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Awash in oil wealth, Albertans snapping up B.C. properties

Derrick Penner, National Post,  May 17, 2006

Oil-rich Albertans love British Columbia's waterfront cabins, ski chalets and resort condominiums.

Albertans were the biggest out-of-province buyers of B.C. real estate in 2005, snapping up 2.4% of all properties sold and helping push up property values in prime locations.

Data compiled by the research firm Landcor Data Corporation show that Albertans bought 4,320 properties, including 1.329 single-family homes,  1,477 condominiums and townhouses and 1,488 parcels of vacant land, with a total worth of almost $1.2 billion.

Landcor president Rudy Nielsen said that those were sales to people who still live in Alberta and  not include sales to Albertans who permanently relocated to B.C.