Okanagan housing prices drive exodus to Alberta and beyond

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Cheaper housing, higher wages lure families east

The sunshine and beauty are assets, but high housing costs are driving some Okanagan residents back to the Prairies.

She’s 32-years old, has three children and a good income, but Andie is moving back to Alberta because it’s just too expensive in Kelowna.

The cost of living, especially housing, is forcing her to go back to Edmonton, where she grew up.

Andie came to the Okanagan in 2011 and pays $2,300 a month for what she describes as a very small, three-bedroom apartment. For a time, she shared it with her mother, to help cover costs.

“I have a full-time job, but I’m expecting. So, once I leave my job my income is going to go down and the cost of renting here is too high for our incomes,” she says.

Andie says what she can find in Edmonton is half the cost and much bigger. She can also stay with relatives while she looks for a new job and home. She adds that the options for school and childcare are also better.

Unfortunately, the move is going to split up her family.

“My oldest is 12. He wants to stay because his friends and school and life is here,” she says. He will be living with his dad.

“My other middle child is 10 and he wants to come with mom. And I have a little five-year-old that’s just with me.”

Andie calls it very stressful. She earns $3,600 a month in Kelowna as a legal assistant but she suspects she will make that or more in Alberta.

Another woman who answered a question on the Kelowna Moms Facebook page about leaving the Okanagan for somewhere more affordable said her family moved to Edmonton earlier this year.

“We moved in January and bought a house for $332,000. Four-bedroom three-bath 2,700 sqft. Daycare for two kids ages three and one is only $400 a month full-time,” Serena Husel Richardson posted. “My mortgage is cheaper than when we were paying for rent…. Honestly the only thing I miss about Kelowna is the nature… but we will just vacation there as we now have wayyyyy more money to do so!”

It’s not just young families that are leaving.

Kaye and Bob Chisholm of Brainy Bee Honey on Valley Road are returning to Saskatchewan after 22 years in the Central Okanagan.

“We’re going to sell this property and we’re going to move back to Saskatoon. We lived in Saskatoon before we moved here,” says Kaye, who acknowledges they’ll have to get used to Prairie winters again. “It is a known factor. It’s not like we’re going to something we don’t know.”

The exodus to the east is being watched by the Calgary Real Estate Board.

Chief economist Ann-Marie Lurie says they are seeing a shift in migration patterns with people starting to move back from other provinces, although fourth-quarter 2021 numbers still showed Alberta losing more people to B.C. She adds that it will be interesting to see if the first-quarter 2022 stats indicate a change in flow.

Calgary home prices fell along with oil prices nearly a decade ago and slipped even further during the pandemic. They have been climbing back up to 2014 levels in recent months. However, the median single-family home price is still well below Kelowna, at $629,000 in April.

“And we just went above $600,000. We were at $550,000 by the end of last year,” she adds.

Condo prices in Alberta’s largest city have not recovered from the pandemic hit.

“They’re still 10 per cent below where they were, unadjusted for inflation, back in 2014. And you put some perspective on that in price, and our condo prices–sort of like the average resale condo is under $300,000,” explains Lurie.

She notes outlying communities like Airdrie and Cochrane are even more affordable than Calgary. The benchmark price in Airdrie is $480,000 and in Cochrane, it’s $530,000.

Edmonton is also a relative bargain. The average April price for a three-bedroom home was $446,000.

Lurie points out that there has been job growth recently, especially in professional services that tend to come with better salaries, including in the tech sector and in the oil and gas industry.

“Coming from the fact we struggled for so long it is a nice change to see that growth. And we’re finally seeing it impact flows. What we were seeing during the pandemic was people were generally leaving to go to other provinces and we’re finally starting to see a turnaround in that,” she says.

She adds that it’s nice to see Alberta with a bit of an advantage after everything it’s been through.

“We don’t mind having them come back,” Lurie says.

Andie sums up what a lot of people in the Central Okanagan might be feeling right now.

“We pay for the sunshine and beauty here, I guess.”

But for her, that price is now too high.

Canadian Western Bank moving HQ to centre-ice Edmonton

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Bank will be the anchor tenant in last office tower in the ICE District in downtown of Alberta’s capital

Canadian Western Bank (CWB) will move its corporate headquarters into a new 16-storey office tower currently being built in downtown Edmonton.

