Alberta Housing Trends September 2022


The Alberta housing market has been severely impacted by rising interest rates, which has resulted in continued declines in property prices across the province. The average price of a house in Alberta was $423,879 in August 2022, representing a year-over-year increase of 2% but a month-over-month decrease of 3%. In a similar vein, the yearly number of house sales in Alberta dropped by 9% to reach 6,286.


The Canadian province of Alberta maintains a housing supply that is comprised of a wide variety of options. In August of 2022, Calgary only had 2.24 months of supply, which was a loss of 21% compared to the previous year. In comparison, Edmonton had 4.96 months of supply, which was an increase of 15% compared to the previous year. The housing market in Fort McMurray is experiencing a decline, as evidenced by a supply that has increased by 68% year over year to 7.09 months, the lowest sales-to-new-listings ratio in the province, the worst year over year inventory growth, and the greatest year over year increase in new listings. When the whole housing market in Alberta is considered, year-over-year sales have decreased by 9 percent to a total of 6,286, while the number of new listings has decreased by 1 percent to a total of 9,546. However, inventory has decreased by 8% when compared to the previous year, and the number of months of supply has remained the same. Nevertheless, inventory and the number of months of supply have both grown over the course of the most recent few months.


The annual rate of decline in sales of detached houses in Alberta is 15%, whereas the annual rate of increase in sales of condominium units is 26%. In addition, there was not much of an increase in the number of sales of row houses and semi-detached homes compared to the previous year. The rise in prices of apartments in Alberta continues to lag behind that of other forms of real estate, despite the fact that apartment living is becoming ever more popular in the province. The price of a detached single-family house in August 2022 was on average $500,601, representing an annual increase of 5% and a monthly decrease of 2%. The average price of a semi-detached home was $406,279, which represents a 5% yearly increase, while the average price of a row or townhouse was $303,527, which represented a 6% annual increase and a 5% monthly reduction. The average price of row and townhouse properties fell the most from one month to the next, although their prices have continued to increase the most on an annual basis among all property categories. The yearly price rise for condo flats in the province was the smallest seen across all property types, coming in at 0% year on year for a total of $239,637.


There has been a drop in demand from homebuyers in Alberta as a direct result of rate rises implemented by the Bank of Canada. The Alberta housing market has been hit by sluggish sales and increased inventory levels, which may result in prolonged decrease in house prices over the next few months. This may occur over the course of the next several months. With an average house price of $485,000, the property market in Calgary continues to be the most expensive in all of Alberta. This is a change of approximately 0% when compared to the previous year and a reduction of 1% when compared to the previous month. The property market in Edmonton followed suit, with annual price decreases of 3% to reach $371,599 in the most recent quarter. The yearly price rise in Lethbridge was the highest, coming in at 10% to $334,049, while that in Grande Prairie was the lowest, coming in at 6% to $329,287.

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