While times have been good in the energy sector, workers from B.C. have been crossing the border to buy homes in Alberta; now they are staying put.
BMO economist Robert Kavcic told the Financial Post
: “Net migration between those two provinces has gone from about 10,000 per year in Alberta’s favour to about zero now.”
The average sale price in B.C. was $641,799 in March, according to the BC Real Estate Association. That’s up 14.1 per cent from a year ago and sales volume is up 37.6 per cent year-over-year.
accounts for much of the dollar-increases with an average selling price in the city reaching $891,652, other B.C. cities are also seeing large gains.
In the Fraser Valley
there has been a 45.4 per cent increase in sales in a year and The South Okanagan rose by 30.3 per cent.
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While Alberta’s economic concerns over the oil industry continue it seems that the situation is good news for neighbours in British Columbia.