The Alberta housing market has been making headlines lately, but not for the usual reasons. While many Canadian cities continue to see rising home prices, several Alberta towns are experiencing the opposite trend, with property values actually falling in these areas.
This cooling trend offers a ray of hope for homebuyers who have been priced out of the market elsewhere. These 13 Alberta towns represent potential opportunities for first-time buyers, investors, and families looking to relocate to more affordable communities while still enjoying the beautiful landscapes and friendly atmosphere Alberta is known for.
Hinton
Hinton, located near Jasper National Park, is a picturesque town with a history rooted in forestry and coal mining, though it has faced economic challenges. According to Houseful.ca, the overall median list price of homes fell 24.72% in February 2025, from $404,119 in January to $304,228. For single-family homes, the median price showed a slight decline of 0.04%, dropping from $464,108 in January to $463,929 in February. Despite these changes, Hinton offers year-round outdoor activities and retains its welcoming small-town charm.
Fort McMurray
Fort McMurray, once renowned for its high property values, has experienced a steady decline in housing prices in recent years, driven by challenges in the oil industry. The overall median list price of homes fell 12.21% month-over-month, from $308,797 in January 2025 to $271,105 in February 2025. Single-family homes also saw a decrease, with the median price dropping 6.07% from $423,164 in January to $397,488 in February. The community continues to rebuild, supported by the energy sector and newly affordable housing options.
Edson
Edson, situated along the Yellowhead Highway, is a dynamic town known for its forestry, oil, and gas industries, despite their shifting economic fortunes. Its proximity to natural attractions like the Pembina River and the availability of modern amenities contribute to a relaxed yet fulfilling lifestyle for residents. The overall median list price of homes dropped by 2.79% month-over-month, from $230,645 in January 2025 to $224,211 in February 2025. These lower housing costs present an appealing opportunity for young families and retirees seeking affordable properties in a well-connected community.
Stettler
Stettler, the “Heart of Alberta,” is a welcoming town known for its small-town charm and scenic prairie landscapes. Recently, housing prices have declined, with the median list price falling from $322,231 in January to $291,566 in March 2025. This 9.07% month-over-month decrease has made homeownership more accessible. The town remains an appealing choice for those seeking affordability and a strong community atmosphere.
Athabasca
Named after the mighty river flowing through it, Athabasca has seen its housing market cool significantly in recent periods. According to Houseful.ca, the overall median list price of homes in Athabasca County fell by 7.17% month-over-month, from $160,865 in January 2025 to $149,330 in February 2025. Home to Athabasca University, the town combines educational facilities with a resource-based economy that has faced challenges. Residents enjoy abundant outdoor recreation on the river and surrounding wilderness areas throughout all four seasons.
Lethbridge
Lethbridge experienced a 3.4% monthly decline in housing prices in February 2025, with the average residential property value dropping to $402,643 from January’s $416,789. According to the Alberta Real Estate Association, despite this short-term correction, homes in the city still show a 6.6% increase on an annual basis, with only semi-detached homes becoming more affordable year-over-year (down 4.3% to $297,125). Lethbridge remains a seller’s market with limited inventory at 1.73 months of supply, though homes are approximately $100,000 below the provincial average of $509,468.
Lacombe Park
Lacombe Park is a picturesque community in Alberta, offering scenic lakes, parks, and recreational opportunities like walking trails and sports facilities. According to Houseful.ca, housing prices in the area dropped in March, with the median list price falling to $499,900 from $539,900—a 7.41% decrease. This recent decline in home prices reflects changing market trends within the region. Despite this, Lacombe Park remains a desirable place to live, known for its natural beauty and strong sense of heritage.
St. Paul
St. Paul, a town located in northeastern Alberta, is recognized for its friendly atmosphere and natural beauty. As reported by Houseful.ca, the housing market in St. Paul experienced a notable decline in February 2025. The overall median list price of homes dropped to $203,176, marking a 7.71% decrease from $220,159 in January. For single-family homes, the median list price fell 9.01%, going from $243,518 in January to $221,578 in February, reflecting recent shifts in the local real estate market.
Wembley
Wembley, a small and welcoming town in northern Alberta, offers a peaceful lifestyle with close proximity to the amenities of Grande Prairie. Single-family home prices in the town have become increasingly attainable, with the median list price declining by 11.81% month-over-month, from $475,897 in January 2025 to $419,705 in February 2025. This shift enhances the town’s appeal for homebuyers seeking affordability in a quiet, family-friendly environment. Wembley balances rural charm with convenient access to urban services, making it an attractive choice for prospective residents.
Wainwright
Wainwright, a charming town in east-central Alberta, is known for its military history, vibrant community, and proximity to scenic prairie landscapes. The housing market in the area has seen a slight decrease, with the overall median list price of homes edging down by 0.3% from $97,090 in January 2025 to $96,800 in February 2025. This minor dip enhances affordability, making Wainwright an appealing option for prospective buyers seeking a welcoming and affordable community.
Peace River
Peace River, located in northern Alberta, is a scenic town celebrated for its vibrant arts community, rich history, and picturesque views of the Peace River Valley. Known for its blend of small-town charm and modern amenities, it continues to attract residents seeking a tranquil lifestyle. Single-family home prices in Peace River have seen a slight decline, with the median list price dropping by 0.44% month-over-month, from $316,565 in January 2025 to $315,161 in February 2025. This modest decrease contributes to the town’s appeal for prospective buyers looking for affordable housing options.
Lac La Biche
Lac La Biche, nestled in northeastern Alberta, is renowned for its stunning lakes, vibrant cultural heritage, and abundant outdoor activities like fishing and boating. The town offers a serene lifestyle surrounded by natural beauty, making it a popular choice for residents seeking tranquility. Recently, housing prices have become more affordable, with the overall median list price decreasing by 6% month-over-month, from $207,266 in January 2025 to $194,839 in February 2025. This price adjustment opens up opportunities for prospective buyers looking for a peaceful community with attractive property options.
Whitecourt
Whitecourt, located in central Alberta, is known for its strong forestry and energy sectors and excellent outdoor recreation opportunities. The housing market continues to soften, with the overall median list price declining from $372,104 in February 2025 to $371,965 in March 2025, a 0.04% month-over-month decrease. Single-family homes also saw adjustments, with the median price falling from $382,136 in February to $377,782 in March, marking a 1.14% month-over-month drop. These shifts indicate growing affordability for homebuyers in Whitecourt.
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