Alberta Real Estate Market Update: January 2022
Sales activity increased by 27% in January across Alberta, aided by a 73% month-over-month boost in new listings.1 These conditions caused the sales-to-new-listings (STNL) ratio to fall to 71% from 116% in December 2021. Despite this, it’s clear that the boost to new listings hasn’t been enough to ease extremely tight supply conditions reflected in the number of active listings at month’s end, which sits at par from last month and 27% below last year’s totals for January.
These are the tightest conditions Alberta has witnessed since January 2007, which in turn has supported price growth across the province. The average price for a home in Alberta was $443,398 in January, a 10% increase year over year and a 5% increase month over month.
Everywhere in the province is affected by strong sales activity and comparatively lower levels of supply, as a result, seller’s market conditions are prevalent in major areas across the province.
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 local 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.
There were 2,476 new listings across the Calgary region in January, a 10% month-over-month increase and a significant 101% year-over-year spike. The boost in new listings is a major reason why the sales-to-new-listings (STNL) ratio fell from 141% to 81%. However, regardless of the dramatic increase in listings compared to last month, it was not reflected in overall supply which sits at par month over month and 35% lower than the same time last year. With increases in sales and prices both month over month and year over year, Calgary continues to be in a seller’s market.
The Calgary Real Estate Board (CREB) reports2 3:
- Market: Seller's Market
- Sales: 2,009 (up 66% year over year and up 16% month over month)
- New listings: 2,476 (up 10% year over year and up 101% month over month)
- Active listings: 2,620 (down 35% year over year and at par month over month)
- Sales-to-new-listings ratio: 81% (previous month was 141%)
- Average price for a detached home: $624,161 (up 12% year over year and up 14% month over month)
- Average price for a semi-detached home: $558,094 (up 17% year over year and up 29% month over month)
- Average price for a townhouse: $336,638 (up 11% year over year and up 12% month over month)
- Average price for a condo: $268,141 (up 4% year over year and up 6% month over month)
- Overall average price for a home: $510,701 (up 8% year over year and up 7% month over month)
Comments from CREB® Chief Economist Ann-Marie Lurie: “Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases. We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.”
It was a strong start to the year in Edmonton, with strong price growth and demand afoot. Homes sales climbed 14% year over year and 1% month over month in January. New and active listings were still down compared to last year, but both categories saw gains month over month. With the substantial increase in new listings, the sales-to-new-listings (STNL) ratio crept closer to balanced conditions; however, it still landed above the threshold at 62% (60% or below indicates balanced conditions).
The REALTORS® Association of Edmonton (RAE) reports4:
- Market: Seller's Market
- Sales: 1,337 (up 14% year over year and up 1% month over month)
- New listings: 2,162 (down 9% year over year and up 53% month over month)
- Active listings: 4,719 (down 15% year over year and up 5% month over month)
- Sales-to-new-listings ratio: 62% (previous month was 93%)
- Average days on market: 57 (down 12% year over year and up 10% month over month)
- Average detached selling price: $445,932 (up 4% year over year and down 4% month over month)
- Average duplex selling price: $382,471 (up 11% year over year and up 5% month over month)
- Average condo selling price: $224,566 (up 4% year over year and up 4% month over month)
- Average residential selling price: 376,923 (up 4% year over year and down 1% month over month)
Comments from RAE Chair Paul Gravelle: “The Edmonton real estate market in January saw a slight decrease in all residential listings from January 2021, our month-over-month activity increased substantially since December 2021. While we have predicted to see sales decrease in 2022, we are expecting prices to increase marginally as [we] move to a seller’s market.”
If you need to sell or buy a home, a local 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.