You can buy a detached house for under $450K in these four Alberta cities
Although buying a house in Alberta may be getting pricier, there are still plenty of cities where you can get a detached home for under $450,000.
The Alberta Real Estate Association (AREA) says the total residential average price in Alberta is $493,549 in July, with the detached average price landing at $579,856.
That price point might be scary for many homebuyers, but there is no need to worry. The report also highlighted numerous cities in the province where the average price was below $340,000, so check out these spots in Alberta where you should be looking to buy a house to save some money!
Grande Prairie
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The total residential average price in Grande Prairie is $350,687, with the detached average price landing at $388,153, a 9.9% increase compared to this time last year.
The AREA added that July sales rebounded, increasing nearly 18% year-over-year to 154. Sales exceeded new listings (148), down 16% year-over-year. The sales-to-new-
listings ratio increased to 104%. The months of supply are now 1.74,
which is 47% lower than last year.
Red Deer
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The total residential average price in Red Deer is $368,072, and the average price to buy a detached house in this Alberta city is $428,713.
The AREA says continued tight market conditions contributed to an 8.9% rise in home prices year over year. Year-to-date, average prices have risen by 1%, with apartments and semi-detached homes seeing the strongest price growth despite row-style homes falling 12%.
Medicine Hat
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The total residential average price in Medicine Hat is $360,692, with the detached average price landing at $396,748.
The AREA added that conditions are tightening, but the market still favours sellers. Year-to-date average prices have increased by 20% year-over-year. Prices have risen across most property types, with faster growth for the relatively more affordable row and sem-detached
properties.
Lethbridge
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The total residential average price in Lethbridge is $391,104, with the detached average price landing at $438,325.
When it’s all broken down, the AREA says total residential average price is up 19.1% year-over-year in Lethbridge. Months of supply is also down 17% year-over-year at 1.88. Year-to-date average prices have risen by 13%, with the strongest price gains occurring for detached homes at just over 15% compared to last year.
Looking at the province, Medicine Hat and Red Deer continue to have the tightest conditions, with most regions having less than two months of supply. Grand Prairie has 2.3 months of supply, and Fort McMurray has 4.5 months. All regions except Fort McMurray experienced year-over-year average price growth, led by Lethbridge (19 percent) and Medicine Hat (20 percent).
For Alberta’s two largest cities, the total residential average price in Edmonton was $414,818, with the detached average price landing at $547,486, while the total residential average price in Calgary was $563,500, with the detached average price hitting $705,000.