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.
