The Great Alberta Migration

Housing in Canada is too expensive. Despite being the world’s second-largest country by landmass and ranking 38th in population, Canada has the highest housing prices among G7 nations. This paradox—abundant space yet exorbitant costs—is perplexing. Solutions remain elusive. According to the national housing agency, Canada will need 3.5 million additional homes by 2030, on top of the 2.3 million already planned.

Politicians frequently make announcements at construction sites, tacitly acknowledging that housing is fundamental to stable, thriving communities. But affordability remains a crisis. Consider this: How many Canadians in their mid-20s to mid-30s can realistically save a 20% down payment on a $707,100 entry-level home? That’s $141,420—a sum that could finance many other life goals, but not homeownership.

This housing crisis is driving migration, affecting birthrates, and stifling productivity. Meanwhile, Alberta’s real estate market is booming. Cochrane, just outside Calgary, has doubled in size over the past decade, now home to 40,000 residents. With people leaving Ontario and British Columbia in search of affordability, Alberta is emerging as Canada’s hottest real estate market. Lethbridge leads the charge, with new housing starts skyrocketing 194% from 2023 to 2024. Province-wide, housing starts are up 32% in the same period, aided by programs like MLI Select from the Canada Mortgage and Housing Corporation.

Despite a rise in Edmonton’s median home price to $490,000 in late 2024, the city remains one of Canada’s most desirable and affordable markets. Incorporated in 1904, Edmonton took 120 years to reach 1 million people—but projections suggest it will double to 2 million in just 15 years.

Alberta is on the cusp of one of the biggest booms in Canadian history. The question is: Can we build the infrastructure fast enough to support it?