Why Move to Edmonton?

by Schmidt Realty Group
October 14, 2022
Real Estate
0

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

There’s one reason why I’ve had so many clients moving from BC to Edmonton this year. Actually, there are quite a few reasons, but the predominant one is the cost of housing. One client moved to Edmonton to start a business. He successfully sold his townhouse in the lower mainland in a bidding war for over $1,000,000 and bought a spacious newer detached two-storey home in Edmonton for under $600,000! Other clients decided that owning in the Vancouver area was never going to be in reach, so they purchased a beautiful two-storey detached home in a lovely neighbourhood for under $500,000. When they find suitable work in Alberta they’ll move here, and for now they’re renting it to an Edmonton family. Other clients found work here in their fields and were thrilled with what they could find in affordable housing in Edmonton. They chose an almost new half duplex near shops, parks, and restaurants and with great public transit so they can live with a smaller carbon footprint. Each of these clients had their own unique reasons for making their move to Alberta, but with one common thread. Their delight and relief at the price of housing, the choice of housing and the overall affordability and ease of living here.

The Globe and Mail Report on Business Oct 06, 2022 reported Vancouver benchmark price of a single-family home at $1,900,000 while the Calgary single detached home benchmark price in September 2022 was $628,000. Looking at the Edmonton Housing Price Index, the benchmark price for a single-family home in Edmonton in September 2022 was just $428,600.

The Globe and Mail article also stated that “Average wages in Alberta are the highest in the country. It has the youngest population among provinces, and one of the most highly educated. Albertans pay some of the lowest provincial income taxes in the country, and they don’t pay provincial sales tax, a savings of anywhere from 6 percent to 10 percent over other provinces.” And once you discover Edmonton’s river valley trails and miles of paved bike paths, you may never want to leave!

For anyone fortunate enough to already own in BC, it’s not uncommon to hear that the profits on their BC sale allowed them to buy in Alberta for cash. For buyers just starting out, learning that they can own a single-family house in the $400,000 range (vs the $1,400,000 they might pay in BC) is worth considering a move across the mountains. Considering that Alberta is currently experiencing a significant labour shortage, work is also easier to come by here! And then there’s the bonus of no land transfer tax and no sales tax! Yes, it’s a big move to make, but if you consider the significantly lower cost of your monthly mortgage payments, not to mention the increased quality of life thanks to shorter commutes and more spacious accommodation, it’s definitely worth considering. And with the money you save, you can afford frequent trips to the coast!

Here are just a few examples of homes for sale in Edmonton right now!

Spacious top floor condo in Oliver
#505, 10178-117 Street, Edmonton
$369,000