Maple News reports that housing affordability remains a central concern for Canadians in 2024, with rising interest rates, increasing immigration, and limited supply reshaping the real estate market. To help potential homebuyers better understand the market, the Canadian Real Estate Association (CREA) has released updated benchmark housing prices for cities across the country, including Alberta’s two largest urban centers: Calgary and Edmonton.
Using CREA’s Home Price Index (HPI), benchmark prices reflect the estimated cost of a typical home, filtering out extremes and anomalies. While these figures provide helpful insight, home prices can vary significantly depending on the neighborhood, size, and property condition.
In Calgary, the benchmark price for a one-story single-family home reached $595,700 CAD in July 2024. Two-story homes averaged even higher at $747,600 CAD. Townhouses in the city were priced around $496,800 CAD, while apartments came in at a more accessible $351,500 CAD. Calgary’s composite benchmark across all property types was $588,600 CAD, reflecting the city’s booming demand and increasing population.
In contrast, Edmonton offered generally more affordable options. Benchmark prices for one- and two-story detached homes stood at $400,000 CAD and $510,100 CAD respectively. Townhouses were benchmarked at $266,100 CAD, and apartments were among the lowest of major Canadian cities at $196,900 CAD. The city-wide composite benchmark price in Edmonton was $399,700 CAD, making it one of the more budget-friendly large markets in the country.
Across the entire province of Alberta, the average price of real estate jumped to $486,828 CAD in July 2024—a notable 8.2% increase from the year prior. This rise mirrors trends in population growth and buyer competition, particularly from newcomers to the country.
As migration and investment into Alberta continue to rise, informed decision-making is more important than ever for prospective homeowners. Whether considering a move within Canada or arriving from abroad, understanding city-specific price trends is key to navigating Canada’s evolving property landscape.