Alberta Real Estate Market Update: September 2021

Alberta’s hot real estate market continues to rise as September marks the best sales month since September 2014. Even with sales slowing over the last few months, an active spring market, low lending rates, and pent-up demand has continued to bolster the housing market on a year-to-date basis.   

The sales-to-new-listings ratio in Alberta remained consistent from last month, only decreasing by 1% in September. New listings stayed consistent year-over-year but did experience a 3% decline from last month.  

Though sales across the province dropped by 5% compared to August,1 September’s total of 6,580 homes sold is still a 9% increase year over year.  Dwindling inventories and strong sales numbers have forced the months supply to remain below four months. A level that is not usual for this time of year making it clear that the number of new listings has not been at the level needed to impact supply. 

Average selling prices held steady in September. Across the province, the average selling price for all home types grew 4% year over year and remained consistent month over month at $415,821.  

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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. FairsSquare 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 1-877-888-3131to learn more. 

Calgary 

Calgary continues to be in a seller’s market. The numbers of homes sold was up 27% year over year and 1% month over month. Active listings continue to trend down, but new listings did see a 6% increase in year-over-year numbers. The average price of a home increased a manageable 9% year over year.  
 
The Calgary Real Estate Board (CREB) reports2 3: 

  • Market:Seller's Market 
  • Sales:2,162 (up 27% year over year and up 1% month over month)
  • New listings: 2,907 (up 6% year over year and up 3% month over month)
  • Active listings:5,607 (down 10% year over year and down 7% month over month)
  • Sales-to-new-listings ratio: 74% (previous month was 76%)
  • Average price for a detached home:$581,104 (up 6% year over year and down 2% month over month)
  • Average price for a semi-detached home:$464,602 (down 3% year over year and down 5% month over month)
  • Average price for a townhouse:$315,975 (down 4% year over year and down 1% month over month)
  • Average price for a condo:$257,687 (down 1% year over year and at par month over month)
  • Overall average price for a home: $476,041 (up 2% year over year and down 2% month over month) 

Comments from CREB® Chief Economist Ann-Marie Lurie: “While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand. The market continues to favour the seller, but conditions are not as tight as they were earlier this year.” 

Edmonton  

Edmonton creeped closer to balanced conditions as the sales-to-new-listings ratio dropped from 65% to 61% with new listings less impacted by month-over-month declines. The housing market in this region is finally seeing a decrease in month-over-month price increases, as the average selling prices for detached, duplex, and condo dwellings dropped from last month. 

The REALTORS® Association of Edmonton (RAE) reports4: 

  • Market:Seller's Market
  • Sales:1,883 (up 1% year over year and down 8% month over month) 
  • New listings:3,075 (up 5% year over year and down 6% month over month)
  • Active listings:7,376 (down 2% year over year and down 4% month over month)
  • Sales-to-new-listings ratio: 61% (previous month was 65%)
  • Average days on market: 44 (down 17% year over year and up 5% month over month)
  • Average detached selling price: $453,011 (up 3% year over year and down 2% month over month)
  • Average duplex selling price: $337,236 (down 1% year over year and down 5% month over month)
  • Average condo selling price: $224,212 (down 4% year over year and down 2% month over month)
  • Average residential selling price: $377,554 (at par year over year and down 2% month over month) 

Comments from RAE Chair Tom Shearer: “The Edmonton market in September saw a healthy increase in new residential listings as compared to September 2020. However, as to be expected at this time of year, the year-over-year residential unit sales in the GEA were only slightly higher than September of last year, while we have started to see a decrease in the month-to-month activity. Naturally, the market is starting to cool after a very busy 18 months with pricing increasing a nominal amount year-over-year.” 

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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. FairsSquare 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 1-877-888-3131to learn more. 

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.