Alberta Real Estate Is Where Canada Was in 2020—What Will It Look Like in 5 Years?
Alberta has always been a province of opportunity. With a strong economy, affordable housing, and growing demand, it remains one of the best places in Canada to buy real estate. While the national housing market has slowed, Alberta is proving to be an exception, with home prices increasing nearly six times faster than the national average.
For those waiting for the “perfect time” to buy, the question is: Will homes ever be this affordable again?
Alberta’s Market Is Outpacing the Rest of Canada
In 2020, the average home price in Canada was $509,590—a number that now seems like a distant memory in most provinces. By the end of 2024, that same Canadian average has soared past $662,963, pricing many buyers out of the market.
But in Alberta, it’s a different story. The average home price in Alberta today is $472,308—similar to what Canadians could have bought nationwide in 2020. While much of the country has moved beyond affordable price points, Alberta still offers buyers a rare opportunity to purchase at what were once considered pre-boom prices.
At the same time, Alberta’s market is growing faster than the rest of Canada. While home prices across the country are rising just 1.1% year-over-year, Alberta is seeing significantly stronger growth at 5.9%—a sign that today’s affordability won’t last forever.
"The perfect time to buy a house? When you can afford the down payment—not when you’re waiting for the ‘perfect’ market." — Barbara Corcoran
Home prices in Alberta are expected to keep rising as demand remains strong. Those who buy now are well-positioned to benefit from future appreciation.
What’s Driving Alberta’s Real Estate Growth?
While other provinces are seeing price corrections, Alberta continues to attract homebuyers for a few key reasons:
Affordability Compared to Other Provinces – The average home price in Ontario and British Columbia remains well over $850,000, making homeownership increasingly out of reach for many. In contrast, Alberta’s average price remains under $500,000, offering more purchasing power for buyers.
Economic Growth & Job Opportunities – Alberta’s economy is expanding, driven by energy, technology, and infrastructure sectors. A strong job market continues to attract workers, many of whom are relocating from other provinces.
Low Taxes & Cost of Living – With no provincial sales tax (PST) and lower property taxes than Ontario and B.C., Alberta remains one of the most financially attractive places to buy a home.
Population Growth Fueling Demand – More people are moving to Alberta than ever before. Interprovincial migration is at record highs, particularly from Ontario and B.C., as buyers seek affordability and quality of life.
These factors create long-term stability and strong real estate appreciation, making Alberta a strategic place to buy now.
How Much Will Your Home Be Worth in 5 or 10 Years?
Home values in Canada have historically doubled every 10-15 years. Even with modest growth, homeownership in Alberta today could mean significant wealth in the future.
That’s over $200,000 in potential home equity growth in just ten years.
“Real estate always increases in value over time. The longer you hold onto it, the more wealth you create for yourself and your family.” — Barbara Corcoran
What This Means for Buyers in 2024
Delaying your purchase could cost you thousands – Alberta home prices are rising significantly faster than the national average, meaning affordability will decline the longer you wait.
Interest rates are stabilizing – After peaking in 2023, rates have started to moderate, and while they remain higher than in 2020, waiting for lower rates may mean paying more for the home itself.
More people are entering the market – With increased migration and strong economic growth, Alberta real estate will continue to be in high demand.
The smartest real estate investors focus on long-term gains, not short-term fluctuations. Alberta’s market offers affordability, appreciation, and opportunity—three things that don’t always go together in Canadian real estate.
Alberta Is the Land of Opportunity—Will You Take It?
For buyers who missed out on major real estate gains in other provinces, Alberta offers a rare second chance—an opportunity to buy into a market that is still affordable but growing quickly.
Waiting could mean missing the strongest appreciation period Alberta has seen in years.
Call today to discuss your options.
Phone: 587.370.4311
Email: jarrod@mergemortgage.ca
The next opportunity in real estate isn’t in the past—it’s right in front of you.
