October 18, 2024

Chart of the Week: Calgary leads in Alberta home price growth

We know that people have been moving to Alberta, in part to take advantage of relatively affordable housing. Net interprovincial migration into Alberta has been persistently strong, especially from higher-priced housing markets like B.C. and Ontario. Our view for some time has been that people will also chase affordability inside Alberta.

On that point, our Chart of the Week shows average residential resale prices by region in the province over the last four years in September. Calgary has seen particularly large increases, driven by a booming population, and has increased its price lead over other parts of the province.

But, more recently, we’ve witnessed strength in other markets, with notable gains in Edmonton as of late. Meanwhile Calgary sales have slowed, and growth in benchmark prices has moderated. Calgary, along with NE Alberta, are the only regions (out of 11) tracked by CREA with a sales-to-new listings ratio below 0.6 (an indication of a seller’s market) as of September.