Vancouver vs. Edmonton's housing markets compared

    The first thing you will notice about Vancouver vs Edmonton’s housing market comparison is the difference in terms of pricing. The overall market conditions are also quite different. In addition to these facts, it is important to note that the despite the difference in pricing, the demand still goes in favor of Vancouver. The City of Vancouver is famous for having one of the most expensive housing markets in Canada. Interestingly enough, even though the prices here are drastically higher than in Edmonton, the demand is still very high. In contrast to Vancouver, the housing market in Edmonton is more affordable all things considered. The demand for housing is growing in Edmonton, however, Vancouver is still a more desirable location for living. Also, the quality of life and economy both go in favor of Vancouver. In any case, let’s see how the housing markets exactly compare between these two cities, in the article below.

    Vancouver vs Edmonton’s housing markets: All you need to know

    The main aspects of housing markets this article will cover are average home prices, the average sale prices and the price of homes increase. These are all important things to take into account when you are moving from Edmonton to Vancouver or the other way around. Before we get into the article, keep in mind that this is the current information at the end of March 2023. Now, without further ado, let’s dig in.

    Average home prices in Vancouver and Edmonton

    One of the factors contributing to the high cost of housing in the City of Vancouver is the limited supply. The mountains, ocean, and the US border all surround the city, limiting the amount of land available. Another important factor is the strict zoning regulation. The high quality of life here makes Vancouver a desirable city to live in. High demand and limited supply are the main reasons why home prices are so high here. 2,535 Vancouver real homes were sold in March 2023. There were 734 detached homes sold, 1,311 flats sold, and 466 attached homes sold. Greater Vancouver’s average house price was $1,267,057. This pricing reflects a 5.3% yearly drop and a 3.8% monthly rise.

    Vancouver vs Edmonton's housing markets

    The Vancouver vs Edmonton’s housing markets is a must-know comparison if you plan on moving to either of these two cities.

    The housing market in Edmonton is more affordable and less competitive than the housing market in Vancouver. There have been some fluctuations in the market, however, Edmonton remained a relatively stable market. In contrast to Vancouver, the amount of available land in Edmonton is large. The approval process for new developments is also generally less complex than in Vancouver. In March 2023, the average house sold price in the Greater Edmonton Area (GEA) was $390,063; this is a 6% year-over-year reduction and a 5.6% month-over-month gain. The average price of a condo unit declined by 5.2% year over year and grew by 2.9% monthly to $192,746.

    Vancouver vs Edmonton’s housing markets: The average sale prices

    The average home sale price in Vancouver can vary from month to month. Despite that, it is still one of the highest in all of Canada. An important thing to note, before long distance moving companies in Vancouver present you with the exact numbers, is the type of properties this includes. The average sale price is a figure that includes all types of properties such as detached homes, townhomes, and condos. The average sale price of detached homes, attached houses, and apartments in Greater Vancouver in March 2023 was $2,168,938, $1,198,837, and $786,362, reflecting a 5.5%, 1.9%, and 1.4% increase over February 2023, respectively. These prices have likewise changed by -4.4%, -6.1%, and -5.9% year on year.

    Vancouver versus Edmonton housing markets

    There are pros and cons to living in both of these two cities.

    The average home sale prices compare similarly to the average home prices. This means that these prices are also generally much lower in Edmonton. Additionally, you will be able to find more housing options in Edmonton. Average townhouse prices declined 7.4% year over year and 1.4% month over month to $247,796. Semi-detached home average prices fell 4.1% year over year but were up 2.2% month over month to $365,455. Average detached house prices fell 3.6% year over year but were up 5.7% month over month to $485,739.

    The changes in the Edmonton housing market

    The benchmark price in the Edmonton area is $377.9k, which is 1.7% higher than last month and 7.8% lower than last year. Looking at housing categories in the Greater Edmonton Area, the benchmark price for single-family detached homes in March 2023 was $429.5k, a 7.7% yearly decline and a 1.8% monthly gain.

    The benchmark townhouse price climbed 1% month over month to $229.6k, a 6.2% year-on-year fall. The benchmark price for condo flats in March 2023 was $183.2k, a 0.5% drop year over year and a 2.5% monthly rise compared to February 2023.

    Vancouver versus Edmonton's housing markets

    There are various statistics to pay attention to, depending on what kind of home you are looking for.

    The median home selling price in March 2023 was $370k, up 3.8% from the previous month but down 8% from the previous year. Looking at the median sold prices for Edmonton region house types, single-family detached homes had a median selling price of $445k in March 2023, a 6.9% yearly decline and a 3.7% monthly gain. As you can clearly see, home prices are generally more affordable in Edmonton. Therefore, relocation companies Canada recommend moving here to people looking for affordable homes.

    The changes in the Vancouver housing market

    It is no wonder that the prices in the housing market are changing constantly. These prices tend to only go higher no matter the city. In March 2023, the median price of a property in Metro Vancouver was $1,143,900, a 1.8% monthly gain and a 9.5% year-over-year fall. For years, Vancouver has been a pricey property market, with its current benchmark price increasing by only 8.9% over the last five years, while CPI inflation has been 17%. Benchmark prices for detached homes in Vancouver declined 11% year on year but jumped 2.7% month on month to $1,861,800 in March 2023.

    The benchmark price of detached homes in Vancouver has risen by $371k in the last three years. This three-year price increase can purchase an average house in Edmonton. The moving companies Vancouver to Edmonton suggest buying a property here for people looking to earn money through real estate over time. On the other hand, if you are looking for a place to move to with your family, or you are a first-time house buyer, Edmonton is a clear choice and it ends this Vancouver vs Edmonton’s housing markets dilemma.

     

    CITATIONS:

    Vancouver Housing Market: Apr. 6th, 2023 Update | Map Regional Breakdown – WOWA.ca. (n.d.). Wowa Leads Inc. https://wowa.ca/vancouver-housing-market

    Edmonton Housing Market Report: Apr. 10th, 2023 Update | Interactive Map – WOWA.ca. (n.d.). Wowa Leads Inc. https://wowa.ca/edmonton-housing-market

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