Is Moving to Edmonton the Right Financial Decision?
From the perspective of people living in Vancouver and Toronto, remembering that Edmonton is the capital city of Alberta is a struggle. Before 2022, Google searches of Edmonton were mostly related to the Edmonton Oilers. However, the rise in mortgage rates has Edmonton trending on Realtor.ca with families, prospective movers, and individuals seeking a lifestyle change, Edmonton presents an intriguing question: Is the city along North Saskatchewan River Valley the financial oasis you've been seeking?
Alberta is Calling advertisements are running in major cities in Ontario and BC promising a better lifestyle with a lower cost of living, better job prospects, and a great location to raise a family... But is it? Normally you get what you pay for, and higher cost locations in Western Canada have some advantages. Calgary has the mountains, and Vancouver has both mountains and the ocean. Does having the largest mall even matter?
Cost of Living:
When it comes to day-to-day expenses, Edmonton offers relief for those drowning in the inflated costs of Toronto or Vancouver. Groceries, utilities, and transportation come with a lower price tag, freeing up your budget for savings or leisure, but just look at the taxes.
Here is a short list of taxes that someone in Toronto would pay that someone in Edmonton wouldn't know anything about:
Even if the income tax were the same, the tax on everything you buy in BC and Saskatchewan is money that you aren’t spending on your lifestyle.
Land Transfer Tax
On a $1M property, which is average in Toronto there would be both Ontario Land Transfer Tax and Toronto Municipal Land Transfer Tax. Together they'd be about $16,475. Neither Alberta or Edmonton has a Land Transfer Tax.
HST (Harmonized Sales Tax)
A combination of PST (Provincial Sales Tax) and GST (Government Sales Tax) that is 13% on most goods and services. All Canadians pay GST, but there hasn't been a PST in Alberta since 1990.
Employer Health Tax
Albertans have no idea what this is.
Estate Administration Tax
In Alberta, we believe the government doesn't even get tax over our dead bodies.
Even the cost of getting to work is taxed in other provinces.
Housing
Edmonton MLS listings have been trending on Realtor.ca which is really uncommon. Canada has forty million people and Edmonton is only 0.25% of that population so it's not probable that the country would be interested in present day Edmonton.
However, for potential homeowners asking themselves, "how much house can a 120k salary afford?", Edmonton might be the answer to your property dreams. The real estate market here is far more accessible, with exciting options for a two bedroom, two bathroom condo in downtown Edmonton in the $300,000 range and the average Edmonton house being under $450,000. Oh, and by average, we mean a house that has four bedrooms, a finished basement a double garage, and a yard.
Edmonton's history has suppressed the value of property since 2015 and the real estate market here has only started to take shape since 2020. Edmonton has been far outpaced by Calgary since 2020 with the Benchmark Price (price of a typical house) being over 35% less in Edmonton with only a three hour drive between the two cities.
Here's a breakdown of what a $120,000 income could qualify for according to CMHC's Affordability Calculator.. We used $1,500 in monthly expenses because families here do things like buy cars and go on vacation, but you could get to a qualification of $750,000 at that income with the minimum down payment ($50,000).
You're going to want to sit down before you see what you can buy between $650,000 and $700,000
Okay, brace yourself, this is what you can buy in the Greater Edmonton Area for between $475,000 and $500,000
We’ve helped so many people move from out of province and we know how much families value a smooth process. Here’s what we’ve learned helping people relocate.
Job Market:
Edmonton's job market is known for it's tie to the energy industry and draws the attention of young tradespeople looking to make uncommon income. Plumbers, pipe-fitters, welders, mechanics, boiler makers, and electricians all have far above average earning potential in Alberta though the highest paying opportunities often require travel to places like Fort McMurray.
However, Edmonton is also the capital city of Alberta and the Alberta Legislature Building is part of our downtown which means government jobs. Edmonton is also the location of the University of Alberta, the Royal Alberta Museum, The Art Gallery of Alberta and has other attractions that also create employment opportunities. The neat thing is, that even if you work in downtown Edmonton on Jasper Avenue and are commuting in from suburbs like Sherwood Park and St. Albert the drive rarely exceeds 30 minutes.
