- Read: <\/strong>Hidden Gems for Sale in Edmonton Alberta<\/strong><\/a><\/li><\/ul>\n\n\n\n
Aside from its comparatively low real estate prices, there are a few external factors that are unique to the province that are helping drive its market activity upwards relative to the rest of Canada. The province is known for its job opportunities in major industries including technology and energy, and as oil prices surged this year, so did the number of new homes being built as more job opportunities arose. \u201cAlberta has a competitive job market, especially in the energy sector, that is appealing to many Canadians,\u201d Carlson said. \u201cAs our leading industries grow, so does the demand for housing.\u201d According to a report from the Calgary Real Estate Board (CREB), seven new Calgary housing communities started development earlier this year, each offering multiple new builds around the city. <\/p>\n\n\n\n
Albertans are Re-Evaluating their Investment Plans<\/h2>\n\n\n\n
As interest rates have increased this year, some buyers and sellers are choosing to wait until the Bank of Canada hikes are over. However, more often buyers and sellers in Alberta are adapting to the rising interest rates and re-evaluating their plans. \u201cPrice reductions are common in Calgary and Edmonton right now,\u201d explains Carlson. \u201cSellers are realizing that they have to be realistic and price their home properly.\u201d <\/p>\n\n\n\n
- Read: Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB<\/a><\/strong><\/li><\/ul>\n\n\n\n
Buyers are adapting too; according to the Calgary Real Estate Board, detached home sales are seeing a slight dip, while apartment condo sales increased 58% year-over-year and 65% year to date. According to Carlson, some Alberta buyers are rethinking their investment plans instead of putting them off. \u201cDuring the pandemic, many people wanted more space because they were working from home and they were set on a certain home type. Now, we\u2019re seeing more buyers that are motivated to buy and are willing to explore all their options, including townhomes and apartment condos.\u201d <\/p>\n\n\n\n
![\"\"](\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/09\/Calgary_August_2022_Zoocasa-671x1024.png\")
<\/figure>\n\n\n\nOut of Province Buyers are Catching On<\/h2>\n\n\n\n
Alberta is becoming a hot spot for out-of-province investors. In the Greater Toronto Area, the benchmark price of a home in August 2022 was $1,162,700. Although down by 1.9% month-over-month, it is still significantly higher than the benchmark price in Calgary or Edmonton, $519,200 and $389,000 respectively. It’s a similar story in neighbouring cities like Greater Vancouver and Victoria, where the benchmark prices in August were 56% and 45% higher than Calgary. \u201cA lot of out-of-province buyers and investors are catching on to how much more affordable Alberta markets are compared to some other provinces. Buyers are realizing they can afford what they want in Alberta, and investors have more purchasing power,\u201d said Carlson. <\/p>\n\n\n\n
Recent Homes for Sale in Calgary<\/strong><\/a><\/h3>\n\n\n\n\n
- Read: Rising Interest Rates Causing Shifts in Calgary Area Property Sales: CREB<\/a><\/strong><\/li><\/ul>\n\n\n\n