Why Alberta Is Poised to Be Canada’s Next Hottest Real Estate Market
As Canada’s hottest markets in the West(Vancouver) and the East(Toronto) begin to finally cool after what felt like an endless climb, all eyes are on where the next hot market will come from when the 2023 spring market heats up. While I’m obviously biased towards my home city, I think there’s a strong case to be made for why Alberta is going to come out on top.
I see three big factors as contributing: affordability, lifestyle, and Alberta’s younger workforce and growing economy. While it will obviously take years for the market to catch up to Toronto and Vancouver(thankfully for first time buyers!) I think we’re going to be seeing a lot of growth ahead of us. Let’s take a look at each of these factors and how they are going to drive the market higher in 2023, focusing on my home market of Edmonton.
Affordability
The average home in Edmonton costs around 30 – 40% of a comparable property in Toronto, Vancouver or Montreal. This also means that buyers will be able to make the most of their dollars and salary- if they could barely afford the down payment for a condo in Toronto, they might be able to buy a large single-family home in Edmonton! This makes the city more friendly to young professionals looking to start families or shopping for a multi-generational home.
Lifestyle
The pandemic was a wake-up call to many to evaluate the amenities afforded by their neighborhoods and cities! Parks, trails, and urban greenery became hot commodities, and many of us are keeping our outdoor habits going as a new part of our lives.
Edmonton and Alberta abound with accessible wilderness and natural beauty. Edmonton boasts the largest urban park in North America, and skiing, mountain biking, and hiking are only minutes away.
Alberta is also booming culturally, with more festivals, music, culture and cuisine at your fingers than ever before.
Alberta’s Economy
Alberta’s economy is in a solid place, which should continue to draw in new buyers from Canada and across the world. Some of this is a side effect of the fortunes of the energy sector, but quiet growth over the last decade in everything from logistics to hydrogen technology to AI has created an explosion of new high-paying jobs that are attracting young professionals from across the country.
Coupled with the affordability of the market and Alberta’s low taxes, this creates a huge opportunity that many are taking advantage of- Edmonton’s labour market is one of the youngest and best-educated in Canada.
I hope I’ve been able to give you some quick food for thought on some factors driving what should be a very dynamic market in 2023 and beyond. I’m excited to see what comes next!
Interested in learning more about the Edmonton market? Come and visit me at www.edmontonrealestateteam.com