Insights into Alberta Real Estate Market

The Alberta real estate market in late 2024 remains robust, with tightening conditions and rising prices across property types.

Key Highlights:

1. Sales and Inventory: While total residential sales saw a small year-over-year decline of 2.1%, new listings increased by 6%. This led to a continued seller's market, with a sales-to-new listings ratio of 71%. Inventory remains limited, with the months of supply at 2.38 months, reflecting strong demand across the province​

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2. Price Growth: The average residential price in Alberta has increased significantly, rising by 11% year-over-year to reach $494,920. Detached homes saw the largest price jump, now averaging $581,694, while apartments experienced a 5% rise​

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3. Calgary and Edmonton Markets:

   • Calgary remains one of the more expensive markets, with the average home price at $609,058, a 16.6% increase year-over-year. However, sales in the city dropped by 20%, indicating some cooling​

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   • Edmonton, in contrast, saw strong growth in sales, with a 15% increase year-over-year, and the average home price in the city rose to $435,094​

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4. Rental Market: Alberta’s rental market has also seen significant price increases. Calgary’s average rent for a one-bedroom apartment grew by 3.3% year-over-year, while Edmonton saw even higher growth at 14.4%​

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With demand continuing to outpace supply, Alberta remains in a seller's market. Buyers might face increased competition and higher prices, particularly in cities like Calgary, Edmonton, and Red Deer. #AlbertaRealEstate #Insights #deals4profit.ca