'Overlooked' Alberta city touted as the place to move to if you want to save money
An Alberta city of over 110,000 residents is being touted as the place to move to if you want to save your money.
Canadian real estate company Zoocasa says as Alberta sees massive net migration gains from Ontario and British Columbia, one city that is “often overlooked” is seeing some serious interest from prospective homebuyers looking to save some cash.
The company says the City of Red Deer is the place to be, with savings of up to $4,500 per year in rent by choosing it over Calgary to its south, and more than $1,000 over Edmonton to its north.
The average home price in Red Deer comes in at $393,700, which is a whopping 202 per cent cheaper than Vancouver, 171 per cent less than Toronto, and 48 per cent below Calgary.
“That price gap could save you hundreds of thousands, enough to reduce your mortgage stress, buy a vacation home, or even retire early,” Zoocasa quipped.
The City of Red Deer/Facebook
Zoocasa added that Red Deer has also seen a 49 per cent price growth over the past five years, outpacing Calgary and Edmonton’s single-detached markets, which rose by 45.6 per cent and 42.85 per cent, respectively.
Red Deer also seems to be seeing its own population boom, growing by 3.7 per cent year-over-year, and increasing by 7.55 per cent over the last five years, according to the Alberta government.
“We’re seeing more buyers relocating from across the country, especially from B.C. and Ontario,” says Zoocasa partner agent Neil Davis. “With Red Deer emerging as the next-largest centre after Calgary and Edmonton, it’s quickly gaining attention as a smart alternative.”
You can check out the full rundown from Zoocasa online.
Are you looking to make the move to Alberta or relocate within the province, and would you consider Red Deer? Let us know in the comments.