Chris Fowler, chief executive officer of CWB, told the Real Estate News Exchange the move into the new space of 200,000 square feet will accommodate future growth plans for the financial institution.

CWB will be the anchor tenant in Edmonton’s ICE District’s last available tower that overlooks ICE Plaza. The tower will be named after CWB.

Currently, CWB’s headquarters is in the Canadian Western Bank Place tower at Jasper Avenue and 103rd Street. The company has been in that building since 1995, growing from two floors to 12 floors in about 150,000 square feet.

Fowler said the total bank staff comprises about 2,600, with 1,200 employees in the corporate office in Edmonton.

The tower will include a bank branch on the main floor, a mezzanine lobby and nine floors of CWB office space.

CWB is a full-service financial institution with a focus on the financial needs of businesses and their owners. It was founded 38 years ago by local entrepreneurs and has grown to $1 billion in annual revenue.

ICE District offers many amenities, including restaurants, retail, public plaza, fitness facilities and grocer, 3,000 new underground parking stalls, proximity to LRT, and access to downtown’s pedway network.

Flexible workspaces and fluid design will hallmark the street-level banking centre, second-floor lobby and office floors above, according to CWB.

Designed to LEED (Leadership in Energy and Environmental Design) Gold and WELL Gold Standards, the tower will also maintain a focus on environmentally sustainable building standards.

The vacancy rate for new Class AAA office space in Edmonton’s financial district as of the fourth quarter of 2021 was 11.9 per cent, according to Avison Young, compared to an overall downtown vacancy rate of higher than 17 per cent.

ICE District is the largest mixed-use sports and entertainment district in Canada. ICE District Properties, a mixed-use development surrounding Rogers Place and Ford Hall, is being developed through a Katz Group and ONE Properties joint venture.

214, 45 Inglewood Drive : St. Albert : E4292075

Welcome to this 1 bedroom, 1 bathroom, 573sq.ft condo in Inglewood!
 

 

MLS#: E4292075 Here’s your chance to live in one of St. Albert’s most desirable condo complexes! Welcome to Sierras of Inglewood, the only building in St. Albert with an INDOOR SALT WATER POOL! Plus a sauna, hot tub, exercise room, library, HEATED UNDERGROUND PARKING, car wash, workshop, and more! This unit comes to you with AIR CONDITIONING, in-suite laundry, and is WEST-FACING with a BALCONY! Featuring updated floors and paint, this unit offers 1 bedroom plus a 4-piece bath. The balcony also has a gas BBQ hookup! Sierras of Inglewood is a 35+ ADULT ONLY building in a prime location close to restaurants, shopping, public transit, and more!
 
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13, 3090 Cameron Heights Way : Edmonton : E4291880

Welcome to this 2 bedroom, 2.5 bathroom, 1,295sq.ft bungalow half duplex condo in Cameron Heights!
 

 

MLS#: E4291880 Welcome to the stunning River’s Edge Villas, a 55+ ADULT-ONLY COMMUNITY along the North Saskatchewan River! Live the height of luxury in this beautiful bungalow with WALKOUT BASEMENT! The great room concept is bright and airy thanks to the vaulted ceilings and southwest-facing windows and garden doors out to the balcony! The dining area is spacious enough for a dining room set, and is open to the ISLAND KITCHEN with GRANITE COUNTERS and gleaming stainless steel appliances! Down the hall you’ll find the serene and spacious primary bedroom, which offers a 5-piece ensuite with soaker tub and walk-in glass shower, plus a walk-in closet! The WALKOUT BASEMENT boasts a large family room with a wet bar and plenty of space for a media area and a home office space or games table! Garden doors lead out to the screened-in sunroom! Plus, the double attached garage boasts EPOXY FLOORS and is heated! River’s Edge Villas backs onto ponds with walking paths, with access to ravines and trails all around!
 
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SOLD! : 206, 507 Albany Way : Edmonton

Don Cholak just SOLD this 2 bedroom, 2 bathroom condo in the Albany area of Edmonton!
 

 
SOLD for 99% OF LIST PRICE in just 2 DAYS!
 
 
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10740 129 Avenue NW : Edmonton : E4290174

Welcome to this 3 bedroom, 4 bathroom, 1,453sq.ft 2-storey half duplex in Lauderdale!
 

