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first time home buyers in edmonton real estate

Buying your first home is a huge milestone! It takes a lot of time and effort in order to be able to finally afford such a big-ticket item. In Canada, it can be hard to find a home that is suitable for your needs and within your price range. Before you pull the trigger on purchasing a home, it is important to consider how this will affect your future. If you are a prospective first-time home buyer, we encourage you to read this article before making the decision to buy houses in Edmonton. For more information on what to keep in mind during the buying process, continue reading below. 

Houses in Edmonton Won’t Hold For Your Future or Your Budget. 

Your current lifestyle is undoubtedly going to change as you and your family get older. Finding a property that suits your future plans is vital. Purchasing a home is surely one of the biggest purchases a person will make during their lifetime. To guarantee your bank account stays happy and healthy, it is important to consider your future plans. This will allow you to find a home that gives you a good return on your investment. Your home buying plans must account for your various life changes. For instance, if you are considering having children, going abroad, or unsure of where work will take you in the coming years. 

Furthermore, many people will end up purchasing a home that they don’t immediately love. This is done with the hopes of renovating. However, renovating a home can be even more costly than buying one. Houses are great at hiding sneaky issues and costly repairs. Some of which, might not be uncovered until you start to demo the place. These seemingly small issues can quickly add up. This is why it is so important to determine whether it is worth renovating or simply buying a home that you love. However, sometimes a few coats of paint can be enough to refresh a space! 

When you’re looking for a new home, it is important to keep these factors in mind. As soon as you start toying with the idea to redo a major area like the kitchen, that’s when the cost will start to rise. Be mindful of your budget now and how it may look down the line. You may realize that a fixer-upper is a great solution for you and your budget. Or, that you’d much rather something move-in ready! 

Edmonton Has One of The Best Markets for First-Time Buyers!

Stretching your budget too thin when you go to buy houses in Edmonton can be scary. Buying a home that you are financially comfortable with is going to help you maintain stability throughout the duration of your mortgage. This can seem hard to do given the high real estate prices across Canada. However, Edmonton has recently been ranked as one of the most affordable and easy-to-enter markets for first-time buyers! Compared to other major cities in Canada like Vancouver and Toronto, Edmonton is a great place for new and young buyers to start. Real estate in the City of Edmonton is roughly 30% cheaper than in Calgary and surrounding cities. Most citizens have no trouble finding an affordable place to live within the city. The average price for a single-family home is within the $400,000-$500,000 range. This is incredibly affordable given real estate prices everywhere else in the country. 

Purchasing real estate and getting a mortgage that matches your financial situation will save you a lot of stress. During uncertain times, having a more affordable home can allow you to have more flexibility. Mortgage brokers often suggest a home with payments that total 28-33% of your gross income. Edmonton is a great place to get your feet wet in the housing market. There are plenty of job opportunities and it is overall more budget-friendly. Many Canadians are making the move to Edmonton for these reasons.  

Entering the Edmonton real estate market is likely to be more forgiving for first-time buyers. This is because of the low risk and higher inventory. New homebuyers often obsess over the initial price of the home without considering the other costs involved. For instance, homeowners insurance, taxes, repairs, maintenance costs, moving fees, strata fees, etc. These costs can quickly amount to an unbalanced budget. Have a discussion with your real estate agent if you have any questions or concerns about what costs could arise while living in the home. 

Contact Us Today!

The real estate market in Edmonton is the perfect place for new and young buyers to get on the property ladder. It is crucial that you think about your budget, future plans, and needs when you go to buy a home. Making the decision to buy homes in Edmonton can offer you more financial comfort. If you have any questions or concerns about buying houses in Edmonton, contact us today. Be sure to check back on our blog next month for the latest updates and more. Don’t hesitate to reach out if you’re interested in a specific property. Our team will get in touch with you as soon as possible! We look forward to working with you in the near future.

homes for sale in edmonton alberta remax elite

If you’ve been following the news surrounding Canadian real estate since January of 2022 you’d know about the record high prices sweeping the nation. Home prices have reached their peak across every province in Canada. For some, these high prices are forcing families to relocate to their hometowns. Especially for those currently living in the Okanagan. If you are interested in learning more about how the cost of living is affecting homeowners in Canada, continue reading the article below.

Why are Okanagan Homeowners Moving Back to Houses for sale in Edmonton?

The Okanagan has seen incredible hikes in the price of real estate over the course of the last five months. The extraordinary cost of living is making it difficult for most out-of-province homeowners to afford their properties. In April of 2022, the benchmark price for a single-family home in the Central Okanagan climbed to a whopping $1.1 million. Last year, the average price for a home in the Okanagan sat around $829,000. Thus, indicating a 34% increase in cost. On the contrary, the average single-family home price in Edmonton was $510,988 in April of 2022. 

It is apparent that the cost of living in places like Edmonton is much more affordable than in the Okanagan. Residents who have lived in the Okanagan most of their lives are moving back to the prairies in order to make ends meet. Renters and homeowners alike are being priced out of their homes in the Okanagan. Despite having full-time jobs and living with family, many people claim that it is still too expensive to live in the Okanagan. New families are finding it especially hard to afford housing in the Okanagan. Living off of one salary is almost impossible given the rate of inflation. 

Residents who have chosen to move from the Okanagan to Edmonton and other surrounding areas in Alberta are much more comfortable with their finances. People living in Edmonton are able to afford spacious houses in place of their tiny Okanagan apartments. And, all of this is afforded at a lower price point. The one thing that former Okanagan citizens miss, is the scenery. 

Homes for sale in Edmonton, Calgary, Airdrie, and Cochrane all boast a low cost for a substantial property. Citizens of Alberta can purchase 3-bedroom houses for under $450,000. 

Why You Should Consider Making the Move to Edmonton:

There are several reasons why people in the Okanagan have made the decision to move to homes for sale in Edmonton. The number one reason is a lower cost of living. Everything from real estate to food is cheaper in Edmonton than in the Okanagan. Residents who may not have been able to afford a 2 bedroom apartment in the Okanagan will often be able to afford large, upscale homes in Edmonton. Furthermore, the average cost of groceries is about 200-400 dollars per month in Edmonton. However, this estimate can vary depending on brand, taste, and habits. 

Aside from a lower cost of living, the Edmonton job market has seen positive growth in the last little while. Large employers like the Alberta Health Services, the Government of Alberta and Stantec, provide hundreds of thousands of jobs to Edmonton citizens. Salaries average around $60,000 per year for your typical Edmonton citizen. 

Edmonton’s landscape provides individuals with plenty of wide-open spaces outdoors. For instance, the Elk Island National Park and Beaver Hills Dark Sky Preserve are both popular places to visit outside of the city. There are also plenty of hiking, biking and walking trails for residents to explore. Check out William Hawrelak Park or The Grandin to Groat Loop for an epic outdoor adventure! 

There are also plenty of restaurants, breweries and bars to choose from for a night out. As well as, nightclubs, theatres and festivals to keep you entertained throughout the year. 

Contact Us About Houses for Sale in Edmonton Now!

The real estate market is much more affordable in Edmonton. Make the move to houses for sale in Edmonton today for more financial freedom. If you have any questions or concerns about buying a property in Edmonton, contact us today. Don’t hesitate to reach out if you’re interested in buying a new home. Our team can put you in touch with the resources you need to get your real estate goals on track. We look forward to working with you in the near future!