migrating to Alberta. The Bank of Canada interest rates also rose 75 basis points in 2023 to 5.0%.