Living Expenses:
Factoring in the day-to-day costs, life in Edmonton allows for a cost-effective routine. Whether you're single or managing a household, the noticeable dip in living expenses and taxes is hard to ignore. Factored into this equation has to be the time cost of getting
throughout the city.
Traffic can be a hidden cost that compounds daily into days yearly.
Heading from St. Albert, a desirable suburb outside the city of Edmonton on the northwest corner to Fort Edmonton Park in the river valley is only 26 minutes. Oh, and there aren't any toll roads here either. Here's what newly listed properties in St. Albert look like.
Sherwood Park is a desirable suburb outside the city of Edmonton on the east side, and getting to West Edmonton Mall on the far side of the city takes only about 30 minutes. Here are newly listed properties in Sherwood Park.
Commuting from either of these suburbs to downtown Edmonton in rush hour is under 45 minutes normally.
With this time and money that you are saving, you'll also have to factor in heading to the Edmonton International Airport for vacation. Here's a list of direct flights out of Edmonton.
Edmonton's Lifestyle: A Breath of Fresh Air
Outdoor and Community Focus:
Edmonton's River Valley system is a crown jewel for outdoor enthusiasts. You probably haven't seen anything like it considering our river valley parks make up the largest urban park in all of Canada. How big? We have three downhill ski areas within city limits in the North Saskatchewan River Valley. There are 9 golf courses in the river valley. You can go mountain biking for hours without seeing the same trails twice and leave right from downtown Edmonton. Also, bring your dog, Edmonton's off-leash park near the Edmonton Valley Zoo is a favourite, but there are lots to choose from including the largest one in Terwillegar.
Families who value space, nature, and a sense of community will find Edmonton's slower pace and emphasis on outdoor living a welcome contrast to the congested cityscape of Toronto and Vancouver.
Downhill Skiing in Edmonton
Edmonton offers a plethora of fantastic options for downhill skiing, with a variety of ski resorts conveniently situated both within the city and its surrounding areas. These resorts cater to skiers of all skill levels, ranging from beginners to advanced.
Edmonton Ski Club: Situated near downtown Edmonton, the Edmonton Ski Club boasts a diverse range of slopes. Whether you're a beginner looking for a gentle bunny hill, an experienced skier seeking the thrill of a Black Diamond run, or someone who loves freestyle skiing in a Terrain Park, this club has got you covered. It's the perfect choice for those who want to hit the slopes without leaving the city.
Rabbit Hill Snow Resort: Located just south of Edmonton, this resort offers a wide array of trails suitable for skiers of all levels. From beginners to intermediates and advanced skiers, there's something for everyone. Additionally, Rabbit Hill Snow Resort features several terrain parks and a dedicated area for skill development. It's renowned for its welcoming atmosphere, making it an ideal destination for families. Moreover, they provide adaptive snowsport options for individuals with different disabilities.
Snow Valley Ski Club: Nestled in Southwest Edmonton, Snow Valley is a premier skiing destination. With eight runs and two terrain parks, including a Beginner Park and a Main Park, it caters to both learners and those looking to refine their skills. Whether you're a novice or an experienced skier, Snow Valley has the perfect slopes for you.
Sunridge Ski Area: Located in the picturesque Strathcona Science Park, just across the river from Rundle Park, Sunridge Ski Area offers an exhilarating experience for all skiing enthusiasts. With 12 runs and 3 terrain parks, there's no shortage of excitement. For those seeking an extra dose of fun, they also provide snow tubing.
Embark on an unforgettable skiing adventure in Edmonton and enjoy the thrill of these remarkable ski resorts!
Golfing
Whether you're a beginner or a seasoned player, Edmonton offers a variety of courses to cater to every skill level both inside and outside the city. Edmonton's river valley offers great topography for golf courses.
The Quarry Golf Club: Situated in northeast Edmonton, this exquisite course is renowned for its picturesque parkland and captivating river valley scenery.
Country Side Golf Club: A charming family-owned golf club in Strathcona County, east of Edmonton, offering both 9-hole and 18-hole options to cater to every golfer's preference.
Coloniale Golf Club: Nestled near Beaumont, this club boasts a thoughtfully designed course suitable for all skill levels, accompanied by a clubhouse providing a delightful patio view.
