More People Are Moving To Alberta From Other Provinces & Here’s What It Could Mean For Renters
They're coming from Ontario and B.C.!
There are so many reasons why people would want to move to Alberta — and it seems like Canadians are starting to realize just how great the Wild Rose Country is.
Residents of provinces like Ontario and B.C. are starting to see the benefits of the Sunshine Province living, leading to more people relocating to the region.
In their 2022 Market Report, Rentals.ca said they expect even more of an increase in migration to Alberta from other provinces as more jobs become available, and people switch to remote working —which will have a direct impact on demand for rentals in cities like Calgary and Edmonton.
“During the last year, we have already seen an increase in migration as people are moving out of Ontario and British Columbia with remote working taking off and moving to Alberta due to the affordability factor," Kendall Brown, manager of rental data for Alberta and Ontario at Zonda Urban said.
According to the report, investments made in the province in 2021 will create around 7,030 new jobs this year, and they could generate over 130,600 throughout the next decade.
What it means for renters
On top of people moving to cash in on the Energy Province's low housing costs, downtown regions are also seeing a resurgence in popularity for renters as young professionals and students want to return to urban areas.
According to Brown, vacancies in Downtown Calgary decreased by almost half in comparison to quarter two of 2021, and vacancies in Edmonton have also decreased.
As a result of the increased demand for rentals in Calgary and Edmonton, Brown said developers have pulled back on the incentives that they usually offer prospective renters.
Deals like getting two months free on a 12-month lease, shouldn't be expected now, said Brown. Renters now are more likely to get offers like $500 off the first month’s rent, one month free on a 12-month lease, or a move-in bonus of up to $1000.
As more people move back to urban areas in Alberta, Brown believes that "increasing rents will continue in the near future."
So, if apartment hunting is on the horizon for you, be prepared for this new renting reality in Alberta.
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