The Canadian Prairies - Leading the charge in housing affordability?

Are the Prairies leading the charge in housing affordabilty in 2021 going into 2022?

We all know that British Columbia, Ontario and some of Atlantic Canada have some of the most record-breaking home prices in Canada and they only continue to climb with higher price gains and increased sales activity but is Canada possibly encountering a NATIONAL housing affordability crisis? 

There has been a lot of talk and articles put out that suggest the entire country has indeed become unaffordable or is headed in that direction indefinitely, but the Prairie Provinces (Alberta, Saskatchewan and Manitoba) have been leading charge for more affordable housing even in a strong market with low inventory and high sale prices usually going into multiples and selling over list. 

A lot of young families and young professionals come to Alberta, Saskatchewan and Manitoba not only because the prairie provinces are beautiful and have a lot more to offer than many people think to be able to buy a home at a reasonable price and get what you want in a home within a reasonable budget and also not having to save for years and years on a hefty down payment. 

So let’s break it down for Alberta because that’s really probably why you stumbled upon this blog post, because your looking at buying a home in Alberta the TRUE PRAIRIE PROVINCE of Canada. 

ALBERTA -- Real Estate in Alberta has been on absolute fire from the beginning of 2020 and it is holding steady if not still increasing mind the rebounding oil and gas sector on top of a national economic recovery. Overall the market here continues to strike balance between exponential growth and increase while still remaining affordable in areas which gives home buyers and owners appeal to move here or sell and move again.

The average selling price of a Single Family home dropped a little bit it is down 0.359 to $415,821 in September of this year although this is higher than it was a year ago according to AREA, but with 2021 being a year of record braking low inventory, short days on market, and competing offers usually selling the home over list price this is predicted to rise throughout 2022. Now is a great time to sell your home or buy a home if your in a position to do so before the climb starts in 2022 but with that being said we do have very diverse amount of options in Alberta that can and still will cater to a variety of different prices points and affordability. 

So with that being said is there a regional housing strategy to keep the balance of a strong market but also having the affordable options as well?

One of the discussed topics during the 2021 federal election was parties proposing strategies to tackle the housing industry at a national level. One of the many talked about strategies to this is Ottawa concentrating on solutions to finding a balance and a collaborative balance on a solution that will actually work to keep homes affordable but also keep our market strong nationally. 

In closing and food for thought, if we can maintain a strong housing market in Alberta there will be strategies and solutions such as slow approval processes that prevent and increase in supply which could in turn alleviate sky-high prices in other parts of the country and those prices trickling into provinces that do offer affordability. 

Cheers, The Haupt Realty Team

Resources for this article: AREA and other Edmonton Housing Market forecast blogs/articles