Alberta Real Estate Market Update: March 2022
The 10,962 sales across Alberta in March were record highs for the month.1 Sales were up 35% month over month, which was made possible by the 30% increase in new listings coming onto the market. Despite the substantial boost in new listings, months of inventory tightened from 1.91 months in February to 1.59 months in March. Inventories have not been this low in 5 years.
Average selling prices decreased a marginal 2% month over month but are still up year over year to the tune of 7%. In March, the average price for a home in Alberta was $472,746. The consistency 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 market continues with force as another record-breaking month on the books. For the second consecutive month, home sales hit a record high for any month on record, and also impressive every property type experienced record highs as well. Even with a 21% increase in active listings month over month, the market continued to favour sellers as the sales-to-new-listings (STNL) ratio increased compared to the previous month.
The Calgary Real Estate Board (CREB) reports2 3:
- Market: Seller's Market
- Sales: 4,107 (up 41% year over year and up 24% month over month)
- New listings: 5,485 (up 24% year over year and up 18% month over month)
- Active listings: 4,364 (down 20% year over year and up 21% month over month)
- Sales-to-new-listings ratio: 75% (previous month was 71%)
- Average price for a detached home: $670,519 (up 13% year over year and down 1% month over month)
- Average price for a semi-detached home: $585,314 (up 20% year over year and up 4% month over month)
- Average price for a townhouse: $359,207 (up 10% year over year and down 2% month over month)
- Average price for a condo: $290,743 (up 11% year over year and up 6% month over month)
- Overall average price for a home: $538,283 (up 6% year over year and down 2% month over month)
Comments from CREB® Chief Economist Ann-Marie Lurie: “While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity. With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.”
The Edmonton market saw a large number of listings coming onto the market in March, up 48% month over month for an additional 1,300+ listings. Despite this substantial increase in new listings, the number of sales were able to keep pace resulting in the sales-to-new-listings (STNL) ratio remaining consistent. In fact, homes were even selling 13 days faster compared to February, which is another testament to the hotness of the Edmonton spring market.
The REALTORS® Association of Edmonton (RAE) reports4:
- Market: Seller's Market
- Sales: 3,283 (up 35% year over year and up 45% month over month)
- New listings: 4,298 (up 8% year over year and up 47% month over month)
- Active listings: 5,265 (down 22% year over year and up 10% month over month)
- Sales-to-new-listings ratio: 76% (flat to previous month)
- Average days on market: 34(down 19% year over year and down 28% month over month)
- Average detached selling price: $503,711 (up 10% year over year and up 2% month over month)
- Average duplex selling price: $389,321 (up 12% year over year and up 4% month over month)
- Average condo selling price: $245,070 (up 7% year over year and up 8% month over month)
- Average residential selling price: $414,788 (up 6% year over year and up 1% month over month)
Comments from RAE Chair Paul Gravelle: “The Greater Edmonton and Area market continues to surprise us as we enter into what is normally the start of the busy season of real estate, Although we are seeing slightly lower increases for average sale prices across all categories, there has been a huge increase in the number of listings hitting the market as well the number of sales in the month of March.”
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.