Alberta’s most populous cities are now the top-searched areas for Canadian real estate: Royal LePage
Cities in Alberta are the most searched nationwide for real estate, as Canadians look for more affordable options, according to Royal LePage. Royal LePage, the real estate company, has reported that two cities in Alberta, Edmonton and Calgary, are now the most searched nationwide for real estate. Between Jan. 1 and June 30, each city accounted for two per cent of total site searches, and unique searches for homes in Calgary made up 1.9 per cent. In addition, Edmonton was the top-searched city on Royal LePage in the first six months of 2023, followed by Calgary. Last year, Calgary was in top spot followed by Edmonton, and both cities were among the top 10 most searched locations in 2021. The interest in real estate out west correlates with recent migration to Alberta from Ontario.
Publié : il y a 2 ans par Kerrisa Wilson dans Lifestyle Finance
Two cities in Alberta are now the most searched nationwide for real estate, as Canadians continue to look for more affordable options, according to Royal LePage.
The real estate company says online searches for homes on its website in Alberta’s capital city, Edmonton, and largest city, Calgary, have increased since the beginning of 2019, Royal LePage said in a news release Monday.
Between Jan. 1 and June 30, 2023, unique searches for homes in Edmonton on royallepage.ca accounted for two per cent of total site searches, up from the 0.5 per cent of total searches recorded during the same period in 2019.
Meanwhile, unique searches for homes in Calgary made up 1.9 per cent of searches between Jan. 1 and June 30, representing more than double the searches reported during the same period in 2019 when Calgary accounted for 0.8 per cent of total site searches.
In addition, in the first six months of 2023, Edmonton was the top-searched city on Royal LePage, followed by Calgary. Last year, Calgary was in top spot followed by Edmonton, and both cities were among the top 10 most searched locations in 2021, and among the top 20 in 2020.
Densely-populated cities in southern Ontario have typically held the top spots but with higher interest rates and rising property prices, homebuyers are turning their attention to western Canada.
“Canadians are grappling with expensive home prices in a high-cost borrowing environment. These challenges are tempting homebuyers to migrate to communities where housing is more affordable. It’s no surprise that more consumers, now empowered with the flexibility of the option to work remotely or who are willing to move for great employment opportunities, are considering relocating to Alberta,” Tom Shearer, broker and owner, Royal LePage Noralta Real Estate in Edmonton, said in a news release on Monday.
“Since the beginning of the COVID-19 pandemic, Edmonton has been a popular destination for out-of-province buyers looking for a change. This demand has stayed consistent over the last year and a half, as qualifying for a home in high-priced provinces like Ontario and British Columbia has become even more challenging as a result of rising interest rates,” Shearer added.
The average price of a home in Edmonton was $434,400 in Q2 of 2023, while the average price of a home in Calgary was $643,200. Meanwhile, the average price of a home nationally was 809,200 last quarter.
The interest in real estate out west correlates with a large number of recent migration to Alberta from Ontario. Since 2019, Alberta has recorded 11 quarters where in-migration levels outpaced out-migration, according to Statistics Canada.
Les sujets: Real Estate, Canada, Toronto