Online searches on the company’s website for homes in these cities have significantly increased since 2019, with out-of-province buyers driving the demand for more budget-friendly markets.
Edmonton leads the way with quadrupled search interest
Edmonton has emerged as a top destination for Canadian homebuyers seeking cost-effective properties. Unique searches for homes in Edmonton have quadrupled since the pre-pandemic times, accounting for 2.0 per cent of total site searches between January and June, compared to 0.5 per cent during the same period in 2019.
Calgary not far behind with doubled search interest
Calgary, Alberta’s largest city, has also experienced a surge in online home searches. Unique searches for homes in Calgary made up 1.9 per cent of total site searches between January and June, more than doubling the numbers recorded in 2019.
Canadian homebuyers seeking affordability
With high home prices and rising interest rates posing challenges for Canadian homebuyers, many are exploring options in more affordable regions.
“Since the beginning of the COVID-19 pandemic, Edmonton has been a popular destination for out-of-province buyers looking for a change,” says Tom Shearer, broker/owner, Royal LePage Noralta Real Estate, Edmonton.
“This demand has stayed consistent over the last year and a half, as qualifying for a home in high-priced provinces like Ontario and British Columbia has become even more challenging as a result of rising interest rates.”
Interest in Alberta’s major cities has gained momentum since the start of the pandemic. In the first six months of 2023, Edmonton was the top-searched city on Royal LePage’s website, followed by Calgary. Last year, Calgary was the most searched city, with Edmonton ranking second. Both cities were among the top 10 most searched locations in 2021 and the top 20 in 2020. Typically, according to Royal LePage, densely-populated cities in southern Ontario have held the top spots.
Interprovincial migration jumps
Statistics Canada reports Alberta has experienced a positive net interprovincial migration for the first time since 2014-2015. In 2021-2022, the province welcomed over 21,000 net new residents, with many coming from Ontario (85,625 in-migrants versus 63,965 out-migrants).
Since the start of 2019, there have been only three quarters where Ontario has reported a higher number of people migrating into the province versus those moving out. Meanwhile, Alberta has recorded 11 quarters where in-migration levels outpaced out-migration.
Housing market and prices
As of the second quarter of 2023, the aggregate price of a home in Edmonton was $434,400, while in Calgary, it stood at $643,200. Nationally, the aggregate price of a home was $809,200 in the same quarter.
