While a slowdown in Canada’s broader housing market may be underway, Alberta’s real estate landscape continues to heat up, with a new report saying it as a “standout performer in Canada’s housing market.”
“Housing starts continue to trend higher, prices are accelerating, and the resale market remains firmly in seller’s territory,” the Alberta Treasury Board and Finance’s latest Economic Spotlight reads.
What’s driving the strong market? A robust economy, fueled by positive job prospects and a growing population.
While job opportunities are luring migrants from other provinces and creating a need for new housing, the Alberta Treasury Board and Finance says rising wages have kept affordability in check — although prices are indeed climbing.
“While housing starts have picked up, the unabsorbed housing stock continues to fall, adding pressure to prices. Likewise, lower rental vacancy rates are contributing to higher apartment rental prices throughout the province, with most regions seeing prices rise at an above average rate in 2013,” the report reads.
Click here to read the full report.