Rising Housing Prices, High Interest Rates, People Moving To Alberta

Canada Global(Web News)A new report finds housing prices, high interest rates and tax policies are driving interprovincial migration away from provinces like Ontario and BC and toward Alberta.

Re/Max Canada’s 2024 tax report released Tuesday showed tax rate increases, housing values and mortgages in key Canadian markets of six Canadian provinces, including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax. Looked at the rates.

The report found that while some Canadians moved to their own provinces in search of lower housing costs, about 60,000 moved to Alberta, Nova Scotia, New Brunswick and Prince Edward Island, with Alberta absorbing the bulk of interprovincial migration. What did

A mid-2023 survey conducted by Re/Max by Leger found that more than one in four Canadians (28 per cent) agreed that a land transfer tax would affect their ability to participate in the housing market. Influenced the decision.

Alberta, which does not have a land transfer tax, has become a magnet for out-of-province homebuyers, the report said.

The combination of lower taxes, affordable housing, and more job opportunities (in Calgary) is expected to attract out-of-province buyers, many of whom are looking for housing booming in their home provinces. Prices have come down due to tariffs and taxes

February 7, 2024