Alberta Housing Market Report
- February 21, 2025 Update: Today’s Lowest mortgage rate in Alberta is 3.87% for 3-Year Fixed.
Alberta Housing Market Overview
Alberta Housing Market as of December 2024
Home prices in Alberta’s housing market continue to decline in December 2024 after hitting record highs earlier this year, although they still remain higher year-over-year. Alberta’s average home price in December 2024 was $493,828, down 1.3% monthly and up 7.7% annually. That’s down from October 2024’s record-breaking high of $544,752.
For December 2024, Alberta’s benchmark home price of $505,200 is up 5.2% year-over-year. However, it’s down 0.3% from last month’s price in November 2024 and just short of its all-time high of $518,400 in June 2024.
Sales and New Listings Surge
December 2024 saw a 3% increase in home sales compared to December 2023. That was led by a 5% year-over-year increase in detached and semi-detached home sales, while townhouse and apartment sales have declined year-over-year.
In comparison, home sales in Ontario’s housing market are up 8.1% year-over-year, while the neighbouring British Columbia’s housing market is seeing a 24.7% increase in sales year-over-year.
This increase in Alberta home sales was driven primarily by an increase in sales activity in Edmonton compared to last year. Other areas of the province are seeing more stagnant sales activity increases and even decreases year-over-year. The number of new listings province-wide decreased, slowing to 3,783, a 7% dip year-over-year (YoY).
Key Statistics:
- Total Residential Sales: 3,961 (3% increase YoY)
- New Listings: 3,783 (7% decrease YoY)
The sales-to-new listings ratio is now 105%, keeping Alberta well in a seller’s market, up from 86% in October 2024. That’s because December historically has a pullback in new listings. The months of supply have fallen to 2.81, a 14% 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 38% 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 and Fort McMurray. Calgary's 2.26 months of supply is up 42% year-over-year. In comparison, Edmonton’s months of supply is down 38% year-over-year to 2.25 months.
Inventory Trends:
- Total Residential Inventory: 11,130 (11% decrease YoY)
- Months of Supply: 2.81 (14% decrease YoY)
Rising Prices Across Property Types
Price changes across all property types show strong upward movement, with gains seen in all segments. The total residential average price in Alberta rose to $493,828, reflecting an 8% increase compared to the previous year.
Average Prices by Property Type:
- Detached: $581,300 (6% increase YoY)
- Semi-Detached: $490,075 (10% increase YoY)
- Row: $373,038 (9% increase YoY)
- Apartment: $299,472 (12% increase YoY)
Alberta: Seller’s or Buyer’s Markets?
| City | December 2024 Sales-to-New-Listings Ratio (SNLR) | November 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Calgary | 107% | 77% | Seller's Market | |
| Edmonton | 105% | 91% | Seller's Market | |
| Red Deer | 126% | 96% | Seller's Market | |
| Lethbridge | 108% | 103% | Seller's Market | |
| Medicine Hat | 112% | 123% | Seller's Market | |
| Grande Prairie | 120% | 98% | Seller's Market | |
| Fort McMurray | 77% | 98% | Seller's Market | |
| Alberta | 105% | 86% | Seller's Market |
The provincial sales-to-new listings ratio (SNLR) was 105% in December 2024, which is firmly in the seller's market territory. This means that for every 100 new listings, the market absorbed 105 listings this month. This clearly indicates that demand continues to outpace supply in Alberta's housing sector; however, it is not unusual for December to be such a slow month. All major cities are currently in a seller's market, with particularly high ratios in Red Deer (126%) and Grande Prairie (120%).
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. 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 3.2% year-over-year. The average price in Calgary climbed 12% over the past year, reaching $605,074. The sales-to-new listings ratio stands at 107%, and the months of supply is 2.26, up 42% year-over-year. Calgary is the only major city in Alberta to see a year-over-year increase in both its months of supply and inventory this month.
Edmonton
Edmonton reported solid annual sales growth, with a 19% increase year-over-year. The average home price in Edmonton was $417,652 in December 2024, a 12% increase compared to December 2023. The months of supply in Edmonton is at 2.25, down 38% year-over-year, reflecting a tightening market.
Red Deer
Red Deer saw a 14% decrease in sales, with an average price up 19% year-over-year at $388,139. The months of supply in Red Deer decreased to 1.64, down 21% year-over-year.
Lethbridge
Lethbridge's sales increased to 80, unchanged year over year, with the average price at $390,164, up 8% year over year. The months of supply in Lethbridge fell to 3.04, down 24% year-over-year.
Medicine Hat
Medicine Hat reported a 2% year-over-year decrease in sales, with the average price at $312,993, down 3% year-over-year. Medicine Hat is one of two major cities in Alberta this month to experience a decrease in its average home price year-over-year, with the other being Fort McMurray. The months of supply decreased to 1.64, down 37% year-over-year, tied for the lowest among Alberta’s major cities.
Grande Prairie
Grande Prairie saw an 8% year-over-year decrease in sales to 66, with the average price increasing 25% year-over-year to $363,598. That is the largest annual percentage gain in average price among Albertan cities this month. The months of supply in Grande Prairie dropped to 2.17, down 15% year-over-year.
Fort McMurray
Fort McMurray reported a 22% year-over-year decrease in sales, with the average price decreasing by 2% to $340,700. The months of supply in Fort McMurray was 5.54, which has increased by 22% year-over-year.
| City | Average Home Prices (December 2024) | 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
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