Benchmark resale house prices softer in October
Alberta's benchmark price was down on a monthly basis but still higher than a year ago
By Rob Roach, ATB Economics 21 November 2022 1 min read
According to the Canadian Real Estate Association, the seasonally-adjusted benchmark* price of a resale home in Alberta slipped for the sixth month in a row in October.
The provincial benchmark price was $462,500 in October, down 0.5% from September and 2.4% from the peak price reached in April 2022.
On the bright side, October’s benchmark price was 7.3% higher than 12 months earlier.
The benchmark price in Calgary inched up by 0.1% in October to reach $520,400, but pulled back in Edmonton by 1.4% to $377,000.
Calgary was doing better than Edmonton on a year-over-basis with its benchmark price up by 10.7% compared to October 2021 while Edmonton’s benchmark price was down by 0.4%.
Nationally, the benchmark price fell by 1.2% in October and was down by 0.4% on a year-over-year basis.
The national benchmark price of $756,200 was also 10.0% lower than the peak reached in February 2022 ($840,000).
*The MLS® Home Price Index (HPI) model is used to calculate benchmark prices in key Canadian markets. A “benchmark home” is one whose attributes are typical of homes traded in the area where it is located and includes single family homes, townhouse/row units and apartment units.
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