Alberta Real Estate Market Update: November 2022
Home sales in Alberta1 2 declined sharply in November to 4,461; 15% fewer than October sales and 28% fewer than year-ago sales levels. New listings declined inversely, down 26% from October and down 15% from last year. This shifted the sales-to-new-listings ratio from 69% in October to 79% in November.
The greater month-over-month decrease of new listings compared to the sales decrease caused the active listings to drop as well; down by 13% from October and down 5% from November of 2021. At the current rate of sales, it would take 4.2 months to sell this volume of active listings. That’s up 2% from last month, but up 32% from last year.
Average selling prices in the province are above last year’s levels in all home categories, by 1% for detached homes, by 2% for apartment-style condos and by 10% for both semis and row houses. In a month-over-month comparison, detached home and condo prices dropped by an average of 3% to $494,788 and $256,361 respectively, while semis increased by 4% to $434,487 and rowhouses increased by 5% to $321,486. The overall average selling price for a home in Alberta in November was $422,709, down 2% month over month and down 1% year over year.
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 declined in November by 11% month over month to 1,648 sales, which is 22% fewer sales than in November of 2021. New listings also fell, by 19% year over year and by 26% month over month to land at 1,611. This shifted the sales-to-new-listings ratio from 85% in October to 102% in November, just a few percentage points below last year’s 106%.
On average, homes sold in 40 days in November, the same as in October, but 7 days faster than year-ago sales. There were 3,109 active listings at the end of November, that’s 20% fewer than last month and 21% fewer than last year. Months’ inventory indicates that to sell the active listings at the current rate of sales it would take 1.89 months, 10% faster than last month and only 1% longer than last year.
Sales fell in all home categories in November, both month over month and year over year, except for condos, where sales increased to 448, a 3% increase over last month and a 35% increase over last year. With condo sales on the uptick, and making up 27% of all sales, they buoyed the overall sales numbers for November against detached home sales (818) which made up 50% of all sales and declined by 13% month over month and 34% year over year. Rowhouses (249) and semis (133) both declined alongside detached homes.
Prices fared better than sales with detached homes coming in at an average of $623,427 in November, semis at $587,101, rowhouses at $356,673 and condos at $292,146. All prices were down month over month (except semis, up 9%) and down year over year, and still among the best prices in Canada. The overall average price for a Calgary home in November was $490,134.
The Calgary Real Estate Board (CREB) reports:3 4 5
- Market: Seller's Market - based on STNL ratio
- Sales: 1,648 (down 22% year over year and down 11% month over month)
- New listings: 1,611 (down 19% year over year and down 26% month over month)
- Active listings: 3,109 (down 21% year over year and down 20% month over month)
- Sales-to-new-listings ratio: 102% (previous month was 85%)
- Average days on market: 40 (down 15% year over year and at par month over month)
- Average price for a detached home: $623,427 (up 6% year over year and down 5% month over month)
- Average price for a semi-detached home: $587,101 (up 18% year over year and up 9% month over month)
- Average price for a townhouse: $356,673 (up 11% year over year and at par month over month)
- Average price for a condo: $292,146 (up 2% year over year and down 2% month over month)
- Overall average price for a home: $490,134 (at par year over year and down 4% month over month)
Comments from CREB® Chief Economist Ann-Marie Lurie: “Easing sales have been driven mostly by declines in the detached sector of the market. Higher lending rates are impacting purchasers buying power and limited supply choice in the lower price ranges of the detached market is likely causing many purchasers to place buying decisions on hold.”
Home sales in Edmonton declined in November, by 15% compared to October and by 31% compared to a year earlier. New listings took a sharp drop from October levels, down by 24%. In a year-over-year comparison, new listings were down by 4%. The sales-to-new-listings ratio shifted from 55% in October to 62% in November, still a far cry from last November’s 87%.
Homes took an average of 52 days to sell in November, compared to 47 in October and 49 last year. There were 6,414 active listings at the end of the month, which was 10% below October levels and 6% above year-ago levels.
Average selling prices fared better than sales, though they dropped in all home categories in November, both month over month and year over year. At an average selling price of $216,690, condos lost 3% month over month and 4% year over year. Duplexes fell by the same amounts to land at an average selling price of $362,606. Single-family homes held their value most, coming down by 2% from October and by 1% from last year to $454,541. The overall average selling price of a home in Edmonton in November was $368,576, down by 3% from October and by 4% from last year.
The REALTORS® Association of Edmonton (RAE) reports:6 7 8 9
- Market: Balanced Market
- Sales: 1,253 (down 31% year over year and down 15% month over month)
- New listings: 2,010 (down 4% year over year and down 24% month over month)
- Active listings: 6,414 (up 6% year over year and down 10% month over month)
- Sales-to-new-listings ratio: 62% (previous month was 55%)
- Average days on market: 52 (up 6% year over year and up 11% month over month)
- Average detached selling price: $454,541 (down 1% year over year and down 2% month over month)
- Average duplex selling price: $362,606 (down 4% year over year and down 3% month over month)
- Average condo selling price: $216,690 (down 4% year over year and down 3% month over month)
- Average residential selling price: $368,576 (down 4% year over year and down 3% month over month)
Comments from RAE Chair Paul Gravelle: “We’re settling into a quieter market as we return to pre-COVID levels in the Edmonton housing market. While we’re not seeing significant changes to our average prices from the previous month or even last year, we are seeing an impact on residential sales and the number of listings hitting the market each month. We expect this normalization to continue as we move away from the flurry of pandemic activity and back to a more balanced market.”
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