These three Alberta spots are seeing the largest rise in detached house prices
It can be difficult to save up for a home, and three spots in Alberta are seeing their detached house prices increase significantly year-over-year.
According to market statistics from the Alberta Real Estate Association (AREA), numerous places are seeing a slight rise in detached prices, with three seeing a rise of more than five per cent.
Starting with the only spot that saw a year-over-year decline in detached house prices, the City of Grande Prairie saw the sole drop in the province, with one per cent to land at $428,506. The City of Edmonton saw the smallest increase, with a 2.4 per cent rise in prices to sit at $575,741.
The City of Calgary saw the next smallest year-over-year increase, with the average detached house price rising 2.8 per cent to $669,519. Fort McMurray followed with a 3.4 per cent jump to $483,784.
Laine Mitchell/Daily Hive
Year-over-year data revealed that the City of Red Deer has seen a 5.6 per cent rise in detached house prices for an average of $513,796, while the City of Lethbridge saw a 9.2 per cent jump for an average of $542,307.
Besting Red Deer and Lethbridge, the City of Medicine Hat led the pack with a 10.2 per cent rise in detached house prices year-over-year to $424,744.
Looking at statistics for all of Alberta, the AREA stated that June saw a 2.7 per cent year-over-year drop in sales, with the biggest drops seen in row housing. New listings decreased by 0.2 per cent year-over-year. Inventory increased 1.4 per cent year over year. The sales-to-new listings increased to 62 per cent.
There were 2.84 months of supply in June, up 4.2 per cent year-over-year. Calgary and Edmonton are continuing to have looser supply conditions, while Grande Prairie (1.52 months) and Medicine Hat (1.48 months) have the tightest conditions in the province.
There were notable increases in months of supply in Grande Prairie (14 per cent), Lethbridge (24 per cent), and Edmonton (16 per cent), but a significant drop in Fort McMurray (-35 per cent). All regions experienced year-to-date average price growth, rising the most for Lethbridge (+8 per cent) and Medicine Hat (+6 per cent).
You can view the full statistics online.