indicatorThe Owl

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.

Answer to the previous trivia question: Also known as “Government House” and located at 1 Sussex Drive, Ottawa, “Rideau Hall” is the name of the official residence of Canada's Governor General. 

Today’s trivia question: Who was the first U.S. President to live in the White House?

Benchmark home resales prices have fallen in Alberta since the peak reached earlier this year

Benchmark home resales prices have fallen in Alberta since the peak reached earlier this year

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