These three Alberta cities are seeing biggest jump in detached house prices right now
If you are looking to move to Alberta or want to change things up within the province, some cities are seeing a WAY larger increase in house prices than others.
The Alberta Real Estate Association (AREA) released the Alberta market trend summary for February, which saw detached average house prices rise by 5.3 per cent to $603,554.
Three cities in the province stood out from the pack, with one spot even seeing a whopping 17.3 per cent rise in the average price for a detached house year over year.
Grande Prairie
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Grande Prairie has seen a 7.1 per cent rise year over year in its detached house prices, sitting at an average of $403, 402.
The total residential average price for all property types is up 10.6 per cent year over year to $356,035. Average year-over-year prices are up for all housing categories, rising 39 per cent for row and 26 per cent for semi-detached.
Edmonton
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Edmonton has seen a 10.7 per cent rise year over year in its detached house prices, sitting at an average of $546,408.
The total residential average price for all property types is up 10.2 per cent year over year to $419,347. Average year-over-year prices rose for all housing categories, with some of the largest gains occurring in apartments, which saw a 22 per cent increase.
Red Deer
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Red Deer has seen a 17.3 per cent rise year over year in its detached house prices, sitting at an average of $478,601.
The total residential average price for all property types is up 17.1 per cent year over year to $398,215. Average year-over-year prices are up for all categories of housing, rising 30.7 per cent for apartments and 26 per cent for semi-detached.
Calgary’s detached house prices have cooled, registering just a 1.4 per cent year-over-year price increase to $720,000. Semi-detached homes have seen the largest rise in prices, going up by 7.6 per cent to $640,000.