Go west, young man. And bring your family..A massive in-migration of newcomers helped push Alberta’s real estate market to new highs even as housing starts sagged in other parts of the country, according to new numbers from the Canadian Real Estate Association (CREA)..The CREA said 31,031 people moved to Alberta from other provinces in the first quarter of the year — mainly British Columbia and Ontario — which is up 45% from a year ago. That was offset by 15,245 people who left, but that number is down 8% from a year earlier..The result was a net gain of 15,786 to Alberta’s population from other parts of Canada, which represents an impressive 225% net gain from the first quarter of last year..But it wasn’t just Canadians from other provinces flocking to Wild Rose Country; a total of 35,932 international immigrants settled in Alberta, an increase of 200% from the first quarter of 2022..Overall, 51,718 new residents called Alberta home in the first three months of the year and more are surely on the way..Those figures are reflected in the national housing numbers, which were down nationally with the exception of Calgary, Edmonton and Montreal..Sales were particularly flat in the Greater Toronto Area and the Lower Fraser Valley, where most of the interprovincial migration is coming from..Sales were pushed down in other parts of the country due to rising interest rates, CREA said, but buoyant in Alberta due to its relative affordability.."Following a brief surge of activity in April, housing markets have settled down in recent months, with price growth now also moderating with its usual slight lag,” said Shaun Cathcart, CREA’s senior economist. .“Sales and price growth are already showing signs of tapering off further in August in response to the Bank of Canada's mid-July rate hike and messaging regarding above-target inflation for longer than previously expected."."We’re probably looking at another round of ʻback to the sidelines’ for some buyers until there’s a higher level of certainty around interest rates going forward.”.According to the Alberta Real Estate Association (AREA), overall sales rose about 12% year-over-year while listings dropped nearly 7%. Total inventories fell another 24%..The average price for a home rose about 4% to $455,923, led by a 9% increase in semi-detached houses to $446,528. The average price for a detached home rose 6% to $540,000 while townhomes jumped 8% to $344,264..Overall sales were up 19% and 18% in Edmonton and Calgary, respectively, while Fort McMurray came in at 6% followed by Lethbridge at 5%..The benchmark price was $539,461 in Calgary — up 10% over last year — while Edmonton was down about 4% to $383,875. All other areas with the exception of Fort McMurray ($355,422) were in the $313,000 to $337,000 range..That compares to an average price of $1.1 million in Toronto — which is down 11% from last year — and $1.2 million in Greater Vancouver..“The persistently tight market conditions have placed upward pressure on home prices since the start of the year. While the pace of growth did slow in July, at an unadjusted benchmark price of $483,300, levels remain over 2% higher than last year and are at new record highs,” AREA said.
