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Alberta Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for April 2024
Updated May 23rd, 2024
  • Alberta’s benchmark home price was $513,600,
    up
    9.3% year-over-year.
  • Average home prices in Alberta have
    increased
    by 8.1% in a year to
    $499,505
  • June 23, 2024 Update: Today’s Lowest mortgage rate in Alberta is 4.44% for 5-Year Fixed.

Alberta Housing Market Overview

Data for April 2024
Avg. Sold Price:$499,505
All Property Types:$499,505
Detached:$589,362
Semi-Detached:$504,436
Townhouse:$384,911
Condo Apartment:$292,668
Transactions (Buy/Sell):8,551
All Property Types:8,551
Detached:5,032
Semi-Detached:794
Townhouse:1,166
Condo Apartment:1,559

Average Sold Price and MLS HPI Benchmark Price for Alberta

Best 5-Year Fixed Mortgage Rates in AB
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Alberta Housing Market as of April 2024

wahi map

Alberta’s housing market is heating up as tight inventory levels coupled with strong demand and sales activity are helping to push up Alberta home prices. For April 2023, Alberta’s benchmark home price of $513,600 was the highest that it has ever been, and it’s up 9.3% year-over-year. Meanwhile, Alberta’s average home price also broke an all-time high, rising 7.0% year-over-year to $499,505.

Sales and New Listings Surge

April 2024 saw a substantial year-over-year increase in Albertan home sales across all property types, with a remarkable 19% rise compared to April 2023. This surge was driven primarily by improving sales activity across various regions, with Edmonton leading the way in terms of growth. The number of new listings also increased, reaching 11,231 - a 10% rise year-over-year.

Key Statistics:

  1. Total Residential Sales: 8,551 (19% increase Y/Y)
  2. New Listings: 11,231 (10% increase Y/Y)

This positive trend in sales, coupled with a lower influx of new listings, has tightened market conditions further. The sales-to-new listings ratio climbed to 76%, indicating a robust demand for housing in Alberta. Additionally, the months of supply dropped to 1.64, the lowest it has been since 2007.

Tightening Market Conditions

The tightening of market conditions is evident across the province. Both Calgary and Edmonton are reporting the tightest conditions, but cities such as Red Deer and Medicine Hat are also experiencing inventory shortages, with months of supply falling below two months.

Inventory Trends:

  1. Total Residential Inventory: 14,047 (24% decrease Y/Y)
  2. Months of Supply: 1.64 (38% decrease Y/Y)

These figures highlight the aggressive pace at which properties are being absorbed, leading to competitive bidding scenarios and driving prices upward.

Rising Prices Across Property Types

As market conditions tighten, prices across all property types have grown significantly. The average residential price in Alberta rose to $499,505, reflecting a 7% increase compared to the previous year. This trend is consistent across different property categories, with notable price hikes in detached, semi-detached, row, and apartment properties.

Average Prices by Property Type:

  1. Detached: $589,362 (7% increase Y/Y)
  2. Semi-Detached: $504,436 (8.9% increase Y/Y)
  3. Row: $384,911 (12% increase Y/Y)
  4. Apartment: $292,668 (10.7% increase Y/Y)

Alberta: Seller’s or Buyer’s Markets?

April 2024
CityApril 2024 Sales-to-New-Listings RatioMarch 2024 Sales-to-New-Listings RatioChangeMarket Type
Calgary83%84%Seller's Market
Edmonton80%69%Seller's Market
Red Deer87%75%Seller's Market
Lethbridge83%92%Seller's Market
Medicine Hat92%84%Seller's Market
Grand Prairie85%59%Seller's Market
Fort McMurray61%56%Seller's Market
Alberta76%74%Seller's Market

The provincial sales-to-new listings ratio (SNLR) was 76%, which is in the seller’s market territory. This means that for every 100 new listings, the market absorbed 76 listings this month. This clearly indicates that demand continues to outpace supply in Alberta's housing sector.

The sales-to-new-listings ratio (SNLR) measures the level of demand vs. the level of supply 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.

Regional Breakdown

Calgary

Calgary's housing market continues to be a hotbed of real estate activity, with sales increasing by 7% year-over-year. The average price in Calgary rose by 10.7%, reaching $608,415. The sales-to-new listings ratio stands at 83%, and the months of supply have decreased to just 0.94.

Edmonton

Edmonton reported the largest growth in sales among all regions in Alberta, with a 54% increase year-over-year.The average home price in Edmonton climbed to $431,387, a 5.6% increase compared to April 2023. The months of supply in Edmonton are at 1.37, down 62% year-over-year, reflecting a rapidly tightening market.

Red Deer

Red Deer saw a 13% increase in sales, with the average price rising by 5% to $378,775. The months of supply in Red Deer decreased to 1.31, indicating heightened demand and limited availability.

Lethbridge

Lethbridge experienced a smaller 7% increase in sales, with the average price at $373,176, up 11% year-over-year. The months of supply in Lethbridge fell to 1.51, down 37% year-over-year, suggesting a competitive market environment.

Medicine Hat

Medicine Hat reported a 3.5% increase in sales, with the average price holding steady year-over-year at $337,938. The months of supply in Medicine Hat decreased to 1.38, down 38% year-over-year, highlighting strong demand.

Grande Prairie

Grande Prairie saw a 21% increase in sales, with the average price climbing 6% year-over-year to $334,390. The months of supply in Grande Prairie dropped to 1.83, down 41% year-over-year, underscoring the competitive nature of the market.

Fort McMurray

Fort McMurray reported a 40% increase in sales, with the average price falling by 4% to $348,886. The months of supply in Fort McMurray was 3.68.

CityAverage Home Prices
(April 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

Calgary Real Estate Report and Forecast
Edmonton Real Estate Report and Forecast
Best 5-Year Fixed Mortgage Rates in AB
Mortgage Term:
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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.