Housing starts are below their 10-year average in all markets except Calgary, which recorded an increase of 1.1%. The drop has been the most dramatic in Wood Buffalo, which has seen a 76.9% decrease in housing starts compared to its 10-year average. In 2019, the province’s total housing starts were 9.1% below the 10-year average.
Unabsorbed housing inventory is high for the province as well as Calgary, Edmonton and Wood Buffalo. The communities of Grande Prairie, Medicine Hat and Red Deer, had housing inventories that were below the 10-year average, while Lethbridge’s inventory was marginally (0.5%) above its 10-year average.
Compared to its 10-year average, home sales in Alberta declined 17.6%, with the largest decline occurring in Calgary (-14.7%). All locales except for Lethbridge saw a decrease in 2019 compared to its 10-year average.
Housing Sales Price:
The average sales prices of a home in Alberta declined 0.3% compared to its 10-year average in 2019. Overall, it was a mixed year, with Grande Prairie, Lethbridge and Medicine hat seeing prices that were higher than the 10-year average, while Edmonton, Calgary, and Red Deer seeing marginal changes. Wood Buffalo has seen a substantial decline in its housing price, falling 29.8% compared to its 10-year average.