Alberta Real Estate Market Update: October 2022

Alberta Real Estate Market Update: October 2022 Alberta Real Estate Market Update: October 2022

October home sales in Alberta1 2 declined by 5% compared to September to 5,267 sales, 20% fewer sales compared to October of last year. New listings declined 16% month over month to 7,653 and by 8% year over year.  The sales-to-new-listings ratio shifted from 61% in September to 69% in October.

There were 21,640 active listings in Alberta at the end of October. At the current rate of sales, it would take 4.11 months to sell all the inventory, that’s 1% longer than in September and 16% longer than the year-ago pace of sales.

All home categories saw year-over-year increases in average selling prices between 3% (rowhouses) and 6% (singles). The average selling price for a home in Alberta in October was $430,964, unchanged from last month, but 2% higher than last year.

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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. Call 1-877-888-3131 to learn more.

Map of Alberta showing where FairSquare operates

Calgary

Home sales in Calgary declined in October by 2% month over month to 1,857 sales, which is a 15% decline in year-over-year comparison. New listings followed suit with a 17% month-over-month drop to 2,175, a 13% drop year over year. The sales-to-new-listings ratio shifted from 72% to 85%. The market exhibited divergent trends in October, with conditions favouring the seller in the lower price ranges and shifting to more balanced conditions in the upper price range.

There were 3,887 active listings at the end of October, a decline of 13% month over month and 20% year over year. At 40 days on the market, homes took one day longer to sell in October than in September but sold 3 days faster than last year. At the current rate of sales, it would take 2.09 months to sell the existing inventory, which is a touch faster than September’s 2.34 months and last year’s 2.23 months.

Detached homes saw the majority of sales (942) and a 3% increase in average selling price ($655,584) month over month, in addition to a sizeable 15% increase year over year. Condos made a strong showing with 437 sales and despite a month-over-month decline in average selling price to $297,374, were still 3% above last year’s average selling price. The average selling price of a row house was up by 9% year over year, and 4% month over month to $356,323. There were 320 row houses sold in October, compared to 158 semis, which had a 5% month-over-month increase in average selling price to $536,375, 11% higher than last year. The overall average selling price for a home in Calgary in October was $509,576, which is 2% higher than last month and 5% higher than last year.

The Calgary Real Estate Board (CREB) reports:3 4

  • Market:Seller's Market shifting towards Balanced Market - depending on price range
  • Sales: 1,857 (down 15% year over year and down 2% month over month)
  • New listings: 2,175 (down 13% year over year and down 17% month over month)
  • Active listings: 3,887 (down 20% year over year and down 13% month over month)
  • Sales-to-new-listings ratio: 85% (previous month was 72%)
  • Average days on market: 40 (down 7% year over year and up 3% month over month)
  • Average price for a detached home: $655,584 (up 15% year over year and up 3% month over month)
  • Average price for a semi-detached home: $536,375 (up 11% year over year and up 5% month over month)
  • Average price for a townhouse: $356,323 (up 9% year over year and up 4% month over month)
  • Average price for a condo: $297,374 (up 3% year over year and down 4% month over month)
  • Overall average price for a home: $509,576 (up 5% year over year and up 2% month over month)

Comments from CREB® Chief Economist Ann-Marie Lurie: “Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product. While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.

Edmonton

October home sales in the Edmonton region declined by 7% month over month to 1,469 sales, which is 21% below year-ago sales figures. New listings declined by 16% from September to 2,650, though that was only 1% below new listings in October of 2021. The sales-to-new-listings ratio shifted from 50% in September to 55% in October, indicating that Edmonton remained in balanced market conditions.

There were 7,143 active listings at the end of October, an 8% decrease from September, but a 1% increase over year-ago active listings. Home sales took an average of 47 days in October, same as last year and one less day than September.

The average selling price of a single-family home increased 3% year over year to 462,858, while remaining at par month over month. Condos increased by 2% month over month, while remaining at par year over year. The overall average price of a home in the Edmonton region came in at $381,451, a 2% increase over September and a 1% increase over October of last year.

The REALTORS® Association of Edmonton (RAE) reports:5 6 7

  • Market:Balanced Market 
  • Sales: 1,469 (down 21% year over year and down 7% month over month)
  • New listings: 2,650 (up 1% year over year and down 16% month over month)
  • Active listings: 7,143 (up 1% year over year and down 8% month over month)
  • Sales-to-new-listings ratio: 55% (previous month was 50%)
  • Average days on market: 47 (at par year over year and down 2% month over month)
  • Average detached selling price: $462,858 (up 3% year over year and at par month over month)
  • Average duplex selling price: $372,027 (at par year over year and down 1% month over month)
  • Average condo selling price: $224,252 (at par year over year and up 2% month over month)
  • Average residential selling price: $381,451 (up 1% year over year and up 2% month over month)

Comments from RAE Chair Paul Gravelle: “While we saw marginal month-over-month changes across the single family, condo and duplex/row homes categories, our all-residential listings were down substantially from September 2022. The all-residential sales were also down from the previous month and from October of 2021.”

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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.