September Market Update

According to a report released earlier this week, Alberta saw the largest net gain in population in the second quarter of 2022 since 2014, and it was the fourth quarter in a row with positive net migration. The majority of newcomers came from Ontario - over 6,200 more people moved to Alberta from Ontario than the other way around in the second quarter. Many of our clients moving from Ontario said housing costs were a big part of their decision to move to Alberta this year, some could work remotely, but most were excited about new opportunities in Alberta.

Demand for more affordably priced homes was up in Edmonton and Calgary. Liv Real Estate agent Nathan Mol pointed out in the Edmonton Journal:

"The local market is short on supply for affordably priced, single-family detached homes — which are most in demand — compared with the pre-pandemic market. In September 2019, for example, 1,390 single-family detached homes were for sale, which had at least three bedrooms and two bathrooms, and were priced under $400,000. For homes priced between $400,000 and $500,000, 1,200 homes were for sale. This September, supply among single-family homes under $400,000 is 50 per cent lower than 2019 levels and 30 per cent lower for homes in the $400,000 to $500,000-range."

I will update this post later this week when the REALTORS® Association of Edmonton releases their report on the Greater Edmonton housing market later this week.