In short, Alberta’s appeal today is broader than ever: it’s not just about jobs—it’s about opportunity, affordability, and flexibility.
Alberta continues to attract Canadians from across the country, recording four consecutive years of net positive interprovincial migration. While this trend isn’t new—Alberta has seen net inflows in 36 of the past 50 years—the reasons behind the current wave are notably different.
Affordability is driving the demand
With home prices in B.C. and Ontario at or near record highs, Alberta has maintained a meaningful price advantage. Even as of 2024–2025, average home prices in Alberta remain significantly below the national average, often by hundreds of thousands of dollars depending on the market.
At the same time, affordability pressures across Canada have been amplified by higher borrowing costs, with the Bank of Canada raising interest rates sharply between 2022 and 2023 to combat inflation. While inflation has since eased closer to the 2–3% range, housing affordability remains a top concern for many Canadians—making Alberta an attractive alternative.
It’s not just about jobs
Historically, migration to Alberta closely followed energy booms and strong employment conditions. However, in a notable shift, the past four years have seen net migration into Alberta even while the province’s unemployment rate was higher than the national average—something that has only happened four times since 1976, all occurring recently.
This suggests that lifestyle, cost of living, and long-term opportunity are now playing a larger role than immediate job availability.
Remote work is a key factor
The rise of remote and hybrid work has allowed more Canadians to decouple where they live from where they work. Post-pandemic, there has been a noticeable increase in people living in Alberta while working for employers based in other provinces—further reinforcing migration driven by housing affordability and lifestyle preferences.
What’s next?
Migration to Alberta is expected to continue, though at a more moderate pace. After peaking in 2023 and 2024, net interprovincial migration is projected to ease to approximately 20,000 people per year over the next two years—roughly half of recent peak levels.
This moderation reflects a narrowing price gap between provinces, but Alberta’s economy is still expected to outperform nationally, with strengthening job growth and improving labour market conditions.
What this means locally
It’s important to note that while these trends are highly applicable across much of Alberta, markets like Canmore and Banff remain somewhat unique.
For lifestyle-driven markets in the Bow Valley, demand continues to be shaped not only by affordability, but by lifestyle, recreation, and long-term investment appeal. Out-of-province buyers—particularly from higher-priced markets like B.C. and Ontario—remain a key driver.
Limited supply, combined with sustained demand, continues to support property values, even as broader market conditions become more balanced.
Bottom Line
Alberta’s economy remains one of the strongest in Canada, and the real estate market is transitioning into a more stable and sustainable phase. While migration trends may normalize, the underlying drivers—affordability, flexibility, and lifestyle—remain firmly in place, supporting long-term opportunities for both buyers and sellers.
