In this Alberta city, the median home price rose by $42,000 last year

In one Alberta city, the median home price rose by more than $42,000 last year, the second-highest increase in the province, and it might surprise you.

According to a new report by Calgaryhomes.ca, real estate consultants there analyzed home sales statistics from the Alberta Real Estate Association (AREA) and the Canadian Real Estate Association (CREA) to determine average home price growth in Alberta cities with available data. .

The areas were then ranked from the largest increase in house prices to the smallest increase.

Not surprisingly, Calgary saw the biggest increase in home prices, with an average increase of $76,505. The median house price in Calgary was $506,655 in February 2023, rising to $583,160 in February 2024; increased by 15.1%.

“The national average home price increase was $4,400, making Calgary home prices 17 times the national average,” it added.

The second-place city may not be where you'd expect, with the southeast city of Medicine Hat increasing by $42,430.

In February 2023, the median home price in this city was $298,802, rising to $341,232 in February 2024, a 14.2% increase.

calgaryhomes.ca

Edmonton came in third with a 10.3% increase, with Red Deer and Lethbridge rounding out the top five.

The report's methodology is broken down by quantitative and percentage changes in median home prices for Alberta cities in February 2023 and February 2024 with CREA and AREA data.