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By Erika Rolling

Real Estate Prices

4.1 per cent increase for home prices in Grande Prairie year-over-year

Apr 11, 2024 | 11:50 AM

Alberta homebuyers have been watching prices of real estate jump significantly in the past year.

But home prices across the province rose more than one might think year-over-year, according to findings by real estate advisors with calgaryhomes.ca.

Statistics taken from the Alberta Real Estate Association and Canadian Real Estate Association from house sales were used to find the average increase in pricing from February 2023 to February 2024.

Seven Alberta cities were included in the available data, with Calgary seeing the largest jump in pricing at a whopping 15.1 per cent. Medicine Hat was second with 14.2 per cent, Edmonton in third with 10.3 per cent, Red Deer in fourth at 9 per cent, Lethbridge in fifth at 7.1 per cent, Grande Prairie in sixth at 4.1 per cent, and lastly Fort McMurray with a 2.5 per cent increase.

Grande Prairie’s average home price in February 2023 was $309,151 and ballooned to $321,826 in February of this year… an increase of $12,675.

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Despite a 4.1 per cent increase in home pricing, Swan City is now the most affordable city in the province to buy the average home.

Data found that even though Grande Prairie did not have the cheapest average home prices at the start of February 2023 compared to the other six cities, on average now, it’s nearly $20,000 cheaper than the next lower-cost city of Red Deer, with their average home costing $340,114.

Other findings show that newcomers to the Medicine Hat area in the past year have experienced an astronomical price spike, with a rise of $42,430 for a midpoint home.