Alberta Housing Market Report
- May 24, 2025 Update: Today’s Lowest mortgage rate in Alberta is 3.94% for 5-Year Fixed.
Alberta Housing Market Overview
Alberta Average House Prices by City
Alberta Housing Market as of March 2025
Alberta's housing market showed continued price strength but deeper sales moderation in March 2025. The average home price in Alberta increased to $524,755, up 3.0% from February 2025's $509,468 and 5.5% higher than March 2024. Alberta’s benchmark home price was $524,000, a new record, that surpasses the previous record of $518,400 from June 2024.
Sales and New Listings
March 2025 saw a continuing shift in market dynamics, with sales declining 7.0% year-over-year to 6,894 transactions. This extends February's negative annual change and reinforces growing market caution amid growing economic uncertainty due to U.S. actions. The decline was most pronounced in semi-detached homes (down 8%) and apartments (down 19%), while townhouses showed more resilience (down only 3%).
Regional performance continued to vary considerably, with Calgary showing the sharpest sales decline at 19% year-over-year, while smaller markets like Grande Prairie (+13%) and Fort McMurray (+19%) continued to see sales growth. This divergence suggests buyers may be seeking more affordable alternatives to the major urban centers.
New listings increased substantially to 11,487 (up 14% year-over-year). Despite the sales decline, inventory levels increased just 8.5% year-over-year to 15,353 units.
Key Statistics:
- Total Residential Sales: 6,894 (7.0% decrease year-over-year)
- New Listings: 11,487 (14% increase year-over-year)
The sales-to-new listings ratio decreased to 60% in March 2025 from February 2025's 64%, but Alberta remains in seller's market territory. This ratio indicates that for every 100 new listings, the market absorbed 60 listings this month. Despite the overall sales decline, the market remains tight due to strong demand relative to available supply.
Medicine Hat has the tightest market conditions with just 1.20 months of supply, helping to explain their substantial average price growth of 13% year-over-year.
Market Conditions
Inventory trends in Alberta continued to show regional disparities in March 2025. Calgary's inventory more than doubled, increasing 102% year-over-year to 5,154 listings, while Edmonton's inventory continued its decline, down 19% year-over-year to 2,838 listings. This divergence is reflected in the months of supply metric, with Calgary rising to 2.39 months (up 149% year-over-year) while Edmonton decreased to 1.60 months (down 20% year-over-year).
Smaller markets continue to experience tight inventory conditions. Medicine Hat has the tightest market in the province with just 1.20 months of supply, followed by Grande Prairie at 1.41 months and Red Deer at 1.54 months. These tight conditions help explain the strong price growth in these regions.
Inventory Trends:
- Total Residential Inventory: 15,353 (8% increase year-over-year)
- Months of Supply: 2.23 (17% increase year-over-year)
Rising Prices Across Property Types
March 2025 saw price increases across all property types. The total residential average price in Alberta rose to $524,755, a 5.5% increase compared to March 2024 and a 3.0% increase from February 2025.
Average Prices by Property Type:
- Detached: $620,102 (5.2% increase year-over-year)
- Semi-Detached: $522,600 (1.6% increase year-over-year)
- Row: $395,903 (3.2% increase year-over-year)
- Apartment: $293,885 (1.4% increase year-over-year)
All property types showed positive annual price growth, though the pace of increase has moderated in most segments compared to February, particularly for semi-detached homes and apartments.
Alberta: Seller’s or Buyer’s Markets?
| City | March 2025 Sales-to-New-Listings Ratio (SNLR) | February 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Calgary | 54% | 61% | Balanced Market | |
| Edmonton | 66% | 67% | Seller's Market | |
| Red Deer | 63% | 90% | Seller's Market | |
| Lethbridge | 75% | 95% | Seller's Market | |
| Medicine Hat | 74% | 89% | Seller's Market | |
| Grande Prairie | 78% | 83% | Seller's Market | |
| Fort McMurray | 57% | 74% | Balanced Market | |
| Alberta | 60.1% | 64% | Seller's Market |
The provincial sales-to-new listings ratio (SNLR) decreased to 60% in March 2025 from February 2025's 64%, but remains in seller's market territory. Despite the overall sales decline, most regional markets 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 19% year-over-year in March 2025. Despite this sales slowdown, the average price in Calgary climbed 7% over the past year, reaching $639,458. The sales-to-new listings ratio decreased to 54% from February 2025's 61%, moving Calgary into balanced market territory as inventory surged. Months of supply more than doubled to 2.39 (up 149% 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 March, with sales increasing 1.1% year-over-year, a reversal from February 2025's 7% decline. The average home price in Edmonton was $460,685 in March 2025, a 9.4% increase compared to March 2024, maintaining strong price growth alongside stabilizing sales. The months of supply in Edmonton continued to decline to 1.60, down 20% year-over-year, supporting the continued price appreciation.
Red Deer
Red Deer experienced a slowdown in March, with sales declining 4% year-over-year but maintaining a substantial 20% increase in average home price to $420,816. The months of supply in Red Deer dropped to 1.54, down 11% year-over-year, keeping it among the tightest markets in the province and explaining the continued robust price growth.
Lethbridge
Lethbridge's market remained stable, with sales flat (0% change) year-over-year at 168, with the average price increasing 12% to $409,391. The months of supply increased slightly to 1.67, up 3% year-over-year, but still maintains strong seller's market conditions with an SNLR of 75%.
Medicine Hat
Medicine Hat showed a slight slowdown with a 6% year-over-year decrease in sales to 98, though the average price rose 13% to $372,056. Months of supply decreased dramatically to 1.20, down 28% year-over-year, making it the tightest market in the province.
Grande Prairie
Grande Prairie continued its strong performance with a 13% year-over-year increase in sales to 123 and maintained robust price growth with an 18% annual increase to $386,629. The months of supply in Grande Prairie fell dramatically to 1.41, down 45% year-over-year.
Fort McMurray
Fort McMurray experienced a 19% year-over-year increase in sales to 113, with the average price increasing 5% to $368,976. The months of supply in Fort McMurray decreased to 3.37, down 27% year-over-year, though it remains higher than other Alberta markets.
| City | Average Home Prices (March 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.