Have any Canadians found an up in rentals by relocating Albertans

9 Replies

Hey guys!

I’m just wondering if anyone has noticed and uptick in rentals due to people leaving Alberta due to its current state? I live in Fort McMurray and it seems like a lot of people are leaving to move “home” wherever that may be.

Be well

Stay healthy

@Justin Cooper

After 6 years of federal inaction I would suspect many have already gone.... I have some pilots as tenants, they’ve all gone home to collect pogey and live in the basement. That’s all I’ve noticed in SK. Although SE sask oilfield has been dead since 2015, and completely dead - I’m talking zero drilling and no repairing wells that go down for 3-4 months now.

@Kris H.

I’ve been up here for two years and bought a condo at what we thought was a very good price. We’ve lost 15k already off the purchase price. It’s like I’m watching the province die before my eyes.

@Justin Cooper

I worked one summer up there. Beautiful location. Such a gem. And it was boom times so an absolute gong show of hard drugs everywhere. 7-11 was the spot to buy crack apparently and after one late night trip there for sodas I believe it. Right across from the RCMP office but that was the spot. I know folks who have lost $100k on a condo in a year or less lately, so $15k isn’t too bad. Don’t expect any rebound at all in the near future (or possibly ever). The very last real pipeline we see will be tmx IF it ever gets finished. And if it does it will be gifted to the very folks that are loudly protesting it I suspect. For real.

@Kris H.

Yeah I got up here two years ago, I work 3 doors down from that 7/11. Stop a lot of crack heads and homeless around. If we can sell, break even, and walk away with our equity I'll be happy. Can't wait to get back to the east coast in 4-5 years and start investing. Or open a locksmith shop. Regardless, I'm getting out of this hell hole.

I believe you when you say people are  moving out of Fort McMurray, but I wouldn’t say that that’s the case for all of Alberta.   Im seeing the opposite in Edmonton, people are still definitely moving here, new houses keep being built, and new communities are growing surprisingly quickly. 

I have investor/friends who buy here in Nashville that just sold property in Alberta to move to Saskatchewan. It was listed on the market and the price had to be dropped a couple times to sell. $20k in the hole on repairs from converting the basement into an apartment for her sons. they said the drugs were so bad they couldn't stay and had to move, even if they took a negative hit. Good thing they've made money on their flips in Tennessee. From what they told me the area has taken a huge downward turn since we met a decade ago. I hope it can get cleaned up.