Jagare Ridge Golf Club: Discover this semi-private gem located in Southwest Edmonton, where a challenging 18-hole course seamlessly blends into the surrounding natural environment.
River Ridge Golf & Country Club: Escape to a tranquil oasis in southwest Edmonton, where this secluded golf course enchants golfers with its serene and peaceful ambiance.
Cattail Crossing: Offering golfing pleasures in summer and a variety of winter activities, this hidden gem is located in north Edmonton, providing year-round entertainment.
Raven Crest Golf & Country Club: Situated on the outskirts of Edmonton, this exceptional golf course presents a diverse array of challenges, ensuring an engaging experience for players.
Dragon's Head Par 3 Golf Course: Perfect for families and beginners, this Par 3 course nestled in northwest Edmonton offers a delightful and accessible golfing experience.
Devon Golf & Conference Centre: With a rich history spanning over 60 years, this scenic course is located outside of Devon along the North Saskatchewan River, providing a picturesque setting for golf enthusiasts.
Leduc Golf & Country Club: Just a short drive from south Edmonton, this pristine prairie golfing destination offers a combination of natural beauty and exquisite dining experiences.
Embark on a golfing adventure and experience the finest golf courses that Edmonton and its surroundings have to offer!
Mountain Biking
Edmonton boasts an impressive network of mountain biking trails suitable for a range of skill levels, from beginners to advanced riders. The city's River Valley, which is the largest urban parkland in North America, is home to over 150 kilometers of singletrack trails. These trails vary from mellow paths winding along flatter areas to more challenging tracks with climbs and descents in and out of the river valley and ravines, providing a diverse and enjoyable biking experience throughout the seasons.
Some of the notable mountain biking trails in Edmonton include:
Strathcona Science Park: This is an intermediate-level singletrack trail, offering a good mix of terrain over its 4-mile length. It's a popular choice for local mountain bikers.
Fort Saskatchewan Hidden Gold: Located in Fort Saskatchewan, this 11-mile intermediate trail is well-regarded in the mountain biking community.
Terwillegar Park: A beginner-friendly trail spanning 6 miles, ideal for those new to mountain biking or looking for a more relaxed ride.
Capilano Loop: An intermediate 14-mile trail, Capilano Loop provides a longer ride for those seeking a bit more of a challenge.
Mill Creek Ravine (South): This 9-mile trail is suitable for beginners and offers a scenic ride through one of Edmonton's popular ravines.
Festival City:
It's not well known, but Edmonton was recognized in 2019 for having the youngest demographic among major cities in Canada. The average age here is 36 which means we have an active, engaged citizenship that, well, loves to party!
With over 50 Festivals each year Edmonton is Festival City!
Winter Festivals (January - February): The city welcomes the new year with a flourish of festivities. The Deep Freeze Festival, Chiseled Ice Carving Competition, and Flying Canoe Volant pay homage to French-Canadian and First Nations legends. February brings the Silver Skate Festival and the International Festival of Winter Cinema, where winter sports and outdoor cinema take center stage.
Spring Festivals (March - May): As the temperature rises, Edmonton comes alive with a series of vibrant events. In March, the Downtown Defrost Festival kicks off the season in style. May brings the Sprouts New Play Festival for Kids, the Downtown Spark Festival, and the UFest Ukrainian Festival, showcasing the city's diverse cultural heritage.
Summer Festivals (June - August): Edmonton sizzles with excitement during the summer months. July is packed with must-see events such as the International Children's Festival of the Arts, the Alberta Circus Arts Festival, and the Edmonton International Street Performer's Festival. And let's not forget Klondike Days (Capital Ex), the ultimate summer extravaganza with thrilling rides and games. August treats theater enthusiasts to the vibrant performances of the Edmonton Fringe Theatre Festival.
Fall Festivals (September - December): As the leaves turn golden, Edmonton's festival scene continues to impress. September brings the renowned Edmonton Expo, offering a unique experience for pop culture enthusiasts. In October, cinephiles can delight in the Edmonton International Film Festival. And in November, Farmfair International celebrates the region's rich agricultural heritage, creating a memorable experience for all.
Edmonton's Cultural Scene: A Vibrant Tapestry of Experiences
Museums and Art Galleries:
Royal Alberta Museum: Delve into Alberta's captivating natural and human history at this world-class museum. Engage with interactive exhibits showcasing dinosaur fossils and indigenous artifacts.
