Alberta Real Estate Market Update: August 2022
Home sales in Alberta1 declined again in August; down 3% from July. At 6,286 sales across the province, that’s 2% more than August of 2021. New listings dropped by 12% month over month, keeping the pressure on buyers and nudging the sales-to-new-listings ratio to 66% from 63% last month, a little further into seller’s market territory. There were 9,527 new listings in August and at the close of the month there were 23,589 active listings. August closed with 3.75 months of inventory, which is on par with same time last year.
The average selling price for a home in Alberta in August was $423,879, a 3% decline from July and a 2% gain on last August.
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. Call 1-877-888-3131 to learn more.
Home sales in Calgary took a mild drop of 5% between July and August, to the year-ago level of 2,136 homes. 2,718 homes were added to inventory in August, that’s 14% fewer than in July and 4% fewer than last August. The drop in sales combined with a deeper drop in new listings moved the sales-to-new-listings ratio from 71% to 79% reflecting continued seller’s market conditions.
The average time it took to sell a property increased from 31 days to 35 days between July and August. While the months of inventory shrank from 2.37 to 2.24 over the same period, reflecting generally tighter market conditions.
Average prices in all home categories fell in August compared to July, with rowhouses falling furthest by 4%. Interestingly, a year-over-year comparison shows that prices were up in all home categories, with rowhouses holding the most value at 14% above last year’s prices. The average price for a Calgary home in August was $485,000.
The Calgary Real Estate Board (CREB) reports:2 3
- Market: Seller's Market
- Sales: 2,136 (at par year over year and down 5% month over month)
- New listings: 2,718 (down 4% year over year and down 14% month over month)
- Active listings: 4,778 (down 21% year over year and down 10% month over month)
- Sales-to-new-listings ratio: 79% (previous month was 71%)
- Average days on market: 35 (down 17% year over year and up 13% month over month)
- Average price for a detached home: $636,353 (up 13% year over year and at par month over month)
- Average price for a semi-detached home: $514,793 (up 10% year over year and at par month over month)
- Average price for a townhouse: $341,022 (up 14% year over year and down 4% month over month)
- Average price for a condo: $270,176 (up 10% year over year and down 2% month over month)
- Overall average price for a home: $485,000 (at par year over year and down 1% month over month)
Comments from CREB® Chief Economist Ann-Marie Lurie: “While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong. This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”
Sales in the Greater Edmonton Area declined both month over month and year over year, coming in at 1,809 homes sold in August. New listings were down by 11% month over month but came in 1% higher than August of 2021. The sales-to-new-listings ratio remained in balanced market conditions at 57%, and August closed with 7,922 active listings, meaning there are some options out there for buyers. Homes took an average of 3 days longer to sell in August than they did in July, easing the pressure on the market somewhat.
Average selling prices fell in all home categories in August, bringing the average price of a home in the Edmonton region to $376,859, down 6% from July and 2% from last year. Duplexes retained the most value, declining by only 3% month over month to $360,570, which is 2% higher than last year. Single-family homes and condos both lost 4% month over month, closing August with average selling prices of $469,757 and $220,051 respectively, but while condos averaged 3% less than they did a year ago, single family homes were up by 2% year over year.
The REALTORS® Association of Edmonton (RAE) reports:4
- Market: Balanced Market
- Sales: 1,809 (down 12% year over year and down 8% month over month)
- New listings: 3,157 (up 1% year over year and down 11% month over month)
- Active listings: 7,922 (down 1% year over year and down 5% month over month)
- Sales-to-new-listings ratio: 57% (previous month was 55%)
- Average days on market: 42 (at par year over year and up 8% month over month)
- Average detached selling price: $469,757 (up 2% year over year and down 4% month over month)
- Average duplex selling price: $360,570 (up 2% year over year and down 3% month over month)
- Average condo selling price: $220,051 (down 3% year over year and down 4% month over month)
- Average residential selling price: $376,859 (down 2% year over year and down 6% month over month)
Comments from RAE Chair Paul Gravelle: “While we continue to see the Edmonton real estate market cooling down after a record-breaking period earlier this year, there is still a fair amount of activity happening in the resale market. Although we’ve seen average prices decrease month-over-month across the board, single-family home prices are still above average from this time last year.”
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.