Statistics Canada has just released the census for Canada's growing population and fastest-growing and decreasing municipalities from 2016 to 2021. But what does this mean for Airdrie? 

 When speaking to CIR realtor Terri Stephens we got an insight into where Airdrie is in this report. 

“It is definitely a seller's market for real estate right now in Airdrie. We are seeing unprecedented sales and numbers. Right now, we're at least 105 per cent, over asking prices. I've seen houses in some communities in Airdrie list at 500,000, and sell over 600,000. People are actually taking advantage of this historical hot market.” 

In Stats Canada’s report, they said that Canada is continuing to urbanize as larger urban centers benefit from new arrivals to the country. From 2016 to 2019, Canada welcomed a record-high number of immigrants and more than 9 in 10 settled in. 

From 2016 to 2021, most of the 25 municipalities with the highest population growth were located within large and small urban centers, or close to them. 

As for Airdrie, Stephens saw a similar trend between 2016 and 2021 in Airdrie. 

“We're also seeing a lot of people from Ontario and Vancouver and we actually have seen a lot of investors coming into Airdrie. So that's what is driving our market. Say they've sold their houses for millions of dollars, and they come and pick up a $600,000 home in Airdrie and still have money left over. Whereas, the average Airdronian may not have that. That's what's driving the market right now, interest rates and people that are coming to Airdrie.” 

In this new report, Airdrie ranks 25th among the other central subdivisions that have had the highest rate of population growth in five years. Stephens says that has a lot to do with investors from outside of the province. 

“Now looking at investors and why they're buying our properties. I think it's because they're thinking that our markets are going to continue to escalate. They can buy property, they can buy maybe two or three houses here in Alberta, or in Airdrie, versus say in Vancouver. They can then rent those houses out and still have a return on investment.” 

Stephens says that while we are seeing more buyers coming in, there is definitely an issue with what supply we have left on the market. 

“Right now, we have very limited inventory. It's the lowest I've seen in 19 years. And the prices are escalating. Even going back down to 2005 and 2006, where we had that correction when houses were listed at around 200,000, and then they went up to 400,000. We're now seeing that correction, but it's escalated tenfold. To me, I think it's a historical moment in time because it will change and it will shift again because real estate is cyclical. So, give it another 12 months, maybe it'll change again with interest rates, oil, and all of the things that are key components that make an impact on our real estate market. So, if you're thinking of selling, I’d do it sooner than later.” 

Stephens looks at Census Metropolitan Areas (CMA) near Airdrie and can see just how much of an influx in growth Airdrie is at right now. With Calgary up (+5.5%) and Edmonton up (+8.3%) she says you can really see just how much Airdrie has climbed, now sitting at an increase of (+20.3%). 

Although there is a frenzy of buying and selling happening right now, the implications of the COVID-19 pandemic have been a major factor in the rush of getting a house in the community. 

“COVID, unfortunately, has a lot to do with the delay of products. Which has caused that ripple down effect to the housing market. I’ve talked to a couple of local builders and they can't get trades, they can't get lumber, they're having a hard time getting siding, shingles, and people to actually build the houses that need to be built. I've even had a client order a stove, and they won't get it for another six months, or another instance where they can’t get their house furnished. I think that’s what we’re seeing in our housing market, it’s that flurry of frenzy.” 

Taking a look at interest rates right now Stephens has seen that to be a major contributor to the buying frenzy. Saying that “it's amazing how the market has shifted so much, where people are able to use some of the money that they've saved up, and pay a heck of a lot less on their current mortgage when they buy something.” Stephens mentions that interest rates have fluctuated so much so that “the lowest one I've seen right now is 1.3% on a variable. Whereas, say a few years ago, we were closer to three or 4%.” 

Stephens has also noticed an increase in interest in single-family detached homes which, in direct relation to that trend, people are getting pushed out of the single-family home market because of the competitive prices. 

“I just a sold a townhouse in two days. And we were 110% over asking. And now apartments are starting to see an uptick. And now, the townhouse market is going up. So finally, I'm seeing more activity in apartment sales and townhouse sales.” 

Being nowhere remotely close to Toronto or Vancouver's markets edges us up that one little notch. But Stephens thinks that the crazed market is not something we can sustain. 

“I think if we finally see a little bit of an uptick in interest rates. The employment market might pick up for Albertans. I think then we'll start to see a little bit of a shift where we'll have that equilibrium against all other provinces in Canada.” 

As a realtor, Stephens says that Airdrie is a great place for people to relocate. 

“We have everything here that is in Calgary, so why not live in Airdrie? Some of my clients are even moving back home to places like Nova Scotia or Newfoundland.” 

One of the issues Stephens is seeing right now is the type of homes she can offer. With clients downsizing and looking to move to more rural areas there is a cause for concern about what people can buy. Specifically, Stephens is noticing a lack of options for some of her senior clients. 

“We need 50 Plus villas. That's what I'm an advocate for. I'm looking for somewhere where there's not a lot of stairs, where my empty nesters can actually physically have the grandkids come and have a place to sleep, but not climb 1000s of stairs to get up and down the house.” 

Stephens hopes her builders and the mayor can see this need because it is a hot commodity in the city of Airdrie. 

Stephens says it's always a great idea to educate yourself before diving into the market. 

“If you're looking at a home in Airdrie, you better be qualified, you better have your deposit ready, and you better have your runners on, because you're not going to be able to slow down and hem and haw, you've got to make a decision. And that's where I think having a realtor by your side is a good idea.” 

For more information on realtors in your area and local listings go to realtor.ca and start your house owner journey now.

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