Given Alberta’s continued affordability compared to national averages, the province’s population has exploded. Since 2022, when interest rates began to rise, Alberta has experienced an unprecedented upward trend in population growth. As a result, Alberta’s infrastructure and housing systems are under significant pressure to accommodate the influx of new residents. To help the province support these new citizens, there has been a push for increased government funding. Experts hope that with additional cash flow, they will be able to build the housing and infrastructure needed to support Canadian migrants.

In this article, we will go over the various strategies and initiatives being proposed to address these challenges. Follow along below to learn more!

Edmonton Properties for Sale to Receive Funding

According to Alberta’s Economic Dashboard, the population of the province has seen novel growth over the past three years. And, it doesn’t seem to be slowing down. Prior to 2022, it was unheard of for Alberta to have a net migration rate above 30.0K. However, from 2022 onward, the population has skyrocketed, almost tripling its previous yearly averages. The year-to-date (YTD) net increase in population in 2023 was 185,977, indicating a 58% increase compared to 2022. This is an astonishing statistic given that in 2022, the YTD net migration into Alberta was 117,733, which was up 311.1% from 2021! Evidently, there has been a large jump in new Alberta residents since the Bank of Canada rate hikes began. 

Based on data from a new report by the Conference Board of Canada, there will be another 90,000 expected migrants to make Edmonton home by the end of 2025. It is clear that more infrastructure and housing will be needed to accommodate all of the new citizens. To help the province support its growing population demands, Prime Minister Justin Trudeau announced that $175 million would be allocated for the construction of new homes in Edmonton. This funding is being provided as part of the federal Housing Accelerator Fund. With the funding, the province will be able to build 5,200 homes in the next three years. 

However, experts have noted that the province will need substantially more homes to accommodate the new residents. A more appropriate figure would be 30,000 new homes in addition to more amenities, and improved infrastructure. With so many residents anticipating to make Edmonton properties for sale home, it comes as no surprise that the city will need additional grocery stores, schools, and rec centres. 

What to Keep in Mind as a Buyer or Seller?

Going forward with your real estate goals as a buyer could prove to be challenging. With so many new residents looking for a place to call home, there may be limited options for real estate. Moreover, when you do find a property that you love, it will be crucial to act quickly, as increased demand for real estate often results in competitive market conditions. Buyers should also be aware that with more demand, comes higher prices. However, given Edmonton’s affordability, prices will likely remain in a reasonable range. Despite busy market conditions, it’s important that buyers continue to do their due diligence before making a purchase. This means getting a home inspection done and having a lawyer read over the terms and conditions of your purchase before signing off on the deal!

On the other hand, for sellers, now could be an opportune time to list your property. With such high demand for real estate in Edmonton and surrounding areas (Sherwood Park, West Edmonton, Windermere) selling conditions are favourable. However, it’s important that you still take care in preparing your property for its listing day to get the best ROI. This means paying attention to your curb appeal, decluttering the inside of your home, and having a professional photographer do your listing photos! 

Regardless of whether you are a buyer or seller, it’s important to stay tuned to the latest news/statistics about Edmonton real estate. This way, you remain informed about current market trends and successfully navigate the Edmonton real estate landscape.

Contact us Today!

For more information about buying or selling Edmonton properties for sale, contact us today! We’d be happy to help you find a well-priced property in this growing city. Set up a meeting with one of our experienced Edmonton REALTORS® and discover how to achieve your 2024 real estate goals. Be sure to reach out to us with any questions about Edmonton real estate for sale and stay tuned to our blog for more home-related content. We look forward to working with you in the near future!