Alberta is leading the way in population growth, outpacing every other province in Canada. Between January 2023 and 2024, the province saw an increase of 202,324 people, marking a 4.4% growth rate—the highest since 1981 and significantly up from 3.0% the previous year, according to a report by the Alberta government.
With all these new faces, we got curious: just how much does the average single detached family home cost in Alberta? Given this rapid population growth, we explored the cost of the minimum down payment needed, as well as the average monthly mortgage expenses as of April 2024.
Using data from the Alberta Real Estate Association, Zoocasa determined the current prices of single-family detached homes, their yearly price changes, required minimum down payments, and average mortgage payments in seven Alberta cities. The average mortgages were calculated with a 5-year fixed rate of 4.79% and amortized over 25 years.
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All in all, 87 percent of the mortgage payments for single detached homes averaged below $3,000 per month. Calgary was the only exception, with the average mortgage payment for a single detached home reaching $4,142.
Most Affordable Cities for a Single Detached Home in Alberta
If affordability is the top priority, two cities stood out for having minimal financial barriers to home ownership, requiring less than $20,000 for a down payment and $2,200 for monthly mortgage payments. Grande Prairie offers exceptional affordability with an average single-family home price of $379,262, a down payment of $18,963, and a mortgage payment of $2,135. Despite its lower price, the city saw a 10 percent year-over-year price increase, highlighting its potential as a good investment opportunity. Similarly, Medicine Hat matches this affordability, with monthly mortgage payments of $2,160 and a down payment of $19,185, based on an average single-family home price of $382,930.
- Related: Here’s How Much You’ll Pay in Interest On a 30-Year Mortgage vs. a 25-Year Mortgage Across Canada
Homes You Can Secure with Less Than $25,000 Down
Meanwhile, Lethbridge, Red Deer, and Fort McMurray all have minimum down payments between $20,000 and $25,000, with average monthly mortgage payments ranging from $2,400 to $2,800. Among these cities, Lethbridge recorded the highest year-over-year price increase in home prices at 11.6% for an average single detached home price of $429,256. On the other hand, Fort McMurray was the only city among them to see a decline, with a modest year-over-year decrease of 1.4% in home prices and an average single detached home price of $497,252.
Comparing Single Detached Home Prices: Edmonton vs. Calgary
As Alberta’s largest city, Calgary boasts the highest average price for a single detached home in the province at $749,000, marking a significant 13.1% increase from April 2023. Buyers in Calgary face a typical down payment of $49,900 and a monthly mortgage cost of $4,142. In contrast, Edmonton offers more affordable housing options; here, a down payment of $27,658 results in a monthly mortgage of $2,956, which is 40% less than the average price of a mortgage in Calgary. This represents a substantial price difference of $222,422 between the two cities.
Lower Housing Costs Beckon Canadians Dreaming of Homeownership
Furthermore, Alberta has also become a popular destination for interprovincial migration in Canada, attracting 9,913 new residents in the past quarter with a majority coming from British Columbia and Ontario.
According to their April 2024 report, the Canadian Real Estate Association found that the benchmark price for a single-family home in the Greater Vancouver Area has climbed to $2.8 million, while in the Greater Toronto Area, it stands at $1.3 million. These steep prices highlight the savings that residents of Ontario and British Columbia could enjoy by relocating to the province home to the sunniest city in Canada.
