The average house price in Alberta, Canada in 2020 was forecasted to cost 376,600 Canadian dollars. In 2018, the median house price in the region amounted to 387,200 Canadian dollars.
Main reason for price decline
The volume of housing starts in the province has fallen in recent years, which indicates that supply had outstripped demand. Real estate experts have confirmed this is the case for the two largest cities in Alberta, Calgary and Edmonton. The surplus of available housing units on the market means that buyers are under no pressure to make an offer as soon as they find a home they like. Both markets had affordable house price to income ratios as of the fourth quarter of 2018.
Future of the province
House prices in Edmonton and Calgary are estimated to decrease or stay the same, respectively, in 2019 when compared with 2018. Edmonton is forecast to have the biggest price drop in the country, due to overbuilding in the city.
Median house prices in Alberta from 2018 to 2020
(in Canadian dollars)
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CREA. (December 16, 2019). Median house prices in Alberta from 2018 to 2020 (in Canadian dollars) [Graph]. In Statista. Retrieved February 18, 2020, from https://www.statista.com/statistics/604250/median-house-prices-alberta/
CREA. "Median house prices in Alberta from 2018 to 2020 (in Canadian dollars)." Chart. December 16, 2019. Statista. Accessed February 18, 2020. https://www.statista.com/statistics/604250/median-house-prices-alberta/
CREA. (2019). Median house prices in Alberta from 2018 to 2020 (in Canadian dollars). Statista. Statista Inc.. Accessed: February 18, 2020. https://www.statista.com/statistics/604250/median-house-prices-alberta/
CREA. "Median House Prices in Alberta from 2018 to 2020 (in Canadian Dollars)." Statista, Statista Inc., 16 Dec 2019, https://www.statista.com/statistics/604250/median-house-prices-alberta/
CREA, Median house prices in Alberta from 2018 to 2020 (in Canadian dollars) Statista, https://www.statista.com/statistics/604250/median-house-prices-alberta/ (last visited February 18, 2020)
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