Patricia Heights, Edmonton - October 2026 Real Estate Report
Patricia Heights Real Talk: Your Home Is Worth Less Than the City Thinks
If you have been glancing at your latest city assessment and feeling pretty good about your property value, hold on. The numbers on the ground in Patricia Heights tell a different story - and it is one every homeowner here needs to hear before making any big moves.
The Vibe: Houses vs. Condos
Houses - Fast Sales, But Watch the Trend
If you own a house in Patricia Heights, here is the honest picture. The market is moving fast - properties are selling in an average of 18 days, which puts us at rank 17 out of 116 Edmonton neighbourhoods for speed. That is seriously quick. And the one house that sold recently went for 102.79% of list price, meaning the buyer paid above asking. On paper, that sounds like a win for sellers.
But dig a little deeper and you will see the market is taking a breather. The predicted market value for houses sits at $631,980, and that number is sliding - it is down from the 3-month moving average of $646,801. Recent property values have shifted by -2.90%, and on the neighbourhood growth leaderboard, Patricia Heights houses rank 211 out of 285 Edmonton neighbourhoods. That puts us in below-average territory for growth right now.
- Average assessed value (houses): $729,934
- Average HonestDoor Price (houses): $641,170
- HonestDoor Price change: up 1.45% from last period
- Predicted market value: $631,980
- Average sale price: $2,800,000 (1 transaction - treat this with caution)
- Price per square foot: $820
- Days on market: 18
- Sale-to-list ratio: 102.79%
- Estimated monthly rent: $2,837
- Rental yield: 5.45%
- Growth rank: 211 out of 285 Edmonton neighbourhoods
- Price rank: 1 out of 285 - among the most expensive in Edmonton
One thing worth noting - the average sale price figure here is based on just 1 transaction in 2026. That is a tiny sample. Do not let that single data point drive your expectations. The HonestDoor Price and predicted value are far more reliable guides for what your house is actually worth today.
Condos - Affordable, But Buyers Hold the Cards
The condo side of Patricia Heights is a different animal. With an average HonestDoor Price of $127,949 - down 3.07% from last period - we are in buyers' market territory here. Recent sales averaged $152,000, and properties sold for 96.44% of list price, meaning sellers are accepting offers below asking. Condos are still moving quickly though, matching houses with a days-on-market rank of 17 out of 113 neighbourhoods. So while buyers have leverage on price, they are not sitting on their hands.
The bright spot? The predicted condo value of $131,999 is actually creeping up compared to the 3-month moving average of $131,576. Small movement, but it is moving in the right direction. Neighbourhood growth for condos ranks 162 out of 297 - still below average, but less of a gap than the house segment.
- Average assessed value (condos): $137,833
- Average HonestDoor Price (condos): $127,949
- HonestDoor Price change: down 3.07% from last period
- Predicted market value: $131,999
- Average sale price: $152,000
- Price per square foot: $121
- Days on market: 24
- Sale-to-list ratio: 96.44%
- Estimated monthly rent: $725
- Rental yield: 4.34%
- Growth rank: 162 out of 297 Edmonton neighbourhoods
- Price rank: 181 out of 218 - among the most affordable in Edmonton
The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Assessment Right Now
Here is the thing about your city assessment - it is a snapshot from the past. The city looks at sale data from a prior period, runs its formula, and mails you a number. That number does not know what happened in the market last month. It does not adjust for the fact that house values in Patricia Heights have dipped -2.90% recently, or that condo prices are 3.07% lower than last period.
For houses, the gap is significant. The average assessed value is $729,934, but the average HonestDoor Price is $641,170. That is a difference of roughly $88,764 - or about 12.16% lower than what the city says your home is worth. If you are making decisions about selling, refinancing, or even just understanding your net worth, using the city's number is like navigating with an old map.
For condos, the gap is smaller but still real - assessed at $137,833 versus a HonestDoor Price of $127,949. That is a $9,884 difference. The HonestDoor Price updates in real time using actual market signals. It is the real-world check your assessment simply cannot provide.
The "So What?" - Thinking About Selling This Summer?
If you own a house in Patricia Heights and you are thinking about listing this summer, the conditions are not bad - but you need to be sharp about pricing. Houses are selling fast (18 days on average) and that one recent sale went over asking. But the predicted value is trending down from its 3-month average, and the growth rank of 211 out of 285 tells us this neighbourhood is not leading the pack right now. Price it right from day one. Overpricing based on your city assessment - which sits nearly $90,000 above the HonestDoor Price - could leave your listing sitting while faster-priced homes nearby get snapped up.
For condo owners, the summer picture requires a bit more patience. Buyers have the upper hand right now, with recent sales coming in below list price. That said, condos are still moving in under 25 days, and the predicted value is nudging upward. If you need to sell, price competitively and lean into the speed of the market. If you can wait, the trend is at least pointing in a better direction than it was a few months ago.
For anyone holding either property type as a rental - the numbers are solid. A 5.45% rental yield on houses is genuinely strong. Even condos at 4.34% are respectable. If selling does not feel urgent, staying put and collecting rent is a reasonable play while the market finds its footing.
Bottom line - Patricia Heights is a well-established neighbourhood with fast-moving properties and real rental upside. But the gap between city assessments and real-world HonestDoor Prices is too big to ignore. Check your HonestDoor Price before you make any move this summer. It is the number that actually reflects today's market - not last year's.
patricia heights | 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.