There has been an increasing number of homeowners moving from BC to Alberta in recent years, mainly for the affordable housing options and employment opportunities. They can find more property for less price in Alberta.
Scott owned a home on Vancouver Island and over the last three years, saw his property increase in value.
He worked remotely with an employer based out of the Edmonton area for the past year and made the decision to transition his family to Alberta.
The housing cost is more affordable and they could purchase an acreage with more space for less cost than it would be in British Columbia with a comparable mortgage.
We looked at a couple different options including porting his mortgage to the property in Alberta.
However, we decided to do a new mortgage, extending the amortization period. This helped with keeping his mortgage payment lower for the new property.
As his home had significantly increased in value on the Island, he was able to not only put down 20% on his new home in Alberta, but also pay off all his unsecured debt!
If you are doing an inter-provincial move, moving from BC to Alberta, Ontario to Alberta (or anywhere across the country!) let’s chat and look at all your options.