The market is a complicated topic, and with so much content surrounding it, it can sometimes be overwhelming to figure out how all of the pieces of the puzzle fit together. We have some insight! Read on for the details. 👇🏼
Ultimately, rate changes are driving the housing market right now. đź’° We also have the added element of net migration to Alberta. According to the Alberta Economic Dashboard, in the second quarter of 2022, net migration into Alberta was 34,883 compared to 1,049 in the same quarter of 2021. This is an increase of 3,225.4%! Nationally, net migration was 269,305 in the second quarter of 2022 compared to 81,973 in the same quarter of 2021. To sum it up, net international migration into Alberta was 25,026, while net interprovincial migration was 9,857.Â
So now, you might be asking yourself, “Why does this matter?”Â
With so many new people moving to Alberta, this puts demand on the real estate market. New to Alberta buyers will buy (or rent), decreasing the inventory, and pushing prices up. ⬆️  Heritage Pointe alone has had 52 sales YTD in 2022, a record year for the community. Additionally, since COVID, people are moving from urban centres to rural or semi-rural communities like Heritage Pointe because work from home situations are so much more common for us now.
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