Alberta Housing Market Report
- March 25, 2025 Update: Today’s Lowest mortgage rate in Alberta is 3.64% for 5-Year Fixed.
Alberta Housing Market Overview
Alberta Housing Market as of January 2025
Alberta’s average home price surged past $500,000 in January 2025 after dipping below that mark in December 2024, making it the third-highest month on record. The average home price in the Alberta housing market for January 2025 was $503,078, reflecting a 1.9% monthly increase and a 5.7% annual rise. While it remains lower than October 2024’s record-breaking high of $544,752 and May 2024’s price of $507,706, it surpasses levels seen in all other months.
Sales and New Listings Surge
January 2025 saw a 2% increase in home sales compared to January 2024. That was led by a 21% year-over-year increase in semi-detached home sales, while apartment sales have declined year-over-year.
This increase in Alberta home sales was driven primarily by an increase in sales activity in Edmonton compared to last year, while Calgary is seeing a slump in sales year-over-year. The number of new listings province-wide increased to 7,775 in January 2025, an 18% increase year-over-year (YoY).
Key Statistics:
- Total Residential Sales: 4,513 (2% increase YoY)
- New Listings: 7,775 (18% increase YoY)
The sales-to-new listings ratio is at 58%, bringing Alberta back into a balanced market after decreasing from 105% in December 2024. December historically has a pullback in new listings, elevating the SNLR temporarily. The months of supply have fallen to 2.64, a 7% decrease year-over-year.
Mixed Market Conditions
Inventory has fallen year-over-year in all major markets in Alberta except for Calgary. Calgary's inventory has increased 69% year-over-year, compared to Edmonton's inventory, which has decreased by 26% year-over-year. Months of supply have also decreased year-over-year in all regions except Calgary. Calgary's 2.51 months of supply is up 92% year-over-year. In comparison, Edmonton’s months of supply is down 34% year-over-year to 1.90 months.
Inventory Trends:
- Total Residential Inventory: 11,916 (5% decrease YoY)
- Months of Supply: 2.64 (7% decrease YoY)
Rising Prices Across Property Types
Price changes across all property types show strong upward movement, with gains seen in all segments, with the exception of apartments. The total residential average price in Alberta rose to $503,078, reflecting a 5.7% increase compared to the previous year.
Average Prices by Property Type:
- Detached: $594,395 (6% increase YoY)
- Semi-Detached: $523,116 (8% increase YoY)
- Row: $388,143 (6% increase YoY)
- Apartment: $283,075 (3.4% decrease YoY)
Alberta: Seller’s or Buyer’s Markets?
| City | January 2025 Sales-to-New-Listings Ratio (SNLR) | December 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Calgary | 50% | 107% | Balanced Market | |
| Edmonton | 65% | 105% | Seller's Market | |
| Red Deer | 62% | 126% | Seller's Market | |
| Lethbridge | 83% | 108% | Seller's Market | |
| Medicine Hat | 61% | 112% | Seller's Market | |
| Grande Prairie | 89% | 120% | Seller's Market | |
| Fort McMurray | 48% | 77% | Balanced Market | |
| Alberta | 58% | 105% | Balanced Market |
The provincial sales-to-new listings ratio (SNLR) was 58% in January 2025, which is in balanced market territory. This means that for every 100 new listings, the market absorbed 58 listings this month. All major cities experienced a decrease compared to December 2024, although Calgary and Fort McMurray are the only ones not to have an SNLR above 60% to indicate a seller’s market.
The sales-to-new-listings ratio (SNLR) measures the level of demand vs. the level of supply in the market and can be used to indicate whether it is a buyer's or seller's market. A high SNLR above 60% indicates a seller's market, where there are comparatively more buyers than homes available, leading to higher prices and less negotiating power for buyers. On the other hand, a low SNLR below 40% suggests a buyer's market with more homes available than interested buyers, giving buyers more negotiating power and potentially lower prices. Most of Alberta's major cities are currently in a seller's market, which can help increase Alberta home prices.
Regional Breakdown
Calgary
Calgary’s housing market has seen home sales decrease by 12% year-over-year. The average price in Calgary climbed 6% over the past year, reaching $605,026. The sales-to-new listings ratio stands at 50%, and the months of supply is 2.51, up 92% year-over-year. Calgary is the only major city in Alberta this month to see a year-over-year increase in both its months of supply and inventory.
Edmonton
Edmonton reported solid annual sales growth, with an 11% increase year-over-year. The average home price in Edmonton was $438,278 in January 2025, a 10% increase compared to January 2024. The months of supply in Edmonton is at 1.90, down 34% year-over-year, reflecting a tightening market.
Red Deer
Red Deer experienced a 7% year-over-year increase in sales, while the average home price rose 14% year-over-year to $397,529. The months of supply in Red Deer dropped to 1.85, down 25% year-over-year, making it one of the tightest markets in the province.
Lethbridge
Lethbridge’s sales increased 15% year-over-year to 132, with the average price rising 14% to $416,789. The months of supply fell to 1.88, down 26% year-over-year, reflecting strong market conditions.
Medicine Hat
Medicine Hat reported a 25% year-over-year decline in sales to 43, with the average price increasing 11% to $348,858. It remains one of Alberta’s more affordable major cities. Months of supply decreased to 2.49, down 5% year-over-year.
Grande Prairie
Grande Prairie saw a 23% year-over-year increase in sales to 85 and recorded the largest annual percentage gain in average price among Alberta’s cities, with a 19% increase to $369,670. The months of supply in Grande Prairie declined to 1.68, down 47% year-over-year, making it the lowest in Alberta among the major cities.
Fort McMurray
Fort McMurray experienced a 40% year-over-year increase in sales, with the average price dropping 2.7% to $331,588. This makes it the only major Alberta city to see a year-over-year decline in average price this month. The months of supply in Fort McMurray increased to 4.91, down 34% year-over-year.
| City | Average Home Prices (January 2025) | Population (2021) |
|---|---|---|
| Calgary | 1,481,806 6.4% vs. 2016 | |
| Edmonton | 1,418,118 7.3% vs. 2016 | |
| Red Deer | 100,844 4.0% vs. 2016 | |
| Lethbridge | 123,847 5.5% vs. 2016 | |
| Medicine Hat | 76,376 -0.2% vs. 2016 | |
| Grande Prairie | 64,141 1.5% vs. 2016 | |
| Fort McMurray | 68,002 1.3% vs. 2016 |
Housing Markets of Major Cities in Alberta
Housing Markets Across Canada
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.