Edmonton trumps Calgary for house price growth so far this year

Alberta has seen its housing market explode over recent years, and now Edmonton is reigning supreme when it comes to year-over-year house price growth in the province.

A new report from Canadian real estate platform Wahi looked at home prices across the country, with the RPS-Wahi House Price Index climbing by just one per cent on a year-over-year basis in May, the smallest annual increase since August of 2023.

That was not the case for Alberta, where year-over-year house price growth remained strong, with Edmonton ranking second out of 13 major Canadian metro areas, experiencing a 10 per cent rise.

Back in February, Edmonton overtook Calgary in terms of year-over-year growth for the first time since August of 2021. This divergence continued right into May, as Calgary values remained five per cent up from a year ago.

Wahi/RPS Real Property Solutions Inc.

“A number of regional pricing trends persisted in May, with gains in Alberta and Quebec standing in contrast to declines in Canada’s most expensive markets,” says RPS-Wahi President and CEO Benjy Katchen.

The RPS-Wahi House Price Index is based on the latest monthly actual home values in 1,000 towns and cities across the country.

The index shows how property values have changed over time, relative to a base period (Jan. 2005 = 100). An HPI value of 300 means property values have tripled (on a smoothed, adjusted basis) since 2005.

The HPI does not indicate the actual price of a property. It demonstrates how prices have moved relative to the base period.

You can read the full report online.