Literally hundreds of thousands of Canadians, mostly from BC and Ontario, have made Alberta their new home in the last 24 months, not the least because the costs of homes in "Wild Rose Country" are much more affordable than where they came from, which are primarily Ontario and BC. The newcomers may have arrived with pockets full of cash, after selling their homes for up to $600,000 to $800,000 more than they needed to spend in Alberta to buy a home without a mortgage. Another attraction was the time it took to accumulate enough money for a downpayment in Alberta, if they planned to take out a mortgage. According to real estate portal, Zoocasa, based on average prices in various Ontario and BC cities, the time to save for a 20% downpayment for a household making $100,000 a year, and saving 20% of that yearly, could be up to 11 years shorter in Alberta (average prices based on Canadian Real Estate Association (CREA) data). In the Greater Vancouver Area, the average home price of $1,239,988 would require a minimum downpayment of $78,327, which would take five years, five months to accumulate. A 20% down payment would be $206,655 and would take 17 years, three months of saving. .In Greater Toronto, with the average price of $1,093,254, the minimum downpayment of $84,325 would take six years to accumulate, while the 20% downpayment of $218,651 would take 15 years, seven months. By comparison, Calgary’s average price of $653,870 would require a minimum downpayment of $40,387 and take two years and 11 months of saving. The 20% downpayment would be $130,774 and take nine years and six months to accumulate. Edmonton’s average price of $454,791 needs a minimum downpayment of $22,740 saved over one year and eight months. It would take six years and seven months to save the 20% downpayment of $90,958. But is the bloom coming off the wild rose? Zoocasa notes, “Alberta has traditionally been viewed as a refuge for homebuyers priced out of British Columbia and Ontario, but that opportunity is starting to diminish, particularly in Calgary.” “According to CREA, Calgary’s average home price increased 63.4% from May 2020 to April 2025, pushing the 20% downpayment from $71,441 to $116,680.” There has been a dramatic shift in Calgary’s housing landscape, says Zoocasa, and the shift has hit the fan. .“As Calgary’s population grows rapidly, demand for housing has surged, while supply struggles to keep pace,” according to Zoocasa. “This imbalance has driven up prices, transforming a city known for its relative affordability.” (It should be noted Calgary and area home builders have recorded three consecutive years of record-breaking construction and are on track to make it four, but the vast majority of those homes are pre-sold and do not go into inventory and increase supply.) The housing situation has become a significant source of stress for Calgarians, with 28% expressing concern about their current circumstances, according to the City of Calgary’s 2024 quality of life survey. According to Zoocasa, the survey found, among households earning less than $120,000 annually, 23% financially support their adult children. This number increases to 54% among higher-income households, a sign that even those with more financial resources are feeling the pressure to help the next generation acquire a place to live. The survey also found young Calgary homeowners struggle to make ends meet, with 60% of homeowners between the ages of 25 and 34 having made personal or financial sacrifices to keep up with their mortgage payments.
