If you haven’t been paying attention to the Alberta real estate and housing market, it is time to take notice!

Over the past year, home prices have climbed, more people have packed up and moved in, and the market has stayed surprisingly strong. Whether you’re a homeowner, investor, or just someone keeping an eye on the housing market, Alberta’s real estate story in 2024 has been a significant one.

Located in Western Canada, Alberta is known for its diverse geography, ranging from the Rocky Mountains to the expansive prairies. The province experiences a continental climate, characterized by cold winters and warm summers. Southern cities like Calgary and Lethbridge often enjoy Chinook winds, which bring temporary relief from winter cold. Despite the harsh winters, Alberta remains a desirable place to live due to its strong economy, natural beauty, and outdoor recreation opportunities.
While Alberta’s climate can be challenging, it remains an attractive destination, especially as housing affordability becomes a growing concern in cities like Toronto, Montreal, and Ottawa. These urban centres have always had an active and an in-demand housing market due to a steady influx of people to these locations. With affordability being an important factor, along with growing employment options in different provinces, people are exploring other locations to purchase their forever-home or for investment. A part of this interest is getting directed towards Alberta due to affordable prices, scenic beauty, and growing industries.
Industries driving job and population growth

While Alberta’s economy has long been tied to oil and gas, 2024 saw strong growth in several other industries, including energy & renewable, technology, manufacturing, construction, real estate and Agriculture Technology. With growth of industries, there has been a consequent growth in jobs as well. As a part of that, there has been a significant growth in the population. While job creation is a major factor, Alberta’s affordability and quality of life also play key roles in

attracting new residents.
Population growth in Alberta’s major cities highlights this trend. According to the World Population Review, cities like Calgary have seen an almost 3% increase in the total population in 2024 from 2023. This number is an almost 22% jump from 2016. Similarly, Edmonton saw a jump of 2.80% in 2024 from 2023 and an over 20% jump in comparison to 2016. Comparing this to the population growth in major hubs like Toronto (growth of <1% in 2024 from 2023 and ~7% since 2016) and Ottawa (growth of 1.1% in 2024 from 2023 and almost 9% since 2016), cities in Alberta are seeing a significant influx of people.

The population of Toronto and Ottawa are, of course, much greater

than Calgary and Edmonton, however, the growth ratios are far more indicative for increasing movement of people towards the western province.

Alberta’s Housing Market

Alberta’s Real Estate market is seeing growing numbers in prices as well as in sales. The average house prices in Alberta for December 2024 were approximately CAD 490k which may seem low in comparison to provinces like Ontario and average prices for homes in British Columbia, but it is actually a 9.4% increase year-over-year (and a 1.3% decrease month-over-month). With rising demand and limited inventory, the sales-to-new-listings ratio (SNLR) indicated a Seller’s market in Alberta in the last quarter of 2024. Cities like Calgary and Edmonton saw an approximately 12% increase YoY in the average home prices in December 2024.
Let’s look at a few cities in more detail

Calgary

The average home prices in Calgary saw an approximately 12% increase YoY in December 2024 and a 6.3% increase YoY in January 2025, with average home prices nearing CAD 605k. Detached homes remained the most popular choice for home buyers in Calgary. The average prices for Detached homes saw an over 8% increase in prices year over year in December 2024.

Edmonton

The average prices in Edmonton saw a similar increase in average home prices as Calgary of about 12% year-over-year in December 2024. Out of the sales, the highest increase in prices was seen for Condo apartments at an almost 20% increase year-over-year. However, the most popular type of homes in sales remained detached homes. January 2025 saw an almost 10% increase in the average prices of homes in Edmonton. The sales of condo apartments was greater in January 2025 in comparison to December 2024. A consequent decrease is seen in the number of sales for detached homes.

Red Deer

Positioned between Edmonton and Calgary, Red Deer is well known for its ties to the oil, agriculture and manufacturing industries. The city is well balanced when it comes to urban amenities and outdoor recreation. The average home price reached over CAD 385k with an almost 19% increase year-over-year in Red Deer. The most expensive type of homes were detached homes at an average price of over CAD 470k.

Lethbridge

The city is known for its warmer climate, agriculture industry, and a very active economy. In addition, with the University of Lethbridge, it has a very strong and research and innovation sector. The total sales saw an over 8% increase year-over-year with prices at around CAD 390k.

With Calgary and Edmonton leading the way in the growth of the Alberta housing market, a quick comparison tells us that overall, a greater number of sales are in Edmonton.

DH – Detached Homes, SDH – Semi0detached homes, TH – townhouses, CA – Condo Apartments

With more demand, there is more development….

With the demand for affordable housing being high, new developments are on the rise. Over 45k housing starts* were observed in all of 2024 in Alberta, second only to Ontario in the year. Within these numbers, condo apartments took more than 35% of the total share of housing starts in December 2024*. This is an interesting shift towards condo apartments and row apartments, secially since traditionally, detached homes have been the more popular choice for buyers.
The housing market in Alberta is seeing a great movement right now. With more people moving in for jobs and lower living costs, home prices are climbing, but it’s still comparably more affordable. Alberta’s housing market has a mix of price growth and demand, making it a great spot for both buyers and investors.
Alberta’s real estate market in 2024 was defined by steady price growth, strong sales activity, and increasing demand across its major cities. While home prices climbed, the province remained one of the most affordable in Canada, keeping it attractive for both buyers and investors. Calgary and Edmonton led the way, with double-digit price gains, while smaller markets like Red Deer and Lethbridge also saw notable appreciation. The shift toward condo and row housing developments signalled evolving buyer preferences, even as detached homes remained popular. With a healthy balance of demand and supply, Alberta’s market has proven its resilience, setting the stage for another dynamic year ahead.

*housing start – any housing unit for which the construction of foundation of the basement has begun.

Sources: World Population Review, WOWA, CREA, Alberta Economic Dashboard

Check out more news & blogs here.