Out-of-province buyers: what do brokers need to keep in mind?

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That cohort of buyers has made up the majority of out-of-province purchases for Calgary-based mortgage advisor Cory Lewis (pictured top), of Jencor Mortgage Corporation, with many of those offices that transitioned to remote work at the onset of the pandemic having maintained those arrangements.

She told Canadian Mortgage Professional that buyers from outside the province also included those who relocated and purchased before finding work in Alberta, drawn to the possibility of earning a good salary and being able to afford a sizeable home.

“You make six figures in Toronto and you [may not] be a homeowner – but if you make six figures in Calgary, you can buy a house in a nice community and have a pretty good quality of life,” she said.

A smaller percentage of out-of-province buyers are investors, whose tendency is to use local banks and brokers if located in Toronto but purchasing a rental or investment property in Alberta.

The influx of entrants to the Alberta market from elsewhere in Canada started ticking upwards at the beginning of the pandemic – but the past 12 months have witnessed some of the strongest interest from out-of-province buyers, Lewis said, based on her own business.

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