Art Gallery of Alberta: Discover a rich collection of contemporary and historical art in the striking, architecturally renowned building designed by Randall Stout. Local and international artists take center stage here.
Science and Learning Centres:
Telus World of Science: Ignite your curiosity at this interactive science centre, perfect for all ages. Immerse yourself in hands-on exhibits, captivating IMAX movies, and mesmerizing planetarium shows.
Theatre and Performing Arts:
Citadel Theatre: Unleash your passion for live theater at Edmonton's premier venue. Experience a diverse lineup of performances, from Broadway musicals to Shakespearean plays and contemporary dramas.
Nightlife and Entertainment:
Whyte Avenue: Embark on a vibrant nightlife adventure along Whyte Avenue. Immerse yourself in a lively atmosphere with a plethora of bars, clubs, and live music venues.
Downtown Edmonton: Indulge in an upscale experience at sophisticated bars and lounges offering breathtaking city views.
Shopping:
Old Strathcona Farmers’ Market: Delight in the bustling year-round market, showcasing a wide variety of vendors and their offerings.
West Edmonton Mall: Embark on a shopping extravaganza at one of North America's largest malls. Explore an impressive selection of luxury brands, entertainment attractions, and recreational activities. From indoor amusement parks to exclusive boutiques, this mall is a haven for every shopper.
Restaurants:
Edmonton's restaurant scene is as diverse and vibrant as the city itself, offering a plethora of culinary experiences that cater to a variety of tastes and preferences. The city boasts a rich tapestry of eateries, ranging from upscale fine dining establishments to charming bistros, and from international cuisine to locally-inspired dishes.
Downtown Dining:
Edmonton's downtown area is a food lover's paradise, boasting a variety of upscale restaurants. Among these is Hardware Grill, a staple in Edmonton's dining scene known for its innovative Canadian cuisine, and Canteen, a casual spot serving inventive comfort food.
Ethnic Eateries:
Edmonton's multicultural landscape is reflected in its food scene. Padmanadi Vegetarian Restaurant serves delicious vegan and vegetarian dishes, while Blue Nile offers a taste of authentic Ethiopian cuisine. For those craving Asian flavors, NongBu Korean Eatery and Dorinku Tokyo Street Food are popular choices.
Local Favorites:
Local ingredients and Alberta’s agricultural bounty take center stage at places like RGE RD, where the farm-to-table philosophy is embraced. The Butternut Tree, meanwhile, offers a menu that reflects Canada’s landscape, climate, and culture.
Bakeries and Cafés:
Edmonton is home to a number of artisanal bakeries and cafés. Duchess Bake Shop on 124th Street has been ranked one of the best bakeries in the world, known for its delicious pastries and elegant atmosphere. Transcend Coffee and Remedy Café are popular spots for locally-roasted coffee and unique blends.
Food Trucks and Markets:
Edmonton’s food truck culture and markets are not to be missed. What The Truck?! events showcase the city's best food trucks, while Strathcona Market and the 124 Grand Market are great places to sample local food and shop for fresh produce.
All these spots contribute to Edmonton's culinary scene, making it a prime destination for food lovers everywhere.
Unique Attractions in Edmonton
Edmonton offers a plethora of unique attractions that captivate the hearts and minds of both locals and tourists. The Edmonton Valley Zoo is one such destination that is home to over 350 exotic and native animals, making it a perfect outing for families. For history enthusiasts, the Fort Edmonton Park provides a fascinating insight into Edmonton's past with its living history museum.
The Alberta Legislature Building, with its majestic architecture and beautiful gardens, offers guided tours that reveal the province's political history. For nature lovers, the Elk Island National Park offers tranquil landscapes and an opportunity to see bison, elk, and over 250 bird species in their natural habitat. Finally, the High Level Bridge Streetcar offers a unique experience where visitors can enjoy panoramic views of the city and the river valley from a historic streetcar.
