Elmwood, Edmonton - October 2026 Real Estate Report
Elmwood, Edmonton: Your Home Is Worth Way More Than the City Thinks
If you own a house in Elmwood and you have not checked your HonestDoor Price lately, here is the short version - the city says your home is worth around $398,000, but the real world says closer to $668,000. That is a gap of over $269,000. That is not a rounding error. That is a second property.
The Vibe: What Is Actually Happening in Our Neighbourhood
Elmwood is a tale of two property types right now, and it is worth knowing which side of the fence you are on.
Houses - Taking a Breather, But Still Holding Real Value
If you have been watching the "For Sale" signs on our streets, here is what is actually happening. The market for houses is cooling off. Average sale prices came in at $397,750 this month, down 14.9% from last month. Homes are sitting on the market for an average of 63 days, and buyers are paying about 96.4% of the asking price - meaning sellers are giving a little ground to get deals done.
- Average sale price: $397,750 (down 14.9% from last month)
- Average list price: $499,900
- Price per square foot: $661
- Average days on market: 63
- Properties sold this month: 2
- Sale-to-list ratio: 96.42%
Two sales in a month is a thin sample, so do not read too much into the monthly swing. What matters more is the bigger picture - the HonestDoor predicted market value for houses sits at $666,426. Yes, that is slightly down from the 3-month moving average of $667,606, and values have dipped 1.37% recently. But zoom out and this neighbourhood is still punching well above the city average on price.
On the rental side, we are looking strong. Estimated rent is $2,819 per month with a rental yield of 5.55%. That is a number landlords in a lot of other Edmonton neighbourhoods would be jealous of.
Condos - A Softer Story
Condos in Elmwood are facing a tougher stretch. The average HonestDoor Price for condos is $153,838, and it has slipped 1.26% from the previous period. The predicted market value is $155,800, which is also trending down from a 3-month average of $157,473 - a drop of about 2.32% recently.
- Average HonestDoor Price (condos): $153,838 (down 1.26%)
- Predicted market value: $155,800
- Estimated rent: $843 per month
- Rental yield: 4.33%
- Airbnb estimate: $42 per night
- Growth rank: 232 out of 297 Edmonton neighbourhoods
Condo growth ranks 232 out of 297 comparable Edmonton neighbourhoods. That puts us in the lower tier for condo appreciation right now. If you own a condo here and are thinking about your next move, the numbers suggest sooner may be better than later.
One bright spot - our condo values are still ahead of nearby Patricia Heights ($131,999) and West Meadowlark Park ($138,091). We are not leading the pack, but we are not at the bottom either.
The Neighbourhood Leaderboard
Here is how Elmwood stacks up against the neighbours for houses.
- Growth rank: 95 out of 285 Edmonton neighbourhoods - above average. We are in the top third.
- Days-on-market rank: 59 out of 116 - homes here take longer to sell than average. Buyers have options.
- Price rank: 181 out of 285 - below average on price compared to the broader Edmonton market.
- Total transaction rank: 63 in Edmonton - Elmwood sees solid activity. This is not a sleepy corner of the city.
Patricia Heights, our closest neighbour, has a HonestDoor Price of $641,170 and is growing slower at 0.06% year over year. West Meadowlark Park and Thorncliff are both cheaper and growing faster, but neither is close to Elmwood on price. We are the premium option in this pocket of the city.
The Secret Sauce: Why Your HonestDoor Price Is the Number That Actually Matters
The city assessed the average Elmwood house at $398,405. That number is used for tax purposes and it is updated on a fixed schedule - not in real time. The HonestDoor Price for the same house is $667,751. That is a 67.61% difference.
Think about what that means practically. If you are making any financial decision based on your city assessment - whether that is refinancing, estate planning, deciding whether to sell, or just knowing what you actually own - you are working with a number that is nearly $270,000 off. The HonestDoor Price pulls from real transaction data and updates continuously. It is not a guess. It is the closest thing to what a buyer would actually pay you today.
With 739 properties assessed in Elmwood this year and 41 transactions recorded in 2026, there is enough real data flowing through this neighbourhood to keep that estimate sharp. Check yours at HonestDoor before you make any move.
The "So What?" - Thinking About Selling This Summer?
Here is the honest read for anyone thinking about listing a house in Elmwood this summer.
The market is softer than it was. Prices are down from last month, days on market are creeping up, and buyers are negotiating. That is the reality. But "softer" does not mean "bad." Your HonestDoor Price is still sitting near $667,000, your neighbourhood ranks in the top third of Edmonton for growth, and rental demand is strong enough that if you do not sell, holding and renting at $2,819 per month with a 5.55% yield is a genuinely good backup plan.
The window to get top dollar is not slammed shut - but it is narrowing. If you list at $499,900 and buyers are paying 96.4% of ask, you are looking at roughly $481,000 in your pocket. That is still a strong outcome. The sellers who will struggle are the ones who overprice and wait. The ones who price sharp and move fast will do fine.
For condo owners, the calculus is different. Values are sliding, the growth rank is below average, and there is no obvious catalyst to reverse that trend in the short term. If selling has been on your mind, waiting for a rebound may cost you more than acting now.
Bottom line - know your real number before you do anything. Pull your HonestDoor Price, compare it to what your neighbours are listing at, and make a decision based on what the market is actually doing - not what the city assessed two years ago.
elmwood | edmonton | october 2026This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.