Alberta: A Fresh Start for Canadians Facing High Mortgage Renewals in 2025
If you purchased a home during the COVID years of 2020 and 2021, you likely secured an incredibly low mortgage rate—perhaps even below 2%. But as your renewal date approaches, reality is setting in. Interest rates have climbed significantly, and many homeowners now face a potential increase to 4.5% or higher. This could mean hundreds, even thousands, of extra dollars added to monthly mortgage payments.
Couple that with the skyrocketing cost of living in many provinces—from groceries and gas to childcare and extracurriculars—and it’s no wonder many Canadians are feeling the squeeze.
But there's hope.
Alberta: A Land of Opportunity
Alberta is beckoning with its affordable housing, high-paying job opportunities, and lower cost of living. Here’s why considering a move to Alberta could be beneficial for you:
Affordability: The average home price in Alberta is significantly lower than in Ontario and British Columbia. According to recent data, the average home price in Alberta is $503,502, compared to $884,761 in Ontario and a staggering $998,721 in British Columbia.
Thriving Job Market: With a diverse economy and abundant natural resources, Alberta offers numerous opportunities across various sectors, including energy, technology, agriculture, and healthcare.
Lower Cost of Living: Alberta boasts more affordable housing, lower taxes, and reduced expenses for everyday essentials, making it an attractive option for many families.
A Real-World Example
Imagine this scenario: You're an Ontario homeowner with a $500,000 mortgage at 1.8%. Your renewal is coming up, and you're facing a new rate of 4.5%. This means your monthly payment will increase by over $1,000! In Alberta, you could potentially purchase a comparable home for less, significantly reducing your mortgage principal and monthly payments, even with a slightly higher interest rate.
We’re Here to Help: Your Alberta Mortgage Experts
As a team of local Albertan mortgage brokers with over 15 years of combined experience, we understand the challenges you’re facing. We are here to help you explore your options and make informed decisions about your financial future.
Let’s Talk: Free Financial Review
We offer a free, no-obligation financial review to assess your current situation and explore whether an Alberta mortgage could be the solution for you. In our review, we will discuss:
Your existing mortgage and renewal options
Your financial goals and priorities
Potential Mortgage Solutions in Alberta
The affordability and lifestyle benefits of relocating
Our Commitment to You
We are not just about finding the lowest rate; we’re dedicated to finding the best mortgage product for your unique needs and long-term goals. Whether it’s a traditional mortgage, a home equity line of credit, or exploring alternative options, we’ll guide you every step of the way.
Don’t let rising rates and the high cost of living dictate your future. Embrace the possibilities that Alberta offers.
Reach out today for your free financial review. Let’s explore your options and create a plan for a brighter financial future in Alberta.
Source: CREAStats.com July 15th, 2024 provincial statistics.
