Alberta Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for July 2022
Updated August 8th, 2022
  • Average home prices in Alberta have
    increased
    by 3% in a year to
    $437,028

Alberta Housing Market Overview

Data for July 2022
Avg. Sold Price:$437,028
All Property Types:$437,028
Detached:$510,424
Semi-Detached:$408,743
Townhouse:$319,050
Condo Apartment:$247,727
Transactions (Buy/Sell):6,818
All Property Types:6,818
Detached:4,299
Semi-Detached:673
Townhouse:822
Condo Apartment:957
Best 5-Year Variable Mortgage Rates in ON
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BMO
BMO
4.24%
TD
TD
4.35%
CIBC
CIBC
4.39%
RBC
RBC
4.50%
Scotiabank
Scotiabank
4.90%
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Alberta Housing Market as of July 2022

Higher borrowing costs have been weighing on the Alberta housing market as prices continue to drop across the province. For the month of July 2022, the average home price in Alberta was $437,028, up 3% year-over-year but down by 3% month-over-month. At the same time, Alberta home sales dipped to 6,818 for a 7% decrease year-over-year. This is the second time that Alberta’s home sales activity saw a negative year-over-year change in over one year. The other time was last month in June 2022.

Detached homes in Alberta no longer have the largest year-over-year increase out of all property types. For July 2022, detached home prices are up 6% annually to an average price of $510,424, and down 3% monthly. Semi-detached homes had an average price of $408,743, up 3% annually and down 3% monthly, while row/townhouses had an average price of $319,050, up 9% year-over-year and up 2% monthly. Row/townhouses were the only property type to experience a month-over-month increase in the average price. Condo apartments saw the lowest annual price growth in the province, up only 2% year-over-year to $247,727.

Calgary's housing market continues to be the most expensive in Alberta, with an average home price of $491,392, up 1% year-over-year and down 5% monthly. Next up was Edmonton's housing market with a 2% annual gain to $398,198. Lethbridge saw the largest annual price growth, up 8% to $341,853, while Grande Prairie experienced a 5% drop in prices year-over-year to $328,238.

In other areas of the province for the month of July 2022, Red Deer home prices are down 2% YOY to $343,101, Medicine Hat home prices are up 7% YOY to $327,018, and Fort McMurray home prices are up 1% YOY to $377,282.

Housing supply in the province of Alberta remains mixed. There were only 2.4 months of supply in the City of Calgary during the month of July 2022, down 18% YOY, while Edmonton had 4.7 months of supply, up 12% YOY. Fort McMurray's softening housing market can be seen with an 82% YOY increase to 6.08 months of supply, along with the lowest sales-to-new-listings ratio in the province, the largest YOY inventory gain, and the largest YOY new listings gain.

Looking at the entire Alberta housing market, province-wide sales are down 7% year-over-year to 6,818 while new listings are up 2% year-over-year to 10,874. Inventory is down 9% year-over-year and months of supply is down 2% year-over-year, but both inventory and months of supply have been trending upwards over recent months.

Bank of Canada rate hikes have cooled demand from those looking to buy a home in Alberta. Slowing sales and higher inventory levels have softened Alberta’s housing market, and it may result in a continued moderation in Alberta home prices over the next few months.

CityAverage Home Prices
(July 2022)
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

Single-Family Detached Home Prices in Alberta

Statistics for July 2022
Average Price: $510,4246.0% from Jul. 2021
Units Sold: 4,299-15.0% from Jul. 2021

Semi-Detached Home Prices in Alberta

Statistics for July 2022
Average Price: $408,7433.0% from Jul. 2021
Units Sold: 6736.0% from Jul. 2021

Condo Prices in Alberta

Statistics for July 2022
Average Price: $247,7272.0% from Jul. 2021
Units Sold: 95724.9% from Jul. 2021

Freehold Townhouse Prices in Alberta

Statistics for July 2022
Average Price: $319,0509.0% from Jul. 2021
Units Sold: 8226.1% from Jul. 2021

Housing Markets of Major Cities in Alberta

Calgary Real Estate Report and Forecast
Edmonton Real Estate Report and Forecast
Best 5-Year Variable Mortgage Rates in AB
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BMO
BMO
4.24%
TD
TD
4.35%
CIBC
CIBC
4.39%
RBC
RBC
4.50%
Scotiabank
Scotiabank
4.90%
more calculators button

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.