House prices down in Calgary and Edmonton

Resale housing prices in Calgary and Edmonton are down compared to a year ago, according to statistics released by the Canadian Real Estate Association (CREA).

As of April 2019, the average (seasonally adjusted) price of benchmark homes sold via the Multiple Listing Service in Calgary was $411,000, down 4.6 per cent compared to the previous April and 6.2 per cent compared to April 2014. In Edmonton, the average price was $320,900, down 4.0 per cent year-over-year and 5.9 per cent compared to five years ago.

Average prices vary greatly across the country. The average resale price in April for all 18 participating real estate boards was $621,700. The highest average price was in Greater Vancouver ($1,008,400) and the lowest was in Greater Moncton ($181,400).

Regina and Saskatoon are the only other places among the 18 markets where average prices are down compared to five years ago. Price increases over the last five years range from 18.3 per cent in Moncton to 80.6 per cent in the Fraser Valley.

It is important to remember that these prices are statistical constructions* that smooth out wide variations in actual prices. So while they are a good gauge of overall trends, they do not necessarily reflect prices in specific neighbourhoods, for different types of housing or for individual properties.

 

*Information on the methodology used by CREA can be found here.