Among all the many conversations about Venezuela online and in the media right now, here’s a new one: will the ongoing crisis affect our local housing market? And how? As a mortgage broker working with first-time homebuyers, current homeowners, and newcomers to Canada, I want to break it down in plain language so you understand what really matters.

What’s Happening in Venezuela

Venezuela’s got problems. The country has faced years of economic collapse, hyperinflation, and political instability. Nearly 7 million people have left the country in the last decade, and while most have settled in nearby Latin American nations, a small number have moved to Canada, including Alberta, seeking safety and opportunity. Following the USA’s recent actions in the country, it’s possible that number will increase.

Could Venezuelan Immigration Affect Alberta’s Housing Market?

Any increase in population can create more demand for housing, particularly rentals for folks new to Canada. Over time, many newcomers transition from renting to buying. However, Venezuelans represent a very small share of Alberta’s population. Even if more arrive, their impact on the housing market would be minimal compared to bigger factors like total immigration, job growth, and housing supply.

Broader Migration Trends Are More Important

Alberta has been attracting newcomers from across Canada and around the world, drawn by jobs and relative affordability. These larger migration trends have a much greater effect on housing demand. In fact, recent reports suggest that because of the federal government’s efforts to reduce immigration levels, overall migration into Alberta has slowed, already contributing to a cooling effect in cities like Calgary and Edmonton.

Economy and Energy Markets

Another concern being talked about by those who follow global economy, is that Venezuelan oil could indirectly influence Alberta’s energy sector. While shifts in oil markets may affect Alberta’s economy over time, any impact on housing is slow and indirect. Local factors — interest rates, housing supply, and job growth — remain the primary drivers of the market.

If you’re planning to buy, sell, or rent in Alberta, the situation in Venezuela is not a major factor. What matters most are local housing supply, overall population growth, and interest rates. Keeping an eye on these factors will help you make smarter mortgage and housing decisions.

As always, if you have questions about buying your first home, upgrading, or refinancing in Alberta, I’m here to help guide you through the process. Book a call with me today!