With rising interest rates and unattainable housing prices in other provinces, we’ve seen an influx of home buyers from BC and Ontario moving to the Greater Edmonton Area in hopes of building a more financially strong future for themselves and their families.
Are you thinking of moving to the Edmonton area? In this video I’ll give you a general idea of the average cost of housing and how much money you can save by relocating to the area.
My name is Katie Crawford and I’m a Realtor that lives in the Greater Edmonton area and as someone who moved here from BC almost 15 years ago, I’m a qualified expert on relocating to the area!
I have a number of Buyer clients right now that are either in the process of moving to the Edmonton area or are currently shopping for a home here. The main reason is that they are being priced out of their markets in BC and Ontario and so the goal of home ownership has become more difficult for them to achieve.
According to the Canadian Real Estate Association, as of May 2022, the average price of a home in Ontario was $940, and in BC $990K. In Alberta as of May 2022 the average cost of a home was $477K, with the average price of a home in Edmonton being $487K. It’s no wonder we are seeing so many buyers moving here. With the average single-family home being less than $500K Canadians are actually able to enter the housing market by making the move to Alberta. In the suburbs of Edmonton the average cost of a home is even lower. In a town like Stony Plain for instance, the average single-family homes was under $415 in May 2022, and the commute to the city is only about 15 minutes to touch the Edmonton border.
The cost of living here in Alberta is also lower, with the most obvious difference being that we have no Provincial Sales Tax. So, while in BC and Ontario you’re paying 12 and 13% total sales tax respectively, in Alberta you’re only paying the 5% GST on taxable items.
Young families are simply doing the math and when housing costs are half or less depending on the type of housing they’re looking to purchase, it makes sense to make the move.
The reasons to move to Edmonton are more than just financial though! Check out my next video, “Why Should you Move to Edmonton” to find out.
Are you considering a move to the Greater Edmonton Area? I’d love to chat! Send me a message and let’s discuss your options.