Alberta Housing Market Report
- November 13, 2024 Update: Today’s Lowest mortgage rate in Alberta is 4.14% for 5-Year Fixed.
Alberta Housing Market Overview
Average Sold Price and MLS HPI Benchmark Price for Alberta
Alberta Housing Market as of September 2024
Alberta’s housing market is still one of the strongest in the country, as its average home price in September 2024 sits just $8,757 shy of its all-time high. Alberta’s average home price in September 2024 was $498,949, up 0.8% monthly and up 9.7% annually, putting it just short of the province’s record-high of $507,706.
For September 2024, Alberta’s benchmark home price of $512,700 is up 6.8% year-over-year. That’s the largest annual percentage gain out of all provinces in Canada’s housing market this month. However, it’s down 0.6% from last month’s price in August 2024.
Sales and New Listings Surge
September 2024 saw a 3.4% decline in home sales compared to September 2023. That was led by an 18% year-over-year decline in apartment sales, even as semi-detached sales rose 6% year-over-year and townhome sales rose 9% year-over-year. The only other province to experience a year-over-year decrease in sales this month was Newfoundland, where home sales are down 9.3% year-over-year. In comparison, home sales in Ontario’s housing market are up 9.8% year-over-year, while British Columbia’s housing market is seeing a 0.7% increase in sales year-over-year.
This decrease in Alberta home sales was driven primarily by worsening sales numbers in a few regions, with Grande Prairie, Calgary, and Red Deer leading the way in terms of annual sales declines. Other areas of the province, namely Edmonton and Fort McMurray, are seeing an increase in sales year-over-year. The number of new listings province-wide increased, reaching 10,021, a 7% rise year-over-year (YoY).
Key Statistics:
- Total Residential Sales: 6,460 (3% decrease YoY)
- New Listings: 10,021 (7% increase YoY)
The sales-to-new listings ratio is now 64%, bringing Alberta from a seller’s market in August 2024 to a balanced market in September 2024. The months of supply rose to 2.75, a 1% increase year-over-year.
Mixed Market Conditions
Inventory has remained the same or fallen year-over-year in all major markets in Alberta, except for Calgary. Calgary’s inventory has increased 50% year-over-year, compared to a 19% year-over-year decrease in Edmonton. Months of supply are close to or below two months in all regions except Fort McMurray. However, Calgary’s 2.53 months of supply is up 82% year-over-year.
Inventory Trends:
- Total Residential Inventory: 17,761 (2% decrease YoY)
- Months of Supply: 2.75 (1% increase YoY)
Rising Prices Across Property Types
Although market conditions are mixed, prices across all property types have grown significantly throughout the province. The average residential price in Alberta rose to $498,949, reflecting a 9.7% 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:
- Detached: $583,963 (9% increase YoY)
- Semi-Detached: $504,038 (11% increase YoY)
- Row: $375,545 (8% increase YoY)
- Apartment: $285,731 (7% increase YoY)
Alberta: Seller’s or Buyer’s Markets?
| City | September 2024 Sales-to-New-Listings Ratio (SNLR) | August 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Calgary | 54% | 62% | Balanced Market | |
| Edmonton | 70% | 75% | Seller's Market | |
| Red Deer | 83% | 89% | Seller's Market | |
| Lethbridge | 86% | 89% | Seller's Market | |
| Medicine Hat | 75% | 81% | Seller's Market | |
| Grande Prairie | 77% | 113% | Seller's Market | |
| Fort McMurray | 68% | 58% | Seller's Market | |
| Alberta | 64% | 71% | Seller's Market |
The provincial sales-to-new listings ratio (SNLR) was 64% in September 2024, which is in the seller’s market territory. This means that for every 100 new listings, the market absorbed 64 listings this month. This clearly indicates that demand continues to outpace supply in Alberta's housing sector. Compared to August 2024, the SNLR has decreased in all of Alberta’s major cities except for Fort McMurray. However, all major cities are currently in a seller’s market except for Calgary.
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, except Calgary, are currently in a seller’s market, which can help push up Alberta home prices.
Regional Breakdown
Calgary
Calgary’s housing market has seen home sales decrease by 18% year-over-year. The average price in Calgary climbed 13.2% over the past year, reaching $621,943. The sales-to-new listings ratio stands at 54%, and the months of supply is 2.53, up 82% year-over-year. Calgary and Red Deer are the only markets to see a year-over-year increase in their months of supply this month, although Red Deer’s months of supply had only increased by 1% year-over-year.
Edmonton
Edmonton reported a large annual sales growth, with a 9.6% increase year-over-year. The average home price in Edmonton was $440,366 in September 2024, an 11.8% increase compared to September 2023. The months of supply in Edmonton are at 2.45, down 25% year-over-year, reflecting a tightening market.
Red Deer
Red Deer saw a 16% annual decrease in sales, with the average price almost unchanged year-over-year at $357,625. The months of supply in Red Deer increased to 1.85, although it remains the lowest of Alberta’s major markets.
Lethbridge
Lethbridge's sales decreased 8% to 169, with the average price at $381,363, up 4% year over year. The months of supply in Lethbridge fell to 2.10, down 5% year-over-year.
Medicine Hat
Medicine Hat reported a 6% year-over-year decrease in sales, with the average price at $350,823, up 4% year-over-year. The months of supply decreased to 1.96, down 23% year-over-year.
Grande Prairie
Grande Prairie saw a 20% year-over-year decrease in sales to 110, with the average price decreasing 2% year-over-year to $330,516. The months of supply in Grande Prairie dropped to 1.94, down 28% year-over-year. Out of Alberta’s major markets, Grande Prairie is experiencing the largest year-over-year decrease in sales, inventory, months of supply, and average home price.
Fort McMurray
Fort McMurray reported a 20% year-over-year increase in sales, with the average price increasing by 18% to $353,327. The months of supply in Fort McMurray was 4.64, which has decreased by 17% year-over-year.
| City | Average Home Prices (September 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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