Alberta’s Record Population Growth Continues in 2023 Q1
Q1 2023 saw the population of Alberta grow by a staggering 45,864 people. This is the second highest growth EVER for the province and only 2nd to last quarter! It will be interesting to see if the growth rate stays elevated above the 20 year average of 18,651 people per quarter
Factors like immigration, economic growth, affordable lifestyle, quality of life, job opportunities, and urbanization attract people to an area. This population growth inevitably leads to increased prices of real estate as more people are bidding for a limited supply as builders cannot respond quickly enough to meet the increased demand.
This is exactly what we are seeing now as the overall Benchmark price in Calgary rose 2% in one month. Condos are up 6.8% since the beginning of 2023 and more people continue to pile into the province so expect strong price growth to continue.
Investing in Calgary is easy – everything is done remotely and you never have to visit the property. Get in touch if you’d like more details and to review the current investment opportunities.