Alberta’s Housing Boom: Edmonton and Calgary Lead the Way
Alberta, particularly Edmonton and Calgary, sees a housing boom driven by affordability seekers. Online home searches on Royal LePage’s site surged since 2019, largely due to out-of-province buyers seeking budget-friendly markets in the west.
Edmonton Leading the Pack: Edmonton emerges as a top choice for cost-conscious homebuyers. Home searches quadrupled, constituting 2.0% of site searches from Jan to June, up from 0.5% in 2019.
Calgary Following Suit: Calgary, Alberta’s largest city, experiences a parallel surge in online home searches. Unique searches for homes doubled, representing 1.9% of total site searches between Jan and June.
Chasing Affordability: Rising home prices and interest rates drive Canadians to explore more affordable options. According to Tom Shearer of Royal LePage Noralta Real Estate, demand in Alberta remains steady amid challenging conditions in other provinces.
Alberta’s Appeal Grows: Interest in Alberta’s cities intensifies post-pandemic. In H1 2023, Edmonton leads searches on Royal LePage’s site, followed by Calgary. Both cities retained top spots from previous years.
Interprovincial Migration Trend: Statistics Canada data reveals Alberta’s positive net interprovincial migration, welcoming 21,000 net new residents in 2021-2022, many from Ontario. Alberta’s appeal has led to 11 quarters of in-migration surpassing out-migration since 2019.
Housing Market Insights: In Q2 2023, Edmonton’s aggregate home price reached $434,400 and Calgary’s stood at $643,200. Nationally, the aggregate home price was $809,200 during the same quarter.
Amid shifting preferences and affordability considerations, Alberta’s real estate market takes the spotlight, with Edmonton and Calgary at the forefront, catering to buyers in search of budget-friendly housing options.
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