With the promise of cheap housing and good jobs filling subway and billboard ads across the country, herds of young people have moved to Alberta’s comparatively cheaper pastures.
By the numbers: Between July 2022 and July 2023, Alberta’s four biggest cities saw almost 46,000 newcomers, more than any other province. Toronto lost 93,000 people to other cities, while more than half of the ~68,000 Canadians who left B.C. last year ended up in Alberta.
Why it matters: The quality of life that lured so many Canadians to Alberta is now being eroded by the number of new arrivals. Not only are overcrowded ski hills and camping sites ruining weekend plans, but once attractively low housing prices have gone through the roof.
- Alberta’s housing and rental prices are climbing faster than any other province, a product of renters and homebuyers now drastically outpacing the housing supply.
What they’re saying: Mike Holden, chief economist at the Business Council of Alberta, told The Peak that the province has been caught flat-footed by the surge in newcomers and is now scrambling to build enough infrastructure between housing, hospitals, and schools.
Big picture: Other affordable cities — relative to Toronto and Vancouver — like Saint John, Québec City, and Ontario’s Thunder Bay could be next. A recent survey showed that 50% of residents in Canada’s largest cities would buy property in a more affordable city if they found work.—LA