Alberta Housing Market Report
- July 24, 2025 Update: Today’s Lowest mortgage rate in Alberta is 3.94% for 3-Year Fixed.
Alberta Housing Market Overview
Alberta Average House Prices by City
Alberta Housing Market as of May 2025
Alberta's housing market showed continued price strength but deeper sales moderation in May 2025. The average home price in Alberta increased to $528,261, the second highest month on record, and is up 0.6% from April 2025 and 4.0% higher than May 2024. Alberta’s benchmark home price was $523,700, a 0.1% increase and 1.8% higher year-over-year. It’s just slightly lower than March 2025’s record-high of $524,000.
Sales and New Listings
May 2025 saw a continuing shift in market dynamics, with sales declining roughly 8% year-over-year to 8,500 transactions. This extends March and April’s negative annual change and reinforces growing market caution amid growing economic uncertainty due to U.S. actions. The decline was most pronounced in apartments (down 25% year-over-year), while detached homes showed more resilience (down 4%).
Regional performance continued to vary considerably, with Calgary showing one of the sharpest sales declines at 16.9% year-over-year, while smaller markets like Medicine Hat (+9%) and Grande Prairie (+17%) saw sales increase year-over-year. This divergence suggests buyers may be seeking more affordable alternatives to the major urban centers.
New listings increased to 14,235 (up 10% year-over-year). Inventory levels increased 18% year-over-year to 19,722 units.
Key Statistics:
- Total Residential Sales: 8,500 (8% decrease year-over-year)
- New Listings: 14,235 (10% increase year-over-year)
The sales-to-new listings ratio decreased to 59.7% in May 2025 from April 2025's 63%, pushing Alberta from a seller’s market into balanced market territory. This ratio indicates that for every 100 new listings, the market absorbed just under 60 listings this month. Despite the overall sales decline, the market remains tight due to strong demand relative to available supply.
Market Conditions
Inventory trends in Alberta continued to show regional disparities in May 2025. Calgary's inventory more than doubled, increasing 98% year-over-year to 6,740 active listings, while Edmonton's inventory was relatively unchanged year-over-year, at 4,029 active listings. This divergence is reflected in the months of supply metric, with Calgary rising to 2.62 months (up more than double year-over-year) while Edmonton increased to 1.94 months (up just 4% year-over-year).
Smaller markets continue to experience tight inventory conditions. Medicine Hat has the tightest market in the province with just 0.98 months of supply, down 32% year-over-year, followed by Grande Prairie at 1.33 months and Red Deer at 1.48 months. These tight conditions could help explain the annual price growth in these regions.
Inventory Trends:
- Total Residential Inventory: 19,722 (18% increase year-over-year)
- Months of Supply: 2.32 (29% increase year-over-year)
Rising Prices Across Property Types
May 2025 saw year-over-year price increases in detached and semi-detached homes, while row homes and apartments saw price declines year-over-year.
Average Prices by Property Type:
- Detached: $619,496 (4% increase year-over-year)
- Semi-Detached: $524,729 (3% increase year-over-year)
- Row: $381,417 (3% decrease year-over-year)
- Apartment: $289,158 (3% decrease year-over-year)
Alberta: Seller’s or Buyer’s Markets?
City | May 2025 Sales-to-New-Listings Ratio (SNLR) | April 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
---|---|---|---|---|
Calgary | 53% | 55% | Balanced Market | |
Edmonton | 58% | 68% | Balanced Market | |
Red Deer | 78% | 79% | Seller's Market | |
Lethbridge | 81% | 90% | Seller's Market | |
Medicine Hat | 86% | 83% | Seller's Market | |
Grande Prairie | 87% | 77% | Seller's Market | |
Fort McMurray | 47% | 74% | Balanced Market | |
Alberta | 59.7% | 63% | Balanced Market |
The provincial sales-to-new listings ratio (SNLR) decreased to 59.7% in May 2025 from April 2025's 63%, with most major cities seeing a decrease in their SNLR compared to last month. However, most regional markets still remain tight due to limited inventory relative to demand.
Regional Breakdown
Calgary
Calgary's housing market continued to show significant changes, with home sales decreasing by 16.9% year-over-year in May 2025. Despite this sales slowdown, Calgary's average home price climbed 6% over the past year to a record high of $649,268. The sales-to-new listings ratio was at 53% for May 2025. Months of supply increased 138% year-over-year, making Calgary the only major Alberta city with such a dramatic increase in supply.
Edmonton
Edmonton's market showed modest improvement in May, with the average home price in Edmonton at $464,277 in May 2025, a 5.2% increase compared to May 2024. However, Edmonton home sales are down 7.9% annually. The months of supply in Edmonton remained relatively low at 1.94, up 4% year-over-year, supporting the continued price appreciation.
Red Deer
Red Deer experienced a slowdown in May 2025, with sales declining 18% year-over-year and its average home price almost unchanged year-over-year at $400,782. This makes Red Deer the only major city to not see a positive year-over-year increase in its average home price for May 2025. The months of supply in Red Deer was 1.48, up 13% year-over-year, making it among the tightest markets in the province.
Lethbridge
Lethbridge's market remained stable, with sales down 10% year-over-year to 197, with the average price increasing 8% to $410,392. The months of supply was 1.55, down 1% year-over-year, and maintains strong seller's market conditions with an SNLR of 81%.
Medicine Hat
Medicine Hat’s average home price is up 2% year-over-year to $379,945. Months of supply decreased to 0.98, the lowest among the major Albertan cities and down 32% year-over-year, making it the tightest market in the province.
Grande Prairie
Grande Prairie continued its strong performance with a 10% year-over-year increase in its average home price to $382,673. The months of supply in Grande Prairie fell dramatically to 1.33, down 32% year-over-year.
Fort McMurray
Fort McMurray experienced a 2% year-over-year decrease in sales, with the average price increasing 8% to $392,035. The months of supply in Fort McMurray decreased to 4.21, down 5% year-over-year, though it remains higher than other Alberta markets.
City | Average Home Prices (May 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.