In-Migration into Alberta

It is tough to argue that Edmonton's population is growing. Longer lineups, more traffic, and of course the construction of new homes. But how much of is Edmonton growing, and how much of the new home construction are 'real' buyers rather than speculators building spec homes?

Statscan recently released their net-interprovincial figures. While Alberta recorded a net increase from interprovincial migration of 24,500 in the third quarter, an estimated 22,800 people left Alberta, compared with 16,800 in the same quarter last year. This was the highest third-quarter loss for Alberta since 23,600 in 1989.

The third annual international survey of housing affordability conducted by recently conducted listed Edmonton as 10th, ahead of Calgary (14th) but well behind Regina who was first in affordability.

Are people finally fed up with out rising inflation and housing costs? Should we expect to see more leave the Alberta?

2007 EREB Housing Forecast News Release

The Annual 2007 EREB Housing Forecast Seminar was recently held. In attendance were representative from the EREB, lending institutions and Edmonton Economic Development.

The article makes comment on affordability. Here is a quote:

"“There is capacity to increase prices in this market especially if we compare Edmonton prices to Vancouver or Toronto,”

My question to the bloggers, is it fair to compare Edmonton affordability to Vancouver or Toronto, or even Calgary?


The full release:

Above average price increases expected in 2007

Edmonton, January 10, 2007: The Edmonton Real Estate Board forecast price increases for all types of resale homes in 2007. President Carolyn Pratt predicted that prices would increase at least one to two percent a month for an annual increase of 15% this year.
“There is enough strength in the Alberta and Edmonton economy to forecast an increase,” said Carolyn Pratt, president of the EREB. “But to predict the percentage increase is difficult.” Pratt said that despite 52% price increases in 2006, Edmonton housing prices are still below Canadian and Alberta average prices. “There is capacity to increase prices in this market especially if we compare Edmonton prices to Vancouver or Toronto,” said Pratt.
She forecast that prices for single family homes, condominiums and other types of housing will have increased 15% by this time next year. Inventory levels will remain low throughout 2007 and the lack of supply and high demand will drive prices up. Like last year, multiple offers and frenzied buying will probably occur during the spring. However, REALTORS® will work closely with buyers and sellers to meet their needs and the market will calm down in late summer and fall.
Condominiums, which have a lower average price than other forms of housing, will be attractive to first time buyers and will increase market share this year. The booming economy will continue to make personal investments in recreational property possible for many buyers and sales are expected to increase. Land, investments and apartment buildings will continue to sell well but sales of commercial properties and businesses that require staff to succeed may be hurt by the lack of employees in Alberta.
Pratt urged anyone entering the real estate market to work closely with a REALTOR® to ensure they get the best value for their property.

Welcome to the Edmonton Housing Blog

For the some time now Calgary and Vancouver has had a Real Estate Blog with a bipartisan view of the RE market. Edmonton has a blog but is nothing more than a front to sell home by Coldwell Banker.

The aim of this blog is to drive discussion around the Edmonton RE market. I welcome the bulls and the bears, and hope to be a neutral voice in the discussion of our Residential, Commercial and general economy of The City of Champions, Edmonton.

Please feel free to introduce yourself and to provide input into what you would like to see in this blog.