Alberta is a western Canadian province that is bordered by Saskatchewan in the east, British Columbia in the west, Northwest Territories in the north, and by the state of Montana, USA in the south. The province houses stunning natural beauty with the amazing Rocky Mountains, vast prairies, forests, badlands, and foothills – and expansive landscape. Covering an area of 661,848 km2, Alberta is also one of the three prairie provinces.
With over 4.2 million residents, Alberta is a resource powerhouse. With majority population concentration in places like Edmonton and Calgary, Alberta is also a growing real estate hub. It is divided into 8 Economic Regions, which are the census divisions used by Statistics Canada. Alberta is a global leader in Oil & Gas production and is also occasionally called the Energy Province. The next most impactful industry is agriculture. From the majestic Rocky Mountains to vast prairies and everything in between (boreal forests, foothills, Badlands), Alberta offers stunning natural beauty.
Real Estate
With the growth of industries and major shifts to the province, Alberta has seen overall growth in real estate. Single-family homes are the most popular in the province, with condos and townhouses being a close second. Multi-family dwellings have also become more popular recently.
Most Popular Types of Properties in Alberta
Alberta is one of the three prairie provinces due to its wide-open, undeveloped space and low population density. The vast spaciousness has consequently resulted in a significant number of residents living in single-family houses compared to other types. The province has the youngest median age, with an average of around 39 years. An approximation of the popularity of dwelling types is as follows:
- Single-family homes: 40%
- Apartments: 35%
- Row single homes: 13%
- Semi-detached homes: 11%
Real Estate Trends
Looking at the real estate trends for Alberta, the overall average price in the province has seen steady growth in the last two years, moving closer to the MLS HPI Benchmark prices.
As of June 2024, average home prices in Alberta have observed an increase of 8% year-over-year. With specific cities in consideration, the most significant increase has been in Red Deer, where the average price of a home has risen by 22%.
In addition, Edmonton home sales have also been a leading contributor to the overall growth in Alberta sales. A substantial increase has also been observed in the year-over-year number of Albertan home sales across all property types, with a 6% increase compared to May 2023.
Not only has there been a surge in sales, but new listings have also increased across Alberta. Here are a few statistics valid for May 2024:
- Total Residential Sales – 9,283 (6% increase YoY)
- New Listings – 12,921 (8% increase YoY)
The sales-to-new listings (SNLR) ratio has observed a 19% decrease YoY. Furthermore, the average prices by property type for May 2024 can be seen as:
- Single Family Homes (Detached): C$ 597,719 (8% YoY increase)
- Semi-Detached: C$ 511,827 (11% YoY increase)
- Row single homes: C$ 392,082 (16% increase YoY)
- Apartment: C$296,599 (10% increase YoY)
Rural & Urban Areas in Alberta
Many regions in Alberta blend rural and urban characteristics. These areas may have lower population densities but still have some services and infrastructure.
However, based on population, Alberta is divided into 10 types of local municipalities (local government) as follows:
- Urban Municipalities – 19 cities, 107 towns, 81 villages, and 51 summer villages
- Specialized municipalities – 6
- Rural municipalities – 63 municipal districts/counties, 7 improvement districts, 3 special areas
- Metis Settlements
- Indian Reserves
Map of municipalities of Alberta
In general, the higher property values are observed in the urban areas. Rural Alberta offers greater affordability, however it comes with limited considerations of job market access and easy access to amenities in comparison to urban areas such as Edmonton and Calgary. Acreages and recreational properties like cottages, vacation homes, and single detached homes are more popular in rural areas.
Financial Considerations:
Looking at the average mortgage data for Alberta Canada for the last 10 years or so, it was the average new mortgage amount for 10 years changes. The lowest mortgage rates in Alberta range between 4.34% – 6.4% depending on the term of the mortgage and the insurance status of the property.
The average Albertan mortgage has not grown as significantly as in the rest of the nation. In 2022, the average mortgage in Alberta was around C$ 339,854 which was lower than the national average of C$ 363,654.
Property Registration and Taxes
Property registrations, land ownership, transfer procedures, taxes, and levies are important aspects for any homeowner:- Details for Land ownership and transfer procedures can be found with the Land Titles Office
- Decisions on land use planning, development, and right of entry are taken care of by the Land and Property Rights Tribunal
- Looking for a qualified home inspector? Hire a home inspector here
Zoning & Land Use
Zoning regulations and by-laws are governed at the municipality level. Zoning regulations dictate land use within municipalities (residential, commercial, industrial).
Popular Cities
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