[Real estate] Good news for buyers: prices increased by 'only' 10% in Alberta in 2021

Like everywhere else in Canada, real estate prices kept on increasing in Alberta in 2021. However, the median real estate transaction price 'only' increased by 10% between January 2021 and January 2022, which makes the province one of least dynamic of Canada regarding its housing market.

+10%

...the increase in real estate prices in Alberta between January 2021 and January 2022

$458,800

...is the median real estate transaction price in January 2022 in Calgary

+21%

..the rise in price for real estate in 2022 in Canada
(with a median transaction at $748,439 as of January 2022)

How do the Albertan areas compare in terms of real estate prices?

In January 2022, West Alberta is no longer the area in Albertan where the median real estate transaction price is the highest. With a 11.4% increase in real estate prices, Calgary now holds this record, with a median transaction price reaching $458,000 as of the beginning of 2022 ($411,800 in January 2021). We have also observed that over the past 12 months:

  • Fort McMurray is the Albertan area where real estate prices increased the most (+ 14.5%, with a median transaction price at $374,998). Lethbridge also registers a significant increase in real prices (+10.2%)
  • 3 Albertan areas have seen their real estate prices decline: Grande Prairie (-1.7%), West Alberta (-2.2%) and Lloydminster (the Albertan part) (-3.3%)

You can export this chart with the embed code below:

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Alberta’s real estate market growth 11 points below the national level

How does Alberta compare with the rest of the country? The province is globally cheaper in terms of real estate median prices. Far from BC's and Ontario's crazy levels (where it is now more than $1,000,000 on average to buy a home). We can see that:

  • With a median transaction price reaching $443,398 in January 2022, Alberta ranks as the 4th most expensive province of Canada - far from the national median transaction price ($748,439)
  • With a 21% increase in real estate prices across Canada, Alberta is 11 points down in terms of real estate growth over the past 12 months.
RangeProvinces & TerritoriesAverage price for a real estate transaction (January 2022)
1British Columbia$1,040,888
2Ontario$998,629
-Canada (global)$748,439
3Quebec$474,941
4Alberta$443,398
5Nova Scotia$392,828
6Yukon$391,158
7Prince Edward Island$351,890
8Manitoba$338,772
9Newfoundland & Labrador$324,800
10Northwest Territories$295,583
11Saskatchewan$285,700
12New Brunswick$275,000
-NunavutNo data
Ranking of Canadian provinces by average price of a real estate transaction (data: CREA)

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Alexandre Desoutter, editor-in-chief at HelloSafe Canada

«The 2021 real estate numbers show that Alberta's market is quite slow in comparison with the rest of the country. With difficult circumstances related to the Covid pandemic, the housing market increase in prices is slow, which is not a bad thing for buyers. The question now is: will prices continue to climb in 2022? Let's just hope that the Canadian housing market bubble does not explode all of a sudden in the future».

Our methodology 

Please note that the above-mentioned information is accurate at the date it is published. All our studies are based on reliable information sourced from public and private organizations. For further information on our editorial guidelines please click here.

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