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Alberta Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for December 2023
Updated January 18th, 2024
  • Average home prices in Alberta have
    increased
    by 6% in a year to
    $458,731
  • February 24, 2024 Update: Today’s Lowest mortgage rates in Alberta is 4.94% for 5-Year Fixed

Alberta Housing Market Overview

Data for December 2023
Avg. Sold Price:$458,731
All Property Types:$458,731
Detached:$551,504
Semi-Detached:$447,256
Townhouse:$342,532
Condo Apartment:$267,836
Transactions (Buy/Sell):3,871
All Property Types:3,871
Detached:2,225
Semi-Detached:351
Townhouse:600
Condo Apartment:695
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Alberta Housing Market as of December 2023

wahi map

December 2023 has been a dynamic month for Alberta's housing market. The residential market experienced an overall year-over-year increase in its monthly average price by 6%, at $458,731. On a monthly basis, it’s a 2% increase from last month’s average price.

Home sales activity is also seeing strong growth, up 17% year-over-year to 3,871 homes sold during the month of December 2023. This growth was primarily driven by a boom in sales across all property types, particularly high-density sectors such as row houses, apartments, and semi-detached properties. Apartment sales in Alberta numbered 695, up 22% year-over-year. Semi-detached home sales are up 19% year-over-year, while row houses have seen sales increase 51% year-over-year. Detached home sales have lagged behind with a 12.5% year-over-year increase.

Meanwhile, the province experienced a decrease in overall housing inventory, with 12,011 units available, which is down 13% year-over-year and reduced the months of supply to 3.10, down 27% year-over-year.

The province-wide residential benchmark price of $485,400 stayed stable compared to the previous month and rose by 9% compared to last year, the largest annual gain in Canada's housing market this month.

Alberta: Seller’s or Buyer’s Markets?

December 2023
CitySales-to-New-Listings Ratio (SNLR)Last Month’s SNLRChangeMarket Type
Calgary109%80%Seller's Market
Edmonton82%77%Seller's Market
Red Deer123%93%Seller's Market
Lethbridge82%67%Seller's Market
Medicine Hat109%76%Seller's Market
Grand Prairie124%121%Seller's Market
Fort McMurray88%60%Seller's Market
Alberta95%77%Seller's Market

The provincial sales-to-new listings ratio (SNLR) was at 95%, which is well in seller’s market territory. This means that for every 100 new listings, the market absorbed 95 of them this month. This is a clear indication that demand continues to outpace supply in Alberta's housing sector. However, December is usually a slower month for listings, making such a high SNLR not unusual for this month.

The sales-to-new-listings ratio (SNLR) measures the level of demand in the market and can be used as an indicator of 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 for sale, 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. All of Alberta’s major cities are currently in a seller’s market, which can help push up Alberta home prices.

Calgary's housing market is the largest and the most expensive in Alberta, with an average home price of $540,090, up 9% annually. In other areas of the province, for the month of December 2023, Edmonton's housing market saw prices up 8% annually at $388,637.

Not all urban markets in Alberta are seeing a positive year-over-year change in prices. Grande Prairie home prices are down 11% year-over-year to $291,377. That’s despite more homes being sold in Grande Prairie this month than new listings coming to market, with 72 sales compared to 58 new listings, or a SNLR of 124%.

Red Deer home prices are up 3% year-over-year to $325,802, Lethbridge home prices are up 4% year-over-year to $362,083, and Medicine Hat home prices are up 1% year-over-year to $321,854. The volatile Fort McMurray housing market is now seeing prices up 17% year-over-year to $348,738.

The housing supply in the province of Alberta is tightening. There were 1.58 months of supply in the City of Calgary during the month of December 2023, down 14% YOY, while Edmonton had 3.19 months of supply, down by 39% YOY. Looking at housing inventory across the province, Alberta's months of supply is down 27% year-over-year to 3.10 months. Sales are up 20% year-over-year, new listings are up 20% year-over-year, and inventory is down 13% year-over-year.

CityAverage Home Prices
(December 2023)
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

Calgary Real Estate Report and Forecast
Edmonton Real Estate Report and Forecast
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Housing Markets Across Canada

Data sourced from the Alberta Real Estate Association (AREA) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.