Alberta has been the ‘go to place’ for Canadians over the last two years, as Wild Rose Country has welcomed a record number of interprovincial migrants, particularly from Ontario and BC. Canadian Mortgage Professional (CMP) says Alberta’s attraction is more affordable housing, adding the attraction isn’t over. “Calgary and Edmonton were two of the markets where activity defied the overall national slowdown in 2023, continuing to gather pace even as the likes of Toronto and Vancouver saw buyers step to the sidelines,” says CMP. Tara Boyle, a broker with Mortgage Architects in Edmonton, told CMP there is still a lot of interest coming from outside Alberta. “I’ve been doing this for so long and usually people are always thinking about moving to BC where it’s warmer, or Ontario,” Borle told Canadian Mortgage Professional. “And now people are talking about relocating and they’re phoning from Ontario and BC to come here, which I think is really exciting.” Borle’s experience is home buyers arriving in Alberta are buying a wide variety of homes, including first-time buyers as well as investors with plans to rent out their properties who are “wanting to invest in real estate and be a homeowner, even if it isn’t where they live.” Alberta’s two largest markets have seen year-over-year home price increases. The market-wide average home price in Calgary in August 2023 was $520,732; as of August 21, 2024, the price had increased to $611, 842; in Edmonton, the market-wide average price went from $396,000 in August 2023 to $416,000 as of August 21 2024. These compare to average prices in Toronto and Vancouver of more than $1,000,000. Even with the price increases in Edmonton, Borle tells CMP “I don’t think anyone nowadays is qualifying with ease, but there’s always something on every deal. [Buyers] seem to be OK with the price point that we tell them before they start shopping.” “You could still buy a really nice house in Edmonton or Alberta for $450,000 easily. So, I think that first-time homebuyers are able to find something in their budget here.” Those coming to Alberta will find getting a mortgage isn’t much different than the process for people already in Alberta, says Borle. “It’s just making sure if they’re relocating with their job that they’re going to have a job here,” she told CMP. “And if they’re in BC and they’re buying a rental here, then we would just need their income in BC." “So similar to any other mortgage application, you need to make sure their income is there and that they pay their debts on time, all that good stuff. Indications are housing markets will turn to favouring buyers, says CMP. “The Bank of Canada is clearly in a mood to cut interest rates further, with Tuesday data showing inflation slid to 2.5% last month appearing to seal the deal for a September rate drop,” adding, “Its moves to date have seen the Bank’s policy rate, which directly affects variable mortgage rates, dip by 50 basis points over the summer, falling from its highest level for over two decades.” Borle believes it sets the stage for a busy fall buying season. She says she’s monitoring reactions to the 30-year amortizations for first-time home buyers, which came into effect August 1. “I’m curious to see if that’s going to get us any traction here,” she told CMP. “I’ve had a few clients already call in and talk about it, but it definitely does change what they’re preapproved for on a new home.” “I’m curious to see how that’s going to come into play and if a lot of people are going to be wanting to buy a new home versus a resale house, because they’re going to qualify [for] more if they buy a new house.” .This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
Alberta has been the ‘go to place’ for Canadians over the last two years, as Wild Rose Country has welcomed a record number of interprovincial migrants, particularly from Ontario and BC. Canadian Mortgage Professional (CMP) says Alberta’s attraction is more affordable housing, adding the attraction isn’t over. “Calgary and Edmonton were two of the markets where activity defied the overall national slowdown in 2023, continuing to gather pace even as the likes of Toronto and Vancouver saw buyers step to the sidelines,” says CMP. Tara Boyle, a broker with Mortgage Architects in Edmonton, told CMP there is still a lot of interest coming from outside Alberta. “I’ve been doing this for so long and usually people are always thinking about moving to BC where it’s warmer, or Ontario,” Borle told Canadian Mortgage Professional. “And now people are talking about relocating and they’re phoning from Ontario and BC to come here, which I think is really exciting.” Borle’s experience is home buyers arriving in Alberta are buying a wide variety of homes, including first-time buyers as well as investors with plans to rent out their properties who are “wanting to invest in real estate and be a homeowner, even if it isn’t where they live.” Alberta’s two largest markets have seen year-over-year home price increases. The market-wide average home price in Calgary in August 2023 was $520,732; as of August 21, 2024, the price had increased to $611, 842; in Edmonton, the market-wide average price went from $396,000 in August 2023 to $416,000 as of August 21 2024. These compare to average prices in Toronto and Vancouver of more than $1,000,000. Even with the price increases in Edmonton, Borle tells CMP “I don’t think anyone nowadays is qualifying with ease, but there’s always something on every deal. [Buyers] seem to be OK with the price point that we tell them before they start shopping.” “You could still buy a really nice house in Edmonton or Alberta for $450,000 easily. So, I think that first-time homebuyers are able to find something in their budget here.” Those coming to Alberta will find getting a mortgage isn’t much different than the process for people already in Alberta, says Borle. “It’s just making sure if they’re relocating with their job that they’re going to have a job here,” she told CMP. “And if they’re in BC and they’re buying a rental here, then we would just need their income in BC." “So similar to any other mortgage application, you need to make sure their income is there and that they pay their debts on time, all that good stuff. Indications are housing markets will turn to favouring buyers, says CMP. “The Bank of Canada is clearly in a mood to cut interest rates further, with Tuesday data showing inflation slid to 2.5% last month appearing to seal the deal for a September rate drop,” adding, “Its moves to date have seen the Bank’s policy rate, which directly affects variable mortgage rates, dip by 50 basis points over the summer, falling from its highest level for over two decades.” Borle believes it sets the stage for a busy fall buying season. She says she’s monitoring reactions to the 30-year amortizations for first-time home buyers, which came into effect August 1. “I’m curious to see if that’s going to get us any traction here,” she told CMP. “I’ve had a few clients already call in and talk about it, but it definitely does change what they’re preapproved for on a new home.” “I’m curious to see how that’s going to come into play and if a lot of people are going to be wanting to buy a new home versus a resale house, because they’re going to qualify [for] more if they buy a new house.” .This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
