Alberta’s Hottest Real Estate Markets: Where to Invest in 2023

Alberta is thriving! With its strong economy, increased inter-provincial migration, higher wages, and affordable housing, this central prairie province continues to prosper. While other provinces are seeing a marked decline or correction in their housing market prices, Alberta’s housing market forecast for 2023 is expected to surpass pre-pandemic housing sales.

By the third quarter of 2022, over 32,800 people relocated to Alberta from other provinces, an increase of over 55% from 2021.  The increase in migration is largely due to better job opportunities and more reasonable housing prices. Unlike B.C. or Ontario, where the average house is over $1 million, homebuyers can buy a single-family home in most Alberta cities for under $500,000.

While the Bank of Canada continues to raise interest rates, Alberta’s housing market is not as affected. Alberta’s real estate market predictions are showing that buying a house now is a great investment for 2023.  The demand for affordable single-family homes is exceeding the current supply in many cities throughout Alberta. This is great news for homeowners and property development investors who are looking to invest in affordable real estate.

However, some areas, like higher end homes, are showing a decline in sales. Knowing where Alberta’s hottest real estate markets are will help you get the most from your investment. If you want to buy a home, these cities are the best places in Alberta to look for real estate:

Calgary  

Calgary’s housing market forecast 2023 is expected to remain strong. Aside from the lower housing prices Calgary’s housing market offers compared to other provinces, Calgary is seeing an economic boom this year. The increase in demand and low supply of affordable housing will continue to drive the city’s real estate market throughout the year.

Airdrie

Located north of Calgary, Airdrie continues to attract families and property developers. Its proximity to Calgary, affordable housing, and diverse attractions makes this city a favoured hot spot.

Housing in Airdrie remains lower than Calgary’s housing market with the average price for a family home between $400,000 to $500,000. For those looking for a community that combines big city amenities with small town vibes, Airdrie is the perfect place to invest in real estate in 2023.

Edmonton

Edmonton remains one of the more affordable housing markets in the country. With the average house price listed around $410,000 – Edmonton continues to attract families and developers who are looking to get the most out of their investment. Once built for luxury, many larger older homes are now being bought and remodelled or torn down to make way for newer development properties.

Leduc

Located just outside of Edmonton, Leduc is another popular place for homebuyers and developers to invest in. Since 2011, this city of over 30,000 continues to have the highest annual population growth in Alberta. Leduc is a thriving community that provides the perfect balance between career opportunities and real estate investment.

The average price for a family home is $325,000, making it another ideal location for anyone wanting to live near city amenities but not in a large city neighbourhood. Aside from affordability, houses in Leduc are known for their high quality, solid construction and sustainability.

Canmore

Unlike Calgary’s housing market, Canmore is one of the more expensive cities with houses averaging at $851,000 – up 14% from the previous year. Surrounded by the beautiful Rocky Mountains, Canmore is the only resort town in Alberta where buyers can purchase investment property. With all the naturally beauty and amenities in and around this popular city, Canmore remains a hot place to buy real estate.

So, is Alberta’s real estate a good investment? You bet it is! Alberta is Canada’s fastest growing and economically strongest province. Between their affordable housing options and supply over demand shortages, now is the perfect time to invest in Alberta’s real estate.