Wondering why our housing market continues to have tight supply conditions? Consider the fact that Alberta’s population was 4,703,772 as of April 1, 2023, an increase of 4.5% from the year prior. During the last 12 months, Alberta welcomed 123,935 net international migrants and saw a net inflow of 56,462 interprovincial migrants. Many people have chosen southern Alberta, with a good influx from Ontario and BC. The attached housing stats reflect the total provincial gains in price. It should be noted that the Foothills region has fared much better with healthier price gains than Edmonton and many northern communities.
May 2023 Foothills Region Real Estate Prices Continue to Soar.
Calgary and region inventory of homes remains low with prices reaching new highs. Sales volumes are slightly behind last year for May. Demand continues to outpace supply which until that changes, there will be continued upward pressure on price. We still remain one of the most affordable big centers to live in Canada and this is driving net migration. Stay tuned for June results. So far, 3 weeks into June it looks like the trend of short supply vs sales continues.
Homeownership attitudes reflect recent strength of housing market
The following article in the Calgary Herald was originally published May 12th. I was asked to quote on the overall strength of the market and attitudes of Albertans buying this year. 2 min read.
Homeownership attitudes reflect recent strength of housing market
Low new construction starts is not keeping up with demand causing a supply shortage
Record levels of low supply of homes for buyers to choose from has pushed prices up this spring. The main culprit is lack of new home inventory to keep pace with net migration and demand. But, relief is on the way as new subdivisions and projects come on stream. Check out the recent Calgary Herald article I initiated to explore and start a conversation on the causes of why new construction starts are way down in our region from last year.
https://calgaryherald.com/life/homes/calgary-short-on-housing-supply