You can buy a house for under $340K in these four Alberta cities
Buying a house in Alberta may be getting a little pricey for some, but there are still plenty of cities in the province where you can snag a place for under $340,000.
The Alberta Real Estate Association (AREA) says the total residential average price in Alberta is $455,923 in July, with the detached average price landing at $540,021, aided heavily by growing prices in Calgary and Edmonton.
That price point might be scary for many homebuyers, but 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 $319,001, with the detached average price landing at $353,157.
Year-to-date average price gains for semi-detached, row and apartment properties were not enough to offset the declines occurring in the detached sector. Higher lending rates are likely weighing on home sales for higher-priced properties, impacting the average price in the city.
Red Deer
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The total residential average price in Red Deer is $338,026, with the detached average price sitting at $407,462.
The AREA says despite tight market conditions, year-to-date average home prices remain over 1% lower than last year. However, this is likely related to shifts in composition as lower-priced apartment condominium sales account for a larger share of the overall sales activity.
Medicine Hat
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The total residential average price in Medicine Hat is $300,327, with the detached average price landing at $348,523.
The AREA added with a months-of-supply of two months and a sales-to-new listings ratio of 81%, conditions continue to remain relatively tight in July. Despite the tight market conditions, year-to-date average prices have remained comparable to last year likely due to the shifting composition of sales. Within the detached sector, year-to-date average home prices rose by nearly 3% over last year.
Lethbridge
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The total residential average price in Lethbridge is $328,376, with the detached average price landing at $382,381.
Within the detached market conditions do vary significantly depending on price range. Higher-priced properties are seeing better supply conditions relative to the demand, while lower-priced homes are generally experiencing seller market conditions, the AREA said.
“This is likely resulting in differing price trends based on price range.”
So far in 2023, there have been more than 46,000 sales in Alberta, which is 15% higher than long-term trends.
“Higher lending rates have cooled some of the demand in the market, but sales have remained relatively strong thanks to the strong migration flows into the province,” the AREA added.
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