 

MLS#: E4290174 STYLISH and SPACIOUS! This 1,456 square foot 2-storey half duplex showcases all the contemporary finishes and plenty of living space! Enjoy sunlight all day in the living room thanks to the 3 south-facing windows. The modern island kitchen offers stone counters and stainless steel appliances – including a gas stove! The dining room offers plenty of space for family dinners and holiday gatherings. Completing the main floor is the mudroom with laundry and a 2-piece bathroom. Upstairs you’ll find 2 bedrooms, a 4-piece bath, and the master retreat featuring a 5-PIECE ENSUITE with soaker tub! The FULLY FINISHED BASEMENT boasts an expansive family room, as well as another 4-piece bath. The yard is fenced has a deck with gas BBQ hookup, and offers access to the 20×21 foot DOUBLE GARAGE! All located close to greenspace and parks, schools, leisure center, and public transportation!
 
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206, 507 Albany Way : Edmonton : E4287381

Welcome to this 2 bedroom, 2 bathroom, 755.63sq.ft condo in Albany!
 

 

MLS#: E4287381 A beautiful condo in a prime location! Backing onto greenspace with walking paths, and just a few minutes from shopping, restaurants, and more! This unit boasts 2 bedrooms, 2 bathrooms, and a titled UNDERGROUND PARKING STALL with storage cage! The open concept features a modern island kitchen with quartz counters, stainless steel appliances, and a breakfast bar. The living room offers patio doors out to the covered deck overlooking greenspace! To one side of the unit you’ll find the primary bedroom, with dual closets and 3-piece ensuite with stand-up shower. Across the unit you’ll find the second bedroom and the main 4-piece bath. This unit also features IN-SUITE LAUNDRY and pantry storage. The complex’s proximity to the Anthony Henday makes for an easy commute to work, or utilize the nearby public transit!
 
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417, 17415 99 Avenue : Edmonton : E4287305

Welcome to this 2 bedroom, 2 bathroom, 1,047.34sq.ft condo in Terra Losa!
 

 

MLS#: E4287305 TOP NOTCH ON THE TOP FLOOR! This IMMACULATE 2-bedroom, 2 bathroom condo comes to you with CENTRAL A/C, IN-SUITE LAUNDRY, and HEATED UNDERGROUND PARKING – and all in an excellent central location! This unit features newer laminate flooring throughout, and there’s NEWER APPLIANCES in the kitchen! The spacious living room offers patio doors out to the east-facing balcony – perfect for enjoying your morning coffee in the sunshine! The primary bedroom boasts ample space for a whole bedroom set, and offers dual walk-through closets to the 3-piece ensuite with stand-up shower. Opposite the unit you’ll find the main 4-piece bathroom and generous second bedroom. The fan coil for the heating system was updated in the last 3 years. Enjoy additional storage space in the storage cage that comes with the underground parking stall! Located within walking distance of shopping, restaurants, parks, with easy access to public transit!
 
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312, 15105 121 Street : Edmonton : E4285446

Welcome to this 2 bedroom, 1 bathroom, 776.08sq.ft condo in Caernarvon!
 

 

MLS#: E4285446 TOP FLOOR 2-BEDROOM CORNER CONDO in an ADULT-ONLY BUILDING! Condo fees include heat, electricity, and water/sewer! Recent upgrades to the building include windows, shingles, vinyl siding, and resurfaced parking lot! This unit features a spacious living room with patio doors out to the north-facing balcony. The dining area is open to the galley-style kitchen with white cabinets and appliances. Down the hall you’ll find 2 bedrooms and the main 4-piece bath. This unit also features an in-suite storage room! The building backs onto a large park with walking paths! Located close to the Castle Downs YMCA, shopping, restaurants, library, plus easy access to public transit!
 
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St. Albert Real Estate Statistics for February 2022

A total of 76 homes SOLD in St. Albert this month. The highest priced home SOLD in St. Albert this month was a 3 bed, 5 bath, 2136 square foot home for $1330000, and the lowest was a 3 bed, 2 bath, 1181 square foot home for $262500, bringing the average to $557762 for 3 beds, 3 baths, and 1850 square feet.

