inter-provincial migrationvalues and mortgage rates in key Canadian markets in six Canadian provinces, including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax., close to 60,000 moved to Alberta, Nova Scotia, New Brunswick and Prince Edward Island, with Alberta absorbing the bulk of inter-provincial migration.
The report said 40 per cent of Gen Z and 35 per cent of Millennials agree that the land transfer tax has weighed in their pursuit of home ownership, compared to 26 per cent of Gen X and 21 per cent of Baby Boomers. Alexander said cash-rich buyers from Ontario and B.C. are looking to sell their properties in markets like Toronto or Vancouver and invest in Alberta or in Atlantic Canada’s major centres, or are eyeing those markets to get their foot on the real estate ladder.“For first-time buyers, it’s an opportunity to get into the market at an affordable price point and gain equity, as opposed to paying down someone else’s mortgage by renting,” he said.
It said that while the earlier trend was for Vancouver residents to move to Okanagan for lower home values, strong migration levels have accelerated housing values in cities such as Kelowna, Kamloops and Penticton.Winnipeg, which is among the more affordable housing markets in the country with average home prices around $400,000, saw a lot of buying activity at lower price points, where inventory is generally low.But buyers looking to move up in the housing market may factor in transfer tax.