Alberta: Canada’s Most Affordable Real Estate Market

Discover why Alberta, home to Calgary and Edmonton, leads Canada in affordable housing amid rising prices from 2006 to 2024.

The Canadian province of Alberta, home to the bustling cities of Calgary and Edmonton, has emerged as the most economically viable region for prospective homeowners, particularly when scrutinizing house price inflation from 2006 to 2024. According to a meticulous analysis conducted by the Canadian Real Estate Association, in collaboration with the real estate firm calgaryhomes.ca, property prices in Alberta have experienced a modest uptick of merely 19% over this period, even when accounting for inflation. The average cost of acquiring a home in this province now stands at CA$509,000 (£283,000), a significant increase from CA$290,000 (£161,000) in 2006.

In stark contrast, Ontario, which encompasses the vibrant cities of Toronto and Ottawa, has claimed the title of Canada’s most expensive province. Here, property prices have skyrocketed by an astonishing 203%—excluding inflation—between 2006 and 2024. The average price of a home in Ontario now hovers at a staggering CA$869,000 (£482,000), a dramatic leap from CA$286,000 (£159,000) in 2006. 

Alberta’s relatively restrained price growth positions it as the premier province for aspiring homeowners, with an increase rate that is 63% slower than that of Ontario. This data serves as a beacon for those looking to plant roots in a region that promises not only affordability but also an exceptional quality of life. 

Furthermore, Newfoundland and Labrador has emerged as Canada’s second most affordable province for prospective homebuyers. The average price of composite homes—encompassing a diverse range from single-family residences to townhouses—has risen from CA$137,000 (£76,000) to CA$292,000 (£162,000), translating to a 43% increase when inflation is factored in. 

Rounding out the top three is New Brunswick, where the average price of a composite home has escalated from CA$130,000 (£72,000) to CA$300,000 (£167,000) from 2006 to 2024, marking a 57% increase inclusive of inflation. 

As the real estate landscape continues to evolve, these insights provide invaluable guidance for potential homebuyers navigating the complexities of the Canada’s real estate market.