Calgary's Surge in Out-of-province Homebuyers

The era where Alberta was losing residents to other provinces seems to be over, at least for now. However, it's not just people relocating to Alberta; a significant number are transferring their finances as well.

Recently, Calgary has experienced a surge in out-of-province homebuyers purchasing investment properties for rental purposes, largely driven by the relatively affordable real estate prices. Depending on whether you're an investor, a renter, or a homebuyer, this trend could have various implications for your financial situation.

Interestingly, up to 70% of multi-family home sales in recent times have been to buyers from Ontario, primarily investors. This is a shift from the past when most investors were Calgary-based and not as prevalent.

On one side, out-of-province real estate speculation could potentially lead to increased prices for local residents looking to buy homes. On the flip side, this trend could be seen as a positive sign for the Alberta economy and could provide much-needed rental options in a tightening market.

Alberta's tenancy laws heavily favor landlords compared to other parts of Canada, and with Calgary's strong economic prospects and relatively high wages, investing in Calgary real estate may be advantageous for individuals from other regions, especially those from Toronto. As long as people continue to migrate to Alberta for work or a change of lifestyle, the demand for housing will persist.