We are coming to the end of the second month of 2022 and many are speculating on how the housing market will do in the months to come. Alberta's housing market ended 2021 in a pretty strong position, and experts are predicting this trend will continue into the busier spring market. Our expert Alberta mortgage broker team has all of the latest information for you.
Housing Market Update for January 2022
At the end of December 2021, Alberta saw sales outnumbering inventory. The average price for a home was $478K, up 7% from December 2020. We saw an increase of 10% in semi-detached homes at $496K, townhouses were up 2% at $317K, and condos were up 7% at $262K.
For January, we are still seeing the demand for housing outpacing the inventory, which means we will continue to see a rise in home prices into the new year. The average price for a home at the end of January was $499K. We saw 2,379 new listings coming onto the market over the last 28 days, with homes spending an average of 34 days on the market. The average selling price is up 4.3% at $500K compared to last month, up 3.2% from last quarter, and up 8.5% from last year.
The average price for detached homes overall is up 10% at $602K, with the biggest rises seen in 2 and 3 bedroom homes. 2 bedroom homes are up 17% at $481K, and 3 bedroom homes are up 12% at $602K. The average price for townhouses overall is up 11% at $416K, with the biggest rise seen in 3 bedroom homes, which are up 13% at $600K. However, 2 bedroom homes dipped down by 22% at an average price of 217K. Condo prices overall are up 2% at $266K. With a 4% rise in 2 bedroom condos at $282K and a drop in 3 bedroom condos of 56% with an average price of 279K.
For January, we saw inventory at 2,380 with new listings at 1,235 in the last 28 days. Most homes are selling at a 100% selling to list price ratio.
In Edmonton, the average home price is $379K, which is down 1.4% from last month, up 0.1% from last quarter, and up 3.2% from this time last year. The average sale price for detached homes is up 5% at $444K overall. 2 Bedroom homes are up 17% at $330K, and 3 bedroom homes are up 9% at $417K. Condominiums overall are down 1% at $208K, with 3 bedroom condos down 11% at $212K, 2 bedroom homes up 3% at $211K, and 1 bedroom homes down 8% at $126K.
Inventory in Edmonton saw 1,410 new listings in the past 28 days, with 670 of these sold during the same time. Homes in Edmonton spend an average of 46 days on the market and tend to get a 98% selling to list price ratio.
Nationally, home prices are doing well in other areas of Canada, with the national average home pricing at $779K, up 17% compared to last year. Median prices for single-family detached homes went up by 21.1% compared to this time last year, to $812K. The median price of condos rose 15.8% to $554K compared to last year.
With home prices still rising, Alberta is still one of the more affordable areas in Canada. Where mortgage rates are concerned, experts believe that we will see an increase in mortgage rates around the middle of this year, or sooner depending on what the bond market does. Mortgage rates could rise to 3% or more. As always, there will be factors that can affect the housing market, such as immigration, oil prices, new Covid strains, and so on.
If you want to know what mortgage rates are currently available to you, give our expert Alberta mortgage broker team a call today!