Year-to-date multifamily sales in Edmonton surpass previous year, set record

The Edmonton multifamily market is having a moment. Like the rest of the country, the availability of residential rental units has been dramatically reduced over the past three years by strong demand from renters. In Edmonton's case, the average vacancy for rental apartments hit 6% just as pandemic lockdowns ended and has since fallen to 2.2% at the end of last year. Canada Mortgage and Housing Corp. has forecast vacancy to tighten further this year and next, tightening to 1.7% before a degree of decompression, but still well below what many consider a balanced market.