Buying Real Estate in Alberta When You’re Moving from Out of Province

Moving to a new province and finding a new home can be quite exciting but overwhelming too, with lots of things to consider to make for a smooth move. HACK&CO is dedicated to help families save themselves from a three star experience in real estate. So, whether you're currently in British Columbia, Ontario or any other province and you're wanting to buy real estate in Edmonton, we're here for you.

During the pandemic, most of the people coming to Alberta to seek a more affordable lifestyle were headed to Calgary, but that trend has changed and Edmonton has been trending on websites like Realtor.ca as the most desirable affordable location in Canada. With the promises of lower interest rates continuing to be delayed, so many families are looking for better lifestyle in Alberta, even at the cost of moving across the country.

So how do you get from where you are to where you want to be when your experience is moving locally where you know all the neighbourhoods and understand the history of the market? Let's talk about it.

Getting to Know Edmonton's Real Estate Scene

The real estate scene in Edmonton has its quirks, and it's important to understand them for a smart purchase of a principle residence or a rental property. Factors like the local economy, vibes in different neighbourhoods, and market changes can be different from what you're used to back home and can impact your purchase price. The experience of a home purchase and the average price in Edmonton may surprise you, especially if you're from major centres like Vancouver or Toronto.

So, it's key to:

• Check out the most family-friendly neighbourhoods in Edmonton.

• Understand the average prices for different types of homes

  • What type of properties can you buy for around $300,000?

  • What type of properties can you buy for around $500,000?

  • What type of properties can you buy for around $750,000?

  • What type of properties can you buy for around $1,500,000?

• Get insights into the local economy and job market, especially if you're still looking for work in this province and not planning to work remotely.

Want more info on the market here? Check out HACK&CO's Youtube Channel, where we discuss the previous month's stats and share our daily experiences in the Greater Edmonton Area.

Choosing An Agent that can Cover the Distance:

The agent you choose will likely have the biggest impact on your purchasing experience. A REALTOR® is the quarterback of your property purchase team and their understanding of the market conditions, neighbourhoods, relocating, and properties could make or break your investment outcome and enjoyment of your next property. Great agents also have relationships with local lenders, home inspectors, and lawyers that they've done many smooth transactions with.

Agents that Can Help You Win From Afar...

• start with virtual meetings and consider this routine. They will have a presentation for out-of-province buyers if they do it regularly.

• work as part of a team so they won't drop the ball during your travel time by being on vacation or sick without coverage.

• have quality remote buying tools like e-signing, a quality camera for virtual showings, and video overviews of the paperwork you'll get explanations and additional information just like if you were with them in person.

• have dozens or hundreds of reviews on review sites like Rankmyagent.com that require MLS confirmation so that reviews are verified.

• NOTE: You can ask an agent to provide reviews from a few out of province buyers when you interview them. Here are HACK&CO’s Reviews.

Choosing a Lawyer in Alberta

Regardless of wherever you're buying from, the lawyer that registers you on title to a property in Alberta needs to be called to the bar in Alberta. This can be problematic because the meeting with the lawyer to sign documents is normally 10-14 days before you take possession and that means that many out of province buyers would be back where they live now preparing to move at that time.

Make sure you connect with a lawyer that...

• is licensed to practice in Alberta.

• can deliver a virtual signing experience or is able to refer you to someone who can sign with you where you are while the lawyer in Alberta processes the transaction.

Here's a list of lawyers that our HACK&CO clients have had good experiences with in the past.

Do Mortgage Lenders Need to Be Local?

Many mortgage lenders operate nationally so they can complete mortgage lending in Alberta from places like Ontario and BC. However, there are advantages to using a lender in the location you are going to considering applications are rarely done in person.

Alberta Mortgage Brokers...

• consider local lenders like ATB (Alberta Treasury Branch) that only operate in Alberta and brokers from other provinces likely won't have relationships there.

• help you understand the process so that you know to buy a principle residence in Alberta you'd need to provide proof of employment in Alberta. (Normally, job offers come before house offers.)

• understand local norms like Alberta not having costs like a land transfer tax and accurate estimates of things that lenders need like utilities and tax.

Here’s a list of mortgage lenders that our clients have had great experiences with in the past.

Here Are Some Conversation Starters for You and the Agents You Interview

• "If I'm going to be working in this area, and have kids at this age, what areas would you recommend for a good family experience that will still control my commute?"

• "What are the best resources for decisions related to schools?"

• "How can I plan my travel to Edmonton strategically so I'm there at the right time(s) for a good purchase experience?"

• "Can you recommend social media groups or community associations that would help me get feedback from people that live there?"

• "Can you give me a contrast of both markets? The differences in buying property in the province I'm living in to Alberta?"

• "What does a good deal look like in this city?"

• "What do Edmonton residents do for fun?"

• "How much money do I need for things like the home inspection, down payment, and other closing costs?"

Buying a home is a significant amount of money and whether you're moving to property one block over or one province over, careful planning and coordination is recommended to make sure you understand the home buying stages in Alberta and align your schedule accordingly. Building a support network with reliable real estate pros will make your transition into the Greater Edmonton Area smoother.

Wrapping It Up

Moving to Edmonton from another province can be an exciting journey for your family with the right prep and support. Take time to research and connect with agents, lawyers, and lenders who can offer the expertise and advice you need to find your new home. By following these steps and considering the advice given, your real estate purchase in Edmonton will feel less like a hassle and more like the exciting chapter it should be.

If you want to talk about it, we have a Fast Agent Hotline that can help you with information on any specific property or general information and resources on starting your home buying journey in Edmonton, Sherwood Park, St. Albert and surrounding areas.