One Stop Mortgage Corp Blog

4 Realities of Buying a Home in Edmonton

April 15, 2016

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4 Realities of Buying a Home in Edmonton

We’re based in Vancouver, East Van specifically, but here at One Stop, we’re proud to business all over Western Canada. From Richmond to Powell River, Cranbrook to Lethbridge, Red Deer to Edmonton, we’re helping more and more people buy homes, consolidate their debt, and make large purchases every year.

One of our hottest markets last year was the city of Edmonton. Edmonton is an interesting place - located in the middle of Alberta, it’s within driving distance of one of the most important energy hubs anywhere in the world: Fort McMurray. However, with the downturn in the cost of oil in the past year, more and more people are finding themselves out of work and in search of solutions.

Once the economy straightens out, Edmonton is poised for another boom as workers once again flock to the oil-rich sands of Northern Alberta. So whether you’re buying a home in Edmonton for work or family, it’s important to paint a clear picture of Alberta’s capital city.

 

1. Driving

Edmonton’s public transit system doesn’t compare to larger, older cities in Canada. the city is spread out over a space that’s much larger than Vancouver, so it’s been taken a long time to outfit train lines to service such a wide area. The result? Edmonton is a driving city. The bus system works well, but again, because of the size of the location, bus commutes take a long time.

 

2. Suburban Sprawl

Edmontonians value their space. That’s why Edmonton’s suburban sprawl has exponentially grown in the last decade. Whereas the city of Vancouver has only one direction to go (up), Edmonton has been steadily expanding outward. That being said, because of a new downtown arena and entertainment district, downtown condos are experiencing a spike of their own as the area is rejuvenated. What does that mean for home-buyers in Edmonton? Options. From a three bedroom, single family home throughout the city to a downtown loft, Edmonton has options.

 

3. House Prices

One of the main reasons people flock from Edmonton to Vancouver and then back to Edmonton is the simple cost of buying property. The price of a home in Alberta was 15% lower than that of a comparable home in British Columbia in 2015. There’s nothing that influences thew decision to move more than the price tag on your ideal home, and for people moving to Edmonton, the realities of less expensive homes are too much to resist.

Why? That leads us to more reality:

 

4. Climate

We’re spoiled here in Vancouver. Edmonton’s summers are hot but short, its winters cold and long. Vancouver boasts one of the nicest climates on Earth, Edmonton … not so much. However, Edmontonians are three hours from the Rocky Mountains, and never more than an hour from a secluded lake getaway.

It all comes down to the things you value most. Climate? Cost of living? Housing inventory?

Whatever your reasons for contemplating a move, we can help you decide. Give us a call!

 

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