Alberta Housing Market Report
- January 20, 2025 Update: Today’s Lowest mortgage rate in Alberta is 4.09% for 3-Year Fixed.
Alberta Housing Market Overview
Alberta Housing Market as of November 2024
Alberta’s housing market in November 2024 saw sales and home prices moderate significantly on a monthly basis, although they remain higher year-over-year. Alberta’s average home price in November 2024 was $500,173, down 8.2% monthly and up 11.3% annually. That’s down from October 2024’s record-breaking high.
Although Alberta experienced the largest monthly percentage decrease out of the provinces this month, Alberta is still seeing one of the largest annual increases. The monthly drop now makes Alberta the fourth-most expensive province to buy a home in Canada’s housing market, as Alberta’s average home price has now fallen below Quebec’s average price of $521,742. Even then, Quebec’s average home price is up 12% year-over-year, and has increased 1.5% monthly.
For November 2024, Alberta’s benchmark home price of $506,700 is up 5.3% year-over-year. However, it’s down 0.4% from last month’s price in October 2024 and just short of its all-time high of $518,400 in June 2024.
Sales and New Listings Surge
November 2024 saw a 11.3% increase in home sales compared to November 2023. That was led by a 16.4% year-over-year increase in detached home sales and a 21% increase in semi-detached home sales. Apartment sales lagged behind, decreasing by 12.7% year-over-year.
In comparison, home sales in Ontario’s housing market are up 31% year-over-year, while British Columbia’s housing market is seeing a 26% increase in sales year-over-year.
This increase in Alberta home sales was driven primarily by sales numbers in a few regions, particularly Edmonton, Lethbridge, Medicine Hat, and Fort McMurray. Other areas of the province are seeing more stagnant sales activity increases and even decreases year-over-year. The number of new listings province-wide decreased, slowing to 6,471, a 1% dip year-over-year (YoY).
Key Statistics:
- Total Residential Sales: 5,589 (11.3% increase YoY)
- New Listings: 6,471 (1% decrease YoY)
The sales-to-new listings ratio is now 86%, keeping Alberta in a seller’s market, up from 75% in October 2024. The months of supply have fallen to 2.54, a 17% decrease year-over-year.
Mixed Market Conditions
Inventory has fallen year-over-year in all major markets in Alberta, except for Calgary. Calgary's inventory has increased 45% year-over-year, while Edmonton's inventory decreased 27% year-over-year. Months of supply has also decreased year-over-year in all regions except Calgary. Calgary's 2.42 months of supply is up 44% year-over-year. In comparison, Edmonton’s months of supply is down 38% year-over-year to 2.04 months. This suggests a potential shift in market dynamics, with Calgary moving toward more balanced conditions while the rest of Alberta remains tight.
Inventory Trends:
- Total Residential Inventory: 14,198 (8% decrease YoY)
- Months of Supply: 2.54 (17% decrease YoY)
Rising Prices Across Property Types
Price changes across all property types show strong upward movement, with gains seen in all segments. The total residential average price in Alberta rose to $500,173, reflecting an 11.3% increase compared to the previous year.
Average Prices by Property Type:
- Detached: $580,234 (8.4% increase YoY)
- Semi-Detached: $513,238 (9.0% increase YoY)
- Row: $383,399 (14.7% increase YoY)
- Apartment: $287,995 (7.6% increase YoY)
Alberta: Seller’s or Buyer’s Markets?
| City | November 2024 Sales-to-New-Listings Ratio (SNLR) | October 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Calgary | 77% | 67% | Seller's Market | |
| Edmonton | 91% | 85% | Seller's Market | |
| Red Deer | 96% | 89% | Seller's Market | |
| Lethbridge | 103% | 82% | Seller's Market | |
| Medicine Hat | 123% | 85% | Seller's Market | |
| Grande Prairie | 98% | 96% | Seller's Market | |
| Fort McMurray | 98% | 63% | Seller's Market | |
| Alberta | 86% | 75% | Seller's Market |
The provincial sales-to-new listings ratio (SNLR) was 86% in November 2024, which is firmly in the seller's market territory. This means that for every 100 new listings, the market absorbed 86 listings this month. This clearly indicates that demand continues to outpace supply in Alberta's housing sector. All major cities are currently in a seller's market, with particularly high ratios in Medicine Hat (123%) and Lethbridge (103%).
The sales-to-new-listings ratio (SNLR) measures the level of demand vs. the level of supply in the market and can be used to indicate 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, 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. Alberta's major cities are currently in a seller's market, which can help increase Alberta home prices.
Regional Breakdown
Calgary
Calgary’s housing market has seen home sales increase by 0.6% year-over-year. The average price in Calgary climbed 14% over the past year, reaching $615,692. The sales-to-new listings ratio stands at 77%, and the months of supply is 2.4, up 44% year-over-year. Calgary is the only major city in Alberta to see a year-over-year increase in its months of supply and inventory this month.
Edmonton
Edmonton reported solid annual sales growth, with a 17.3% increase year-over-year. The average home price in Edmonton was $436,401 in November 2024, a 14.6% increase compared to November 2023. The months of supply in Edmonton is at 2.0, down 38% year-over-year, reflecting a tightening market.
Red Deer
Red Deer saw a 9% decrease in sales, with an average price up 13% year-over-year at $380,680. The months of supply in Red Deer decreased to 1.8, down 17% year-over-year.
Lethbridge
Lethbridge's sales increased 42% year-over-year to 148, with the average price at $382,908, up 15% year-over-year. The months of supply in Lethbridge fell to 2.12, down 37% year-over-year.
Medicine Hat
Medicine Hat reported a 59% year-over-year increase in sales, with the average price at $336,012, down 3% year-over-year. Medicine Hat is the only city in Alberta this month to experience a decrease in its average home price year-over-year. The months of supply decreased to 1.15, down 64% year-over-year, the lowest among Alberta’s major cities.
Grande Prairie
Grande Prairie saw a 4% year-over-year decrease in sales to 98, with the average price increasing 37% year-over-year to $394,305. That is the largest annual percentage gain in average price among Albertan cities this month. The months of supply in Grande Prairie dropped to 1.79, down 26% year-over-year.
Fort McMurray
Fort McMurray reported a 42% year-over-year increase in sales, with the average price increasing by 8% to $372,587. The months of supply in Fort McMurray was 3.49, which has decreased by 34% year-over-year.
| City | Average Home Prices (November 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
Housing Markets Across Canada
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