Here's how much home prices increased in Alberta over the last 10 years
With a number of factors contributing to record-low supply in both Calgary and Edmonton’s housing markets, prices skyrocketed last year as demand continued to soar.
That, however, was not new.
According to a recent analysis by online housing platform Zoocasa, the benchmark price of a single-family home in most of Canada doubled from 2013 to 2023.
At the same time, mortgage rates have climbed to a 15-year high.
Zoocasa analyzed single-family home prices in 19 Canadian cities using prices from the Canadian Real Estate Association in December of each of those 10 years.
Despite an increase over that time, Alberta was not impacted as much as other parts of Canada.
Calgary’s 10-year average remained below what it was across the country, even though the city has recently seen a near-record rise in pricing.
From 2013 to 2023, the price of a single-family home in Calgary rose by 40.6% — far below the national single-family home benchmark of being up by 86.8%.
The benchmark price for a single-family home in Calgary increased by $183,400 in 10 years — going from $452,200 in December 2013 to $635,600 in December 2023.
In Edmonton, the price of a single-family home had the second-smallest percentage change among the 19 cities analyzed, coming in just behind Regina.
The benchmark price for a home in Edmonton increased by just $49,900 over the same period.
So can we expect prices to continue to go up this year? According to experts, yes.
Calgary will see the highest year-over-year spike, with a forecasted increase of 8% — 2.5% higher than the national forecasted average according to an earlier report from Royal LePage.
According to the same report from the Canadian real estate franchiser, Edmonton will still rank as one of the country’s most affordable markets for a home, with prices for a typical home expected to be around $443,248 at the end of 2024.
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