West Edmonton Mall: One of the most iconic shopping destinations in North America, West Edmonton Mall is a marvel of architecture and consumer culture. With an impressive selection of over 800 stores and services, the mall offers an unparalleled shopping experience. But what truly sets it apart is its vast array of entertainment and recreational facilities. It features the world's largest indoor amusement park, Galaxyland, complete with roller coasters and fun rides for all ages. For water enthusiasts, there's the World Waterpark, boasting the world's largest indoor wave pool and numerous exciting water slides. You can also explore the Sea Life Caverns, an underground aquarium that houses over 100 species of fish, sharks, sea turtles, penguins, and reptiles. The mall also boasts an ice skating rink, mini-golf course, movie theaters, and a host of dining options, making it more than just a shopping destination, but a place to spend quality time with friends and family.
Each of these unique attractions adds to the charm of Edmonton, making it a city worth exploring.
Quality of Life:
Despite its affordability, Edmonton does not compromise on the quality of life. The city prides itself on high-standard healthcare and education — critical considerations for those looking to raise children in a supportive environment.
Education in Edmonton:
Edmonton holds a reputation for excellent education standards, and the city's school systems prioritize quality learning experiences. The city's public and Catholic school boards, Edmonton Public Schools and Edmonton Catholic Schools, operate numerous institutions across the city, offering a diverse range of programs to accommodate student needs.
Public Schools:
Edmonton Public Schools: As one of the largest school divisions in the province, Edmonton Public Schools offers a broad array of programs and courses. With over 200 schools, families can find the right educational fit, whether that's in arts, language, or science-focused programs.
Catholic Schools:
Edmonton Catholic Schools: This faith-based school system operates over 90 schools, offering a holistic approach to education that encompasses both academic and spiritual development.
Charter Schools:
Edmonton also boasts several private and charter schools, providing even more options for personalized learning experiences.
Post-Secondary Education in Edmonton:
Edmonton is home to several esteemed post-secondary institutions, fostering a rich and diverse academic environment.
University of Alberta: This top-ranked university offers a wide range of programs in disciplines like Science, Engineering, Business, and Arts. With a strong focus on research and innovation, the University of Alberta attracts students from around the globe.
MacEwan University: Known for its focus on teaching and student support, MacEwan provides a variety of undergraduate programs, including Commerce, Nursing, and Fine Arts.
Northern Alberta Institute of Technology (NAIT): This leading polytechnic offers practical, hands-on education in areas like Business, Health Sciences, and Technology.
NorQuest College: Catering primarily to adult learners, NorQuest provides comprehensive educational programs that prepare students for careers in Health, Community Studies, and Business.
Concordia University of Edmonton: An independent, degree-granting university that offers undergraduate and graduate programs in a small, supportive academic community.
These institutions not only contribute to the city's vibrant academic culture, but also provide valuable training and research that fuel Edmonton's growing economy.
Healthcare in Edmonton:
Edmonton provides its residents with high-quality healthcare services, operating under the universal healthcare system of Canada. The city houses top-notch hospitals and medical facilities, ensuring access to comprehensive healthcare for all. The Royal Alexandra Hospital and University of Alberta Hospital stand out as two of Edmonton’s most significant medical institutions. The Royal Alexandra Hospital is one of Canada's largest and longest serving hospitals, providing a range of clinical services to Edmonton and its surrounding area. The University of Alberta Hospital is one of Canada's leading clinical, research, and teaching hospitals, offering specialized services for heart surgery, neurology, organ transplants and trauma care. Additionally, the healthcare scene in Edmonton is marked by numerous clinics and health centres that cater to various health needs, including family medicine, chronic disease management, mental health, and women's health. With a focus on both preventive and curative care, Edmonton's healthcare system is designed to promote and protect the health of its residents.
Making an Informed Decision
"Is Moving to Edmonton a Solution to My Financial Situation?" This question beckons reflection on more than just financials — it compels you to consider the quality and essence of life you aspire to. With a favourable cost of living, a diversified job market, and a supportive community lifestyle, Edmonton could very well be the smart financial and lifestyle choice for those looking to start afresh.
As with any significant life decision, information is your most valuable asset. Utilize the numerous resources available to gauge whether Edmonton aligns with your financial goals and lifestyle desires. Could Edmonton be your family's new horizon? The answer lies in the balance of economic practicality and the pursuit of a fulfilling life.
Are you trying to figure out how it would work out for you? Contact us. We’ve helped many families get from where they are to where they want to be.
