Zoocasa
Sold Prices
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Affordability Reports

Here’s How Much It Costs to Own a Single Detached Home Across Alberta

Angela Serednicki by Angela Serednicki
May 23, 2024
in Affordability Reports, Alberta
Reading Time: 5 mins read
Dad playing with child in front of a house
Share
Tweet
Share
0 Shares

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.

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox. 

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.

  • Related: Here’s Where You Can Buy a Single Family Home Below the National Average This Spring 

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. 

  • Related: Why Edmonton Should Be Your Next Real Estate Investment Destination  

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. 

  • Related: 4 Reasons to Buy a Home in Calgary, Alberta

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. 

  • Related: Start Saving: $2M Homes Will Soon Be Toronto’s New Normal  

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.

Thinking of buying or selling in Alberta?
Contact us today to speak to a Realtor
Previous Post

Hiring Movers? Here’s What To Ask The Moving Company Before Relocating

Next Post

How To Use TikTok For Real Estate Marketing

Angela Serednicki

Angela Serednicki

Angela Serednicki is a Public Relations and Content Specialist at Zoocasa. Having resided in different Toronto neighbourhoods for over a decade, she has gained an intimate understanding of and a passion for exploring the city’s changing real estate scene. In her journalism career, Angela has written for some of Canada’s best, including Maclean’s, Canadian Business, Money Sense, Reader’s Digest, and various others.

Related Posts

Alberta

Breaking Ground: Alberta’s Clear Advantage in New Home Construction

June 30, 2025
Affordability Reports

Same Size, Better Deal: Canadian Cities That Outshine Their U.S. Counterparts in Affordability

June 25, 2025
brunch table with different entrees
Alberta

You Can’t Eat Your Way Out of the Housing Crisis

June 23, 2025

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

A woman sitting in the driver's seat of a car

Trade Your New Car Budget for a Down Payment in These Affordable U.S. Cities

July 3, 2025

10 Years of Real Estate & A Look Towards the Future 

July 2, 2025
Three geese soar through a cloudy sky.

5 Giant Landmarks Across Canada That Showcase the Charm of Small-Town Living

July 1, 2025

Breaking Ground: Alberta’s Clear Advantage in New Home Construction

June 30, 2025

Featured Listings

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

From Skyline Views to Private Escapes: 5 Luxe Calgary Homes for Sale

June 10, 2025

What it Means When a Home is Listed for $1

June 7, 2025

6 Can’t-Miss Victorian Homes for Sale in San Francisco Right Now

June 2, 2025
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.