While housing demand is being dampened in many parts of Canada due to rising interest rates, Edmonton and Alberta are poised for tremendous growth. The Edmonton Advantage provides the opportunity to move from Ontario or British Columbia to Alberta with a much lower cost of living.
Almost every aspect of living in Edmonton is cheaper than living in Ontario. On average the purchasing power in Ontario is 25% lower than that in Edmonton. Edmonton is a learning city with plenty of advantages; world class education facilities that are attracting the top companies (Amazon, Rogers, Google, Microsoft) and students coming for the opportunities. The City has become a major technology innovation centre. An example is that Edmonton is now #3 worldwide in AI research! Being the capital region of the province, we also benefit from the tremendous growth taking place in Alberta.
Edmonton Advantage Reason one – Affordability
Home price increases in Edmonton have been very modest in the past 2 years compared to 40% or more in places like Toronto and Vancouver. Going back to 2007, the average Edmonton house price was $350,000 and it is now $410,000. By comparison, the average Toronto price in 2007 was $376,000 and is now $1.2 Million! Affordability is a real Edmonton Advantage
Edmonton Advantage Reason two – Higher Incomes
When you consider that incomes are higher in Edmonton compared to Toronto or Vancouver and commute times are very short, the edge that home ownership allows a person to have high disposable income and spend more time with their families.
Alberta is forecast to lead the country in GDP growth for 2022 and 2023. Falling unemployment rate which now stands at 5.9% vs 5.2% in Canada and is forecast to be below the national average next year.
With nearly 90,000 current job vacancies, many of which are high paying, there is now a significant inter provincial migration to Alberta and also international immigration. To facilitate this migration, Alberta recently passed the Labour Mobility Act which recognizes educational and professional designations.$18 Billion in new provincial petro-chemical projects with much of this taking place in the Edmonton area including the $10 Billion Dow net zero ethylene plant in Fort Saskatchewan Jobs and Income make the Edmonton Advantage.
No sales, payroll or land transfer taxes and very low corporate taxes are a tom Edmonton advantage. This is resulting in a significant increase in venture capital investments and many businesses opening new facilities.
Alberta is supporting the 2 busiest ports in Canada (Vancouver and Prince Rupert) by providing logistics and distribution centres.
For the 1st time since 2014, a balanced budget based on $70 oil. Each dollar above $70 adds more than $400 Million to the provincial coffers each year. This will allow Alberta to spend additional resources on such items as health care, education and helping the most vulnerable without having to go into debt.
Edmonton Advantage Reason one – Vibrant
A magnificent river valley that is being considered for designation as a national park. A thriving tourism industry with increased international flights that is promoting our magnificent Rocky Mountains, visits to farms and cultural experiences in our Indigenous communities. The world needs our crops which is resulting in record agricultural prices and our farms are being supported by provincial irrigation initiatives. Let’s hope for good weather!
A thriving film industry as a result of a $1 Billion provincial investment and television tax credits.
For the 1st time since 2014, a balanced budget based on $70 oil. Each dollar above $70 adds more than $400 Million to the provincial coffers each year.
This will allow Alberta to spend additional resources on such items as health care, education and helping the most vulnerable without having to go into debt.