“Alberta bound, Alberta bound, It's good to be Alberta bound.” Those lyrics were written and sung by Canada’s premiere folk-rock artist, Gordon Lightfoot in 1972. Over the last fifty-or-so years, thousands upon thousands of people have discovered it’s good to be Alberta bound. In fact between January 2023 and January 2024, Alberta welcomed 202,324 newcomers, the highest since 1981, according to Zoocasa, an online real estate platform. Zoocasa, citing figures from an Alberta government report, notes Alberta leads in interprovincial migration, with 9,913 new residents arriving in the first quarter of 2024, the majority arriving from Ontario and BC, the provinces with the highest home prices in Canada. The Canadian Real Estate Association’s April report said the benchmark price for a single-family home in the Greater Vancouver Area climbed to $2.8 million while in the Greater Toronto Area, the benchmark price hit $1.3 million. The numbers led Zoocasa delve into how much it costs for the average single-family home in Alberta, including the minimum downpayments and the average monthly mortgage payments required, as of April 2024. Accessing figures from the Alberta Real Estate Association (AREA), Zoocasa did the math on single-family homes in seven Alberta cities, calculating average mortgages with a five-year fixed rate of 4.79%, amortized over 25 years. “All in all, 87% of the mortgage payments for single-family 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,” said the Zoocasa report. Grande Prairie in west central Alberta and Medicine Hat in southeast Alberta scored points for having the minimal financial commitments to ownership. “Grande Prairie offers exceptional affordability with an average single-family home price of $379,262, a downpayment of $18,963, and a mortgage payment of $2,135,” says Zoocasa. “Despite its lower price, the city saw a 10% year-over-year price increase, highlighting its potential as a good investment opportunity.” In Medicine Hat, the average monthly mortgage payment was $2,160, with a downpayment of $19,185, based on an average single-family home price of $382,930. Lethbridge, Red Deer and Fort McMurray each have, on average, minimum downpayments between $20,000 and $25,000 and monthly mortgage payments between $2,400 to $2,800. Of the three, Lethbridge had the highest year-over-year price increase in home prices at 11.6% for an average single-family home price of $429,256. Fort McMurray was the outlier, seeing a decline of 1.4% in prices and an average single-family home price of $497,252. Red Deer, halfway between the big kids on the block, Calgary and Edmonton, saw its average single-family home price increase 8.7%, from $417,559 to $453,887, requiring a minimum downpayment of $22,694 and monthly mortgage payment of $2,555. In the capital city of Edmonton, the average single-family price increased 6.7%, from $493,513 in April 2023 to $526,578 in April 2024, resulting in a minimum downpayment of $27,658 and a monthly mortgage payment of $2,956. Calgary had the highest year-over-year average price increase of 13.1%, from $662,246 to $749,000, with an average downpayment of $49,900 and monthly mortgage payment of $4,142.
“Alberta bound, Alberta bound, It's good to be Alberta bound.” Those lyrics were written and sung by Canada’s premiere folk-rock artist, Gordon Lightfoot in 1972. Over the last fifty-or-so years, thousands upon thousands of people have discovered it’s good to be Alberta bound. In fact between January 2023 and January 2024, Alberta welcomed 202,324 newcomers, the highest since 1981, according to Zoocasa, an online real estate platform. Zoocasa, citing figures from an Alberta government report, notes Alberta leads in interprovincial migration, with 9,913 new residents arriving in the first quarter of 2024, the majority arriving from Ontario and BC, the provinces with the highest home prices in Canada. The Canadian Real Estate Association’s April report said the benchmark price for a single-family home in the Greater Vancouver Area climbed to $2.8 million while in the Greater Toronto Area, the benchmark price hit $1.3 million. The numbers led Zoocasa delve into how much it costs for the average single-family home in Alberta, including the minimum downpayments and the average monthly mortgage payments required, as of April 2024. Accessing figures from the Alberta Real Estate Association (AREA), Zoocasa did the math on single-family homes in seven Alberta cities, calculating average mortgages with a five-year fixed rate of 4.79%, amortized over 25 years. “All in all, 87% of the mortgage payments for single-family 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,” said the Zoocasa report. Grande Prairie in west central Alberta and Medicine Hat in southeast Alberta scored points for having the minimal financial commitments to ownership. “Grande Prairie offers exceptional affordability with an average single-family home price of $379,262, a downpayment of $18,963, and a mortgage payment of $2,135,” says Zoocasa. “Despite its lower price, the city saw a 10% year-over-year price increase, highlighting its potential as a good investment opportunity.” In Medicine Hat, the average monthly mortgage payment was $2,160, with a downpayment of $19,185, based on an average single-family home price of $382,930. Lethbridge, Red Deer and Fort McMurray each have, on average, minimum downpayments between $20,000 and $25,000 and monthly mortgage payments between $2,400 to $2,800. Of the three, Lethbridge had the highest year-over-year price increase in home prices at 11.6% for an average single-family home price of $429,256. Fort McMurray was the outlier, seeing a decline of 1.4% in prices and an average single-family home price of $497,252. Red Deer, halfway between the big kids on the block, Calgary and Edmonton, saw its average single-family home price increase 8.7%, from $417,559 to $453,887, requiring a minimum downpayment of $22,694 and monthly mortgage payment of $2,555. In the capital city of Edmonton, the average single-family price increased 6.7%, from $493,513 in April 2023 to $526,578 in April 2024, resulting in a minimum downpayment of $27,658 and a monthly mortgage payment of $2,956. Calgary had the highest year-over-year average price increase of 13.1%, from $662,246 to $749,000, with an average downpayment of $49,900 and monthly mortgage payment of $4,142.
