A Guide to Shopping for Real Estate in Alberta

 


Shopping for real estate in Alberta can feel like a lot to take on, especially if you've never done this type of purchase before.  Whether you're looking for a family home or you're buying land to put a business on, it's important to consider the following things and keep in mind that every portion of this great province is going to be different from the others.

Average Closing Costs are Almost $13,000

Although some people say that the average person should save up to six months of their income before they buy a home, that's not necessary.  Your closing costs, on average, will be around 6% of your home's value.


On top of that, you'll have to pay your down payment which can be an average of 10% of your home’s value.  From there, you have to do the math based on your property.  This means for a property that's $200,000, you'll have to save up an average of $32,000 or find a lender that will fold that into your loan.

First-Timers Can Get Their Down Payment Waived

Thankfully, if you're a first-time homeowner, you may not have to pay a full $32,000 down payment.  If you make less than $125,000 a year, you may be eligible to have either your entire down payment waived and covered by the government or to have it reduced by a large amount.


All that's required is that you’ve never owned a home before, whether by buying it or being given it. Of course, this depends on everyone's different situation, but it is an awesome perk for anyone new to real estate.

The Housing Market Has Been Wild

During the Covid-19 pandemic, all housing markets saw a wild shift from what had been considered the norm.  Homes skyrocketed in price, and many markets saw properties fly off the market within a matter of days instead of weeks.


Alberta was no different, with Banff homes for sale at high prices and homes in Edmonton lasting for an average of fewer than two weeks before getting purchased.  If you're planning on buying property in Alberta, it's a good idea to get to know the trends in the area.

The Culture You Want to Live In Should Decide Your City

Think about what type of culture matters most to you.  Do you want the historic, comfortable feeling of St. Albert or the artistic sense of Edmonton?  From here, you could even consider the surrounding areas, like whether you'd rather vacation in a place like Banff or Jasper.


Every city has its perks and is surrounded by small towns that are easy to fall in love with, consider the culture you want and let it help you make this choice.

There’s No Place to Live like Alberta!

Whether you love the cowboy feeling of Calgary, or you want a quiet mountain town like Jasper, you can find it in Alberta.  Look at every area, consider what you need from it, and make a choice that will set you up with a property you'll be excited to make a large investment in!


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