The seasonally-adjusted price of a benchmark home* on the resale market in Alberta increased for the 19th month in a row in June by 0.6%.

On a year-over-year (y/y) basis, the provincial benchmark price of $509,100 was 8.9% higher than the same month last year.

In Calgary, the y/y benchmark price was 8.7% higher at $578,800 in June; in Edmonton, it increased by 7.3% to $391,200.

While prices have been rising steadily in Alberta since the end of 2022, the national average has lost ground. At $717,700 in June, the national benchmark price was 3.6% lower y/y.

The price increases in Alberta have reduced the size of the gap between the provincial and national benchmarks by almost 25% compared to June 2023, but it remains sizable at $208,600.

The availability of houses for purchase on the resale market is one of the key factors explaining the different price tracks Alberta and the country as a whole are on. In Alberta, there were 2.4 months of inventory** in June—the lowest of any province—compared to 4.2 nationally.

Although builders have picked up the pace of new home construction in the province, relatively strong population growth in Alberta means the supply challenge is not going away any time soon.

*The Canadian Real Estate Association calculates the average price of benchmark homes in various markets (including Alberta, Calgary and Edmonton) using the MLS® Home Price Index (HPI). The HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country. Each month, the HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.

**The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Answer to the previous trivia question: The Rolling Stones gave their first public performance at the Marquee Club in London on July 12, 1962.

Today’s trivia question: Which famous architect designed the house known as Fallingwater located in southwest Pennsylvania?