A city in Alberta has seen the average house price skyrocket by more than $42,000 over the past year, the second-highest increase in the province, and where it is might surprise you.
According to a new report from calgaryhomes.ca, real estate advisors there analyzed house sales statistics from the Alberta Real Estate Association (AREA) and the Canadian Real Estate Association (CREA) to find the average increase in house prices in Alberta cities with available data.
The areas were then ranked from largest increase to smallest increases in house prices.
To not much surprise, Calgary saw the largest rise in house prices, with a whopping $76,505 increase on average. The average Calgary house price in February 2023 sat at $506,655, which rose to $583,160 in February 2024; representing an increase of 15.1%.
“The national average rise in the benchmark house price was $4,400, meaning that house prices in Calgary have risen over 17 times the national average,” the report added.
The second-place city might not be where’d you expect, with the southeastern city of Medicine Hat clocking a rise of $42,430.
In February 2023, the average house price in that city was $298,802, which increased to $341,232 in February 2024, representing a 14.2% increase.
calgaryhomes.ca
Edmonton followed in third place with a 10.3% increase, with Red Deer and Lethbridge rounding out the top five.
The report’s methodology was broken down by numerical and percentage changes in the average house prices for cities in Alberta in February 2023 and February 2024, with available data from the CREA and AREA.