Economics
Soaring Canadian Housing Costs Power a Population Boom in Alberta
The energy-rich province is welcoming newcomers priced out of other parts of the country.
Nicole Kealy and family at home in Calgary.
Photographer: Gavin John for Bloomberg BusinessweekThis article is for subscribers only.
Nicole Kealy was something of a trendsetter. In January 2022 the mother of four sold her home in Chiliwack, British Columbia, to move across the Canadian Rockies to Calgary, Alberta, in search of more affordable housing.
With the profit her family made on their C$1.4 million ($1 million) Chiliwack home—which had appreciated about 66% in the roughly year and a half they owned it—Kealy and her husband were able to buy a C$550,000 house in Calgary, along with an apartment and a townhouse they rent out.