Alberta Real Estate Market Update: February 2022
The 8,144 sales across Alberta in February were record highs for the month. Sales were up 45% year over year, up 60% month over month, and were nearly double the ten-year average for February.1 To help facilitate these impressive sales numbers was the volume of new listings coming onto the market, up 29% year over year and up 58% month over month. New listings helped increase inventory only marginally though; as a result, inventory levels have not been this low in the month of February since 2007, which is reflected in the selling prices.
The average price for a home in Alberta was $482,255 in February, a 16% increase year over year and a 9% increase month over month. The increase in average selling price and decreasing inventory levels are testaments to the seller’s market Alberta is experiencing.
In a seller’s market like Alberta's, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a FairSquare Group Realty agent to learn about the latest trends in your region and discover how we can help you reach your real estate goals.
Calgary home sales hit a record high for the month, aided by a significant boost to new listings. With the number of sales being limited by the lack of inventory, buyer demand was quick to eat up the sudden rise in properties listed for sale. Due to high demand, sellers across the region enjoyed year over year and month over month price growth, up 13% and 7%, respectively.
The Calgary Real Estate Board (CREB) reports2 3:
- Market: Seller's Market
- Sales: 3,305 (up 81% year over year and up 65% month over month)
- New listings: 4,652 (up 63% year over year and up 88% month over month)
- Active listings: 3,600 (down 20% year over year and up 37% month over month)
- Sales-to-new-listings ratio: 71% (previous month was 81%)
- Average price for a detached home: $677,755 (up 18% year over year and up 9% month over month)
- Average price for a semi-detached home: $562,319 (up 8% year over year and up 1% month over month)
- Average price for a townhouse: $366,713 (up 11% year over year and up 9% month over month)
- Average price for a condo: $274,133 (up 9% year over year and up 2% month over month)
- Overall average price for a home: $547,720 (up 13% year over year and up 7% month over month)
Comments from CREB® Chief Economist Ann-Marie Lurie: “Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains.”
The Edmonton market showed its strength in February with substantial year-over-year and month-over-month boosts to sales. New listings were also up a significant 37%, providing prospective home buyers with more choice; however, in terms of increasing inventory, the market did not see the same results with active listings up only 1% month over month. This shows that demand is high as the sales-to-new-listings (STNL) ratio increased to 76% from 62% the previous month and homes were selling 18% faster month over month.
The REALTORS® Association of Edmonton (RAE) reports4:
- Market: Seller's Market
- Sales: 2,258 (up 42% year over year and up 69% month over month)
- New listings: 2,962 (up 14% year over year and up 37% month over month)
- Active listings: 4,786 (down 19% year over year and up 1% month over month)
- Sales-to-new-listings ratio: 76% (previous month was 62%)
- Average days on market: 47 (down 8% year over year and down 18% month over month)
- Average detached selling price: $493,543 (up 13% year over year and up 11% month over month)
- Average duplex selling price: $374,290 (up 9% year over year and down 2% month over month)
- Average condo selling price: $226,811 (down 2% year over year and up 1% month over month)
- Average residential selling price: $411,464 (up 9% year over year and up 9% month over month)
Comments from RAE Chair Paul Gravelle: “We continue to see incredible momentum emerging out of the Greater Edmonton Area real estate market as we head into the warmer months. We saw huge increases in our month-over-month activity for residential listings and sales for the month of February.”
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.