Edmonton Multifamily Market Report

Evolving job prospects maintain a positive outlook. Edmonton’s population growth surpassed 4.0 per cent in 2023 and remained one of the highest in Canada over the first half of 2024. This trend was largely fuelled by Edmonton’s lower cost of living, attracting both international immigrants as well as interprovincial migration. Looking ahead, while affordability will stay a key driver in multifamily performance, a more structural change in Edmonton is materializing. Historically, the metro has been heavily influenced by the traditional energy sector. Since 2019, however, industries outside of oil and gas – such as professional, scientific and technical services along with renewable energy, technology, healthcare, retail and finance – have driven employment gains. This signals that Edmonton’s economy is undergoing widespread diversification, which will generate more stability and provide evolving employment opportunities for both past and future resident gains. Combined with a growing student population, a large public sector presence, higher disposable incomes and an economy that is likely to outperform, multifamily fundamentals are expected to remain robust. Apartment rentals are set to hold as a preferred investment vehicle in 2025 as a result.