Edmonton: A Haven for First-Time Home Buyers

Today’s news headlines often highlight how unattainable buying a house is becoming. Real estate values are rising all over the country, but especially in the major cities.

First-time buyers are particularly affected since they rarely have the equity or cash reserves available to make the down payment, never mind cover all of the monthly carrying costs.

You could look to some of the smaller towns far away from the major economic power centres. That might be your ticket into the market, but it would also limit your options in terms of employment and entertainment.

There is another option to consider before you give up either your big city dreams or your goal of owning a house. In this post, we’ll talk about all the reasons why first-time home buyers should set their sights on Edmonton.

Are you planning to buy a house in Edmonton or the surrounding areas? My detailed Buyer’s Guide makes the process straightforward and even fun! Download your copy for free right here.

Edmonton Versus Calgary

Calgary may be less than three hours away, but it is practically a different world from Edmonton – hence the friendly rivalry between the two cities. Nowhere is the difference felt more clearly than when it comes to housing prices. You might be pleasantly surprised at how much further your dollar will go when searching for your first (or next) home.

Values fluctuate all of the time, so it’s hard to pinpoint a specific number. That said, it’s not uncommon for a property in Calgary to cost significantly more for the same structure and square footage.

Edmonton is the place to be for anyone looking to break into the market at a reasonable price point. If you have a little room to play in terms of budget, you could enjoy a far more luxurious living space than you thought possible.

Are you convinced Edmonton is the right place for you? Check out some of my featured listings right here.

Edmonton Versus Toronto and Vancouver

Toronto and Vancouver real estate prices are the highest in Canada, which shuts out a substantial number of first-time home buyers. Even if you could squeeze into the market, you’d end up with a tiny condo at best. Then, outrageous monthly condo fees would quickly eat up anything you supposedly saved on price.

It’s true; living in a big city can be a thrilling experience, with endless entertainment, dining, and shopping opportunities. Just remember that Edmonton also offers all of this and more, with housing prices that are refreshingly affordable!

Want a glimpse into a few more benefits of living in Edmonton? Here are some related posts you’re sure to love:

Edmonton Versus Saskatchewan and Manitoba

You may also find relatively inexpensive real estate in cities like Regina, Saskatchewan or Winnipeg in Manitoba. Don’t get me wrong – our fellow prairie provinces are lovely, and they have their perks, but they can’t compare to Edmonton or Alberta!

There are significant advantages to living here beyond an accessible housing market. For starters, just take a look at Alberta’s booming economy. Even when we’re in a “recession,” there are typically more high-paying opportunities here than anywhere else in Canada.

Beyond that, you can look forward to an incredible quality of life in Edmonton. We have Canada’s largest shopping mall and an entertainment scene that is second to none. Not only that, but you are only a few hours away from the beautiful Rocky Mountains, one of the most awe-inspiring sights in the world.

Did you know? Edmonton has one of the youngest populations in Canada, which drives bold new advancements in both the city’s economy and exciting culture.

Looking for more resources for a successful home purchase? Start with the related reading below:

Benefits of Buying and Owning a Home in Edmonton

Why buy a house when you can continue renting? There’s no denying the stability and economic advantages of owning a home. As a tenant, rising real estate values work against you. Rent prices will go up accordingly.

Although Alberta law forbids landlords from increasing the rent during a fixed-term lease, all bets are off once the agreement expires. After that, they simply need to provide you with appropriate written notice of an increase. Even worse, your landlord could decide to evict you from the home you love.

When you own your home, long-term real estate prices work in your favour. Your monthly mortgage payments are fixed, and your equity grows every time your home increases in value. Best of all, you’ll own a valuable financial asset free and clear after your mortgage is paid off, a benefit that renting can never offer.

Twenty-five years may seem like a long time, but owning a home of your own gives you options that you might otherwise never enjoy. Perhaps you’ll sell your home and enjoy an early retirement one day.

The benefits of homeownership go far beyond the financial. Practically speaking, you can decorate and renovate as you see fit and your budget allows. On a deeper level, having a place you can call your own brings a sense of comfort and satisfaction like nothing else.

When you’re ready to begin your search, remember that Edmonton isn’t just one of the “last affordable places to buy a house.” It’s one of the top cities to live in by every possible metric.

Ready to explore the exciting world of homeownership in Edmonton? Send me an email to jolene@jolenelangelle.com or give me a call at 780.910.1317 today to chat about the possibilities.