B.C. buyers are still active in Alberta’s market, with one Calgary real estate agent saying he has never seen this many out-of-province buyers in his career.
Competitive pricing and low vacancy rates continue to create a desirable investment environment that is resulting in increasing numbers of B.C. and Ontario condo buyers. Our neighboring prairie province saw a strong growth this year in the condo markets in Calgary and Edmonton, a contrast to the slower market seen in B.C.
“In my 35 years, I've never seen as many people coming from Ontario and B.C. this year than I've seen in my whole career,” said Richard Flemming, a RE/MAX real estate agent in Calgary.
According to Flemming, the desirable markets can be attributed to low unemployment rates and high oil prices, pointing out that when oil prices are high, Alberta does very well.
The latest condominium report from RE/MAX says sales were down in the first eight months of 2022 in Greater Vancouver and the Fraser Valley. On the other hand, Calgary and Edmonton reported double-digit sales increases over the same period in 2021.
Condo sales in particular have grown as first-time buyers are reacting to new market realities and shifting course to more affordable living.
“I believe it's because of affordability, interest rates being higher, people wanting to buy rentals. And now the condo market is doing amazing since summer, whereas the housing market is not as hot as it was,” Fleming said, referencing the Alberta market.
Another factor bringing B.C. buyers across the provincial broder is the Alberta is Calling campaign, said Fleming. A large part of the advertising is dedicated to showing that Alberta has more affordable homes compared with places like B.C. and Ontario.
