This Alberta spot is seeing the largest rise in detached house prices
House sales may be on the decline in many parts of Alberta, but one spot in the province is seeing its detached house prices rise 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 one seeing a rise of more than 10 per cent.
Starting with the spots that saw a year-over-year decline in detached house prices, the City of Calgary saw the largest drop with 2.1 per cent to land at $715,000, while the City of Red Deer saw a 0.7 per cent drop in prices to sit at $470,987.
The City of Grande Prairie saw the smallest year-over-year increase, with the average detached house price rising 5.5 per cent to $451,808. The City of Edmonton followed with a 5.7 per cent jump to $589,610.
Laine Mitchell/Daily Hive
Year-over-year data revealed that the City of Medicine Hat has seen a 7.7 per cent rise in detached house prices for an average of $451,698, while the City of Lethbridge saw a 7.9 per cent jump for an average of $492,073.
Besting Medicine Hat and Lethbridge, Fort McMurray led the pack with a 14.7 per cent rise in detached house prices year-over-year to $532,614.
Looking at statistics for all of Alberta, the AREA stated that May saw a 12.2 per cent year-over-year drop in sales with the biggest drops seen in row housing and apartments for the thirteenth consecutive month. New listings decreased by 3.8 per cent year-over-year. Inventory increased 2.1 per cent year over year. The sales-to-new listings fell to 54 per cent.
There were 2.87 months of supply in May, up 16.5 per cent year-over-year. Calgary and Edmonton are continuing to see a loosening of supplies, while Grande Prairie has the tightest conditions in the province, having 1.4 months of supply. There were notable increases in months of supply in Red Deer (56 per cent), Medicine Hat (47 per cent) and Edmonton (36 per cent), but a significant drop in Fort McMurray (-38 per cent). All regions experienced year-to-date average price growth, rising the most for Lethbridge (+10 per cent) and Fort McMurray (+9 per cent).
You can view the full statistics online.