Are Houses Cheaper in Alberta Than in Ontario?
Are you fed up with the housing market in Ontario? Then you can explore some of the other available options. Right now, Alberta has the lowest taxes in Canada and the lowest cost of living. The people who live there also tend to have some of the highest wages and incomes in the country. The campaign shows that those who live in Alberta earn more per week than those in Ontario, with the current data showing $1,245 to $1,186. While the income is somewhat comparable, it’s essential to know that there is a big difference when you look at real estate. If you were moving to Alberta, a detached home would cost $490,000. If you wanted to buy the same property in Ontario, it would be around $700,000.
High Rental Prices and Employment Opportunities
The rental rates in Ontario, specifically Toronto, are incredibly high. Things only moved up during the pandemic as well. Many people are making a move to Alberta for this very reason. If you want to buy a home or if you’re going to build a house, then you may find more value for your money by moving to Alberta. Although Alberta offers much cheaper real estate and, on average, a higher income for the people living there, the job variety is lower. Ontario can offer more job variety overall. The 100,000 job vacancies are stopping 78% of companies from being able to meet their current demand. Even with this issue, the province has seen the most significant growth in employment in 2022. Employment in Alberta increased by over 61,000, but in Toronto and Ontario, it only grew by 28,600, showing the area’s economic growth.
About Alberta's Current Housing Market
Alberta is home to two of the most populated cities in Canada. They rank as having some of the most affordable housing by quite a large margin. Alberta’s affordable housing is one of the major factors driving people to migrate to the area. The average family has much access to affordable housing opportunities, which boosts the economy. Sure, market forces such as the lack of supply in the resale market are driving prices, and a governmental policy plays a huge role in general affordability. The UCP and previous PC and NDP administrations have avoided poorly thought-out housing policies that several other governments have adopted. Smart regulation like this is not an accident either. The red-tape reduction policies and the lack of intervention with the free market are helping to provide far more options for consumers while also implementing fewer costs.
Why Alberta is the Place to Be
Alberta is an affordable place to live and an inexpensive place to get the property you want for your family. Alberta, or Edmonton specifically, is showing significant signs of growth. More and more people are looking for ways to try and move to the area so that they can start a life there, and it is not hard to see why. It’s safe to say that the Edmonton housing market is thriving, and a lot of it comes down to the fact that people are not just buying new homes but building them too.
The Thriving Housing Sector
As more and more people build houses, this frees up general real estate and creates new opportunities. It’s far cheaper to build a house in Alberta compared to other areas, such as Toronto, and it is far more convenient in some ways. There is far less red tape to deal with, and this helps to ensure that everyone gets the result they are looking for when trying to build the property of their dreams.
Want to find out more about the current housing market? You may want to build your own home but don’t know how to start. Either way, contact us today, and we’ll do what we can to help. We are always available to chat, so don’t hesitate to call our team.