Organized by the University's Institute for Sexual Minority Studies and Services, the parade is part of the university's Pride Week celebrations, which include coming out monologues, and events such as rainbow yoga and an art night.
“Creating and maintaining safe spaces for all University of Alberta staff, students, and guests is a fundamental priority that events like Pride Week contribute to," said Frank Robinson, Vice-Provost & Dean of Students.
"Our expectation is that Pride Week will become an annual event to celebrate the diversity that characterizes our vibrant community," he added.
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Supporters walked across campus with rainbow coloured balloons, flags and signs.
The university also had rainbow coloured lighting in various parts of campus building in days leading up to the parade.
"Walking to class with a rainbow flag sticking out of my bag. I feel so proud!" said Connor Yuzwenko-Martin on Twitter.
Earlier this year, the university launched a public service announcement, as part of their NoHomophobes.com campaign, questioning why homophobic language is still openly tolerated in society.