Alberta Housing Prices Are Predicted To Rise In 2023 As More People Move To The Province
These areas are about to get pricier.
Calgary. Right: Edmonton
If you're looking to buy a house in 2023, it might be good to do it sooner rather than later as house prices are set to increase in parts of Alberta next year.
According to RE/MAX's 2023 Canadian Housing Market Outlook Report, Alberta home prices are set to get more expensive in 2023, with average sale prices increasing in both Calgary and Edmonton.
Are house prices dropping in Alberta?
According to RE/MAX, housing prices are set to increase in the province. In Calgary, the average residential sale price is expected to increase by 7% in 2023, while in Edmonton, the average price is expected to rise by 3%.
Calgary's housing market is likely to shift into a seller's market early in 2023, with first-time buyers fueling a lot of the demand for housing.
While condos are the dominant housing type in the city right now, single-detached homes are likely to be pretty popular heading into 2023 as buyers look for additional living space, the report said.
In Edmonton, the market will be driven by more "move-up and move-over buyers" looking for single-detached homes.
It seems like the "Alberta Is Calling" campaign might have worked, as according to RE/MAX, there are three main trends seen in Edmonton's housing market including "migration from other provinces, increased demand for luxury residential real estate, and balanced market conditions.”
Is it a good time to buy real estate in Alberta?
While housing prices are on the rise in Calgary and Edmonton, homes are still considerably cheaper than you would find in Ontario and B.C.
The average residential sale price in Calgary for 2022 was $658,277.00, while in Edmonton, it was $401,025.00.
Compared to the Greater Vancouver Area and the Greater Toronto Area where average prices were an eye-watering $1,267,131 and $1,203,916 respectively, Alberta is still affordable.
This article's cover image was used for illustrative purposes only.
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