Alberta Real Estate Market Update: April 2022

The 9,830 sales across Alberta in April were record highs for the month,1 despite sales decreasing 10% month over month. After a substantial boost in new listings in March, new listings were essentially on par both year over year and month over month in April, up 1% and down 2% respectively. Months of inventory increased from approximately 1.5 months to just over two months of inventory, which is welcome news for buyers in this tight market. Regardless of the increase, inventories have not been this low in the month of April in over a decade.

Average selling prices decreased a marginal 2% month over month but are still up year over year to the tune of 6%. In April, the average price for a home in Alberta was $465,579. The consistency in average selling price and tight inventory levels are testaments to the seller’s market Alberta is experiencing.

Map of Alberta showing where FairSquare operates

Calgary 

Sales activity slowed in April compared to the record-highs seen in March. Despite this, sales were still up 6% year over year, and marked a record high for the month of April, making it the third consecutive month home sales have hit record highs. New and active listings continued to climb month over month, which helped to increase inventory levels in this consistent seller’s market.

The Calgary Real Estate Board (CREB) reports2 3:  

  • Market:Seller's Market  
  • Sales: 3,401 (up 6% year over year and down 17% month over month)  
  • New listings: 4,577 (down 2% year over year and down 17% month over month)  
  • Active listings: 4,850 (down 20% year over year and up 11% month over month)  
  • Sales-to-new-listings ratio: 74% (previous month was 75%)  
  • Average price for a detached home: $669,028 (up 13% year over year and at par month over month)  
  • Average price for a semi-detached home: $563,340 (up 5% year over year and down 4% month over month)  
  • Average price for a townhouse: $368,519 (up 12% year over year and up 3% month over month)  
  • Average price for a condo: $272,600 (up 8% year over year and down 6% month over month)  
  • Overall average price for a home: $532,093 (up 5% year over year and down 1% month over month)   

Comments from CREB® Chief Economist Ann-Marie Lurie: “Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market. While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains.”

Edmonton   

The Edmonton market moved closer to balanced conditions as sales decreased and new listings increased month over month. Despite the 23% increase in active listings at month end, homes were selling three days faster and for 1% more compared to March. Demand is still high in Edmonton as we head into the warmer weather.

The REALTORS® Association of Edmonton (RAE) reports4:  

  • Market:Seller's Market  
  • Sales: 2,919 (up 2% year over year and down 11% month over month)  
  • New listings: 4,719 (up 9% year over year and up 10% month over month)  
  • Active listings: 6,468 (down 13% year over year and up 23% month over month)  
  • Sales-to-new-listings ratio: 62% (previous month was 76%)  
  • Average days on market: 31 (down 16% year over year and down 9% month over month)  
  • Average detached selling price: $510,988 (up 11% year over year and up 1% month over month)  
  • Average duplex selling price: $409,428 (up 18% year over year and up 5% month over month)  
  • Average condo selling price: $237,249 (up 4% year over year and down 3% month over month)  
  • Average residential selling price: $417,465 (up 7% year over year and up 1% month over month)   

Comments from RAE Chair Paul Gravelle: “The real estate market continues to see modest increases for average prices for single-family homes. As we enter into the warmer months of spring, we’re still seeing a strong level in the number of residential listings and inventory available in the Greater Edmonton Area.”

--

If you need to sell or buy a home, an experienced FairSquare Group Realty agent can help you navigate the market safely and with professional insight. FairSquare Group Realty supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-877-888-3131 to learn more. 

Statistics presented herein are rounded to the nearest whole number for readability. Exact statistics can be found using the references provided. *Cash back – How the Home Buying Service cash back works: FairSquare Group Realty will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.

On December 1, 2021, Purplebricks rebranded to FairSquare Group Realty. Blog articles published before this date were created under the Purplebricks brand but remain the property of FairSquare Group Realty.

In January 2019, ComFree Commonsense Network Brokerage rebranded to Purplebricks.