These three cities are the most in demand in Alberta to move to
If you are on the hunt to move to a bustling community in Alberta, three cities are leading the way with the largest year-over-year median price jumps.
According to market statistics for August 2024 from the Alberta Real Estate Association (AREA), some spots in the province are seeing a big jump in yearly median prices.
Lethbridge led the province with a 13% year-over-year increase to rise to a median price of $370,000, Calgary came in second place with a 12% year-over-year increase to hit $559,000, and Red Deer in third with 10% increase to land at $359,900.
Edmonton saw the fifth largest year-over-year increase rising by 7% to a median price of $389,900.
When it comes to the province, the AREA says steady sales across all property types contributed to an 11.1% year-over-year gain in August. New listings grew by 6.3% year-over-year, but market conditions tightened as inventory levels declined slightly by 6.6%, continuing a monthly declining trend. The sales-to-new listings ratio held steady at 71%.
There were 2.38 months of supply in August, down 4.9% year-over-year. Grande Prairie and Red Deer continue to have the tightest conditions in the province, with most regions having less than two months of supply. Grand Prairie has 1.59 months of supply, and Fort McMurray has 5.1 months. All experienced year-over-year average price growth, led by Calgary at 14% and Medicine Hat at 12.6%.
You can check out the full AREA report here.