CLICK HERE! to view all current St. Albert homes for sale by Don Cholak.

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Akinsdale St. Albert Real Estate Statistics for February 2022

A total of 4 homes SOLD in Akinsdale this month. The highest priced home SOLD in Akinsdale this month was a 4 bed, 4 bath, 2313 square foot home for $565000, and the lowest was a 4 bed, 3 bath, 1195 square foot home for $325000, bringing the average to $393250 for 3 beds, 3 baths, and 1454 square feet.

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Braeside St. Albert Real Estate Statistics for February 2022

A total of 5 homes SOLD in Braeside this month. The highest priced home SOLD in Braeside this month was a 6 bed, 4 bath, 2097 square foot home for $624900, and the lowest was a 4 bed, 2 bath, 1665 square foot home for $349000, bringing the average to $439080 for 4 beds, 3 baths, and 1258 square feet.

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Deer Ridge St. Albert Real Estate Statistics for February 2022

A total of 12 homes SOLD in Deer Ridge this month. The highest priced home SOLD in Deer Ridge this month was a 5 bed, 4 bath, 2267 square foot home for $611900, and the lowest was a 4 bed, 4 bath, 1638 square foot home for $414900, bringing the average to $470212 for 4 beds, 3 baths, and 1840 square feet.

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Erin Ridge St. Albert Real Estate Statistics for February 2022

A total of 6 homes SOLD in Erin Ridge this month. The highest priced home SOLD in Erin Ridge this month was a 4 bed, 3 bath, 2230 square foot home for $915000, and the lowest was a 2 bed, 3 bath, 1223 square foot home for $436000, bringing the average to $586416 for 3 beds, 3 baths, and 1938 square feet.

CLICK HERE! to view all current Erin Ridge homes for sale by Don Cholak.

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Ready-to-sellAre you looking to sell your home in Erin Ridge? Don Cholak has decades of expertise and experience in Erin Ridge and is ready to help you sell your Erin Ridge home today! Just click the big red button above or call Don at 780-718-8400.

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Erin Ridge North Real Estate Statistics for February 2022

A total of 8 homes SOLD in Erin Ridge North this month. The highest priced home SOLD in Erin Ridge North this month was a 3 bed, 5 bath, 2136 square foot home for $1330000, and the lowest was a 3 bed, 3 bath, 1915 square foot home for $500000, bringing the average to $741237 for 3 beds, 3 baths, and 2048 square feet.

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Grandin St. Albert Real Estate Statistics for February 2022

A total of 4 homes SOLD in Grandin this month. The highest priced home SOLD in Grandin this month was a 4 bed, 2 bath, 1131 square foot home for $560333, and the lowest was a 4 bed, 2 bath, 1078 square foot home for $335000, bringing the average to $461458 for 4 beds, 2 baths, and 1429 square feet.

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Heritage Lakes St. Albert Real Estate Statistics for February 2022

A total of 1 home SOLD in Heritage Lakes this month. The home SOLD in Heritage Lakes this month was a 4 bed, 3 bath, 1481 square foot home for $451000.

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Jensen Lakes St. Albert Real Estate Statistics for February 2022

A total of 7 homes SOLD in Jensen Lakes this month. The highest priced home SOLD in Jensen Lakes this month was a 5 bed, 4 bath, 3069 square foot home for $1290467, and the lowest was a 3 bed, 3 bath, 1423 square foot home for $415000, bringing the average to $691259 for 3 beds, 3 baths, and 2058 square feet.

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Kingswood St. Albert Real Estate Statistics for February 2022

A total of 3 homes SOLD in Kingswood this month. The highest priced home SOLD in Kingswood this month was a 3 bed, 4 bath, 2855 square foot home for $1100000, and the lowest was a 4 bed, 2 bath, 1432 square foot home for $441000, bringing the average to $747000 for 4 beds, 3 baths, and 2521 square feet.

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Lacombe Park St. Albert Real Estate Statistics for February 2022

A total of 7 homes SOLD in Lacombe Park this month. The highest priced home SOLD in Lacombe Park this month was a 4 bed, 5 bath, 3473 square foot home for $950000, and the lowest was a 3 bed, 2 bath, 1033 square foot home for $270000, bringing the average to $578142 for 4 beds, 3 baths, and 1994 square feet.

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