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?