Alberta Real Estate Market Update: July 2022

Alberta Real Estate Market Update: July 2022 Alberta Real Estate Market Update: July 2022

Alberta-wide home sales dropped to 6,818 units in July, down 20% from June and 7% from July last year1. New listings also dropped 20% from June. At 10,874, new listings for the province were still 2% higher than July of 2021.17 With parallel declines in sales and new listings, the sales-to-new-listings ratio remained 63% for the second month in a row, still indicating a general persistence of seller’s market conditions teetering on a balanced market. 

Average selling price in Alberta declined by 3% between June and July, a shallower drop than many Canadian regions. The average price for an Alberta home in July was $437,028, 3% higher than July of 2021. 

Months' inventory in Alberta rose 28% from June to 3.62 months, signaling a trend towards more balanced market conditions. At the close of July, there were 24,692 homes for sale in the province.

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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.

Calgary 

The number of homes sold in Calgary in July declined steeply from June, varying from 12%-23% across home categories, with the sharpest being detached homes, down by 23% from June and semi-detached homes, down by 22% from June. New listings were also down by 22% from June, leaving the sales-to-new-listings ratio 1% above last month, reflecting continued seller’s market conditions. Sales and new listings are down 3% and 4% respectively from 2021. 

Days on market increased 15% to 31 days in July, and months’ inventory jumped 25% from June. At 2.37 months, the months’ inventory trend is edging towards more balanced market conditions (4 months’ supply is considered balanced).  

Prices dropped less than sales in July, with detached and semi-detached both coming down 5% from June. They are still above July of 2021’s average, with detached homes well above, at 9%. The average price of a row house in July gained 1% month over month, while condos dropped by 2%. The overall average price for a home in Calgary was up 1% from July 2021 at $491,392.

The Calgary Real Estate Board (CREB) reports2 3:   

  • Market:Seller's Market   
  • Sales: 2,254 (down 3% year over year and down 21% month over month)   
  • New listings: 3,174 (down 4% year over year and down 22% month over month)   
  • Active listings: 5,338 (down 20% year over year and down 1% month over month)
  • Sales-to-new-listings ratio: 71% (previous month was 70%)
  • Average price for a detached home: $637,269 (up 9% year over year and down 5% month over month)
  • Average price for a semi-detached home: $512,733 (up 4% year over year and down 5% month over month)
  • Average price for a townhouse: $355,917 (up 9% year over year and up 1% month over month)
  • Average price for a condo: $275,247 (up 6% year over year and down 2% month over month)
  • Overall average price for a home: $491,392 (up 1% year over year and down 5% month over month)

Comments from CREB® Chief Economist Ann-Marie Lurie: “Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three percent lower than levels recorded last year. While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market. Rising lending rates are causing shifts within the market and as a result, new listings for higher-priced products are on the rise relative to sales activity. Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product.” 

Edmonton

Sales and new listings both dropped sharply in the Edmonton region, with new listings down 17% and sales dropping more sharply by 24%. This brought the sales-to-new-listings-ratio to 55% (from 60% last month) and signaled more balanced market conditions for the region. (A sales-to-new-listings ratio of 40-60 is considered to be a balanced market.) 

The corresponding price drop was shallower, at 2% overall, with an average selling price in July of $398,824. Single family homes declined the least, with a 1% drop in selling price, while duplexes and condos both dropped 4%. Days on market rose 18% month over month, to 39 days, signaling that buyers are taking longer to make their purchases as inventory increases. 

The REALTORS® Association of Edmonton (RAE) reports4:   

  • Market:Balanced Market   
  • Sales: 1,975 (down 10% year over year and down 24% month over month)  
  • New listings: 3,594 (up 6% year over year and down 17% month over month)   
  • Active listings: 8,325 (at par year over year and up 3% month over month)   
  • Sales-to-new-listings ratio: 55% (previous month was 60%)
  • Average days on market: 39 (at par year over year and up 18% month over month)
  • Average detached selling price: $489,370 (up 5% year over year and down 1% month over month)
  • Average duplex selling price: $372,864 (up 4% year over year and down 4% month over month)
  • Average condo selling price: $229,463 (down 4% year over year and down 4% month over month)
  • Average residential selling price: $398,824 (up 2% year over year and down 2% month over month)   

Comments from RAE Chair Paul Gravelle: “This is the first time this year that we’ve seen such large decreases in our month-over-month statistics in the Edmonton real estate market. Although July is typically a slower month for real estate due to holidays, we expect to see a continued downward trend as we get closer to the start of fall.” 

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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.