Real estate in Alberta saw declining sales in the latter half of 2022, with a two percent drop overall, according to the Alberta Real Estate Association (AREA).
The association is sharing insights through its monthly Market Trend Summary; data shows sales growth was the strongest in the province’s major cities, including Calgary, Red Deer, Grande Prairie, and Edmonton, while sales “eased” in Lethbridge, Medicine Hat and Fort McMurray.
New listings followed a similar pattern, with strong growth in the year’s first half and a pullback in the second half.
According to AREA, this helped prevent a significant rise in inventories and shifted the market from strong seller conditions to a more balanced market.
Despite adjustments, AREA says sales in the province remained consistent or above long-term trends.
Residential average prices in Alberta increased by over five per cent compared to the previous year, with the most significant gains in the detached and row sector, which each saw an annual increase of nearly nine percent.
Source: Alberta Real Estate Association
December 2022
In December, total residential sales were down 32 per cent year-over-year, and new listings were down 17 per cent; the average home price increased nearly three per cent.
However, with just over four months of supply in the market in December, conditions remained far tighter than levels traditionally seen at this time of year.
Source: Alberta Real Estate Association
As with most markets, rising lending rates and inventory challenges for lower-priced detached homes influenced conditions throughout the year.
In 2023, AREA expects market conditions will vary depending on price range and property type.
