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Residential real estate: More bang for the buck in Alberta

Homebuyers in the west can weigh their options between Alberta and British Columbia, but chances are there's no contest when it comes to what money can buy in Edmonton versus Vancouver. For those who are qualified for a couple million when it comes to a residential real estate purchase, Alberta will definitely get them more house for their dollars. Shelling out $3 million for a property in Vancouver will maybe get a purchaser an old fixer upper, while for the same price, a purchaser can buy a bungalow in the foothills in Alberta with a stunning mountain vista view.

A Vancouver realtor says homes in the $3 million range in Vancouver would likely need renovations or perhaps even need to be rebuilt. The same money can go a lot further in Alberta. For instance, a single bedroom home in the foothills was recently listed for $2.9 million and even though it only has one bedroom, there are benefits to the 704-square-foot space. The small home, which was designed by the same architect Bill Gates used for his home, has a spectacular view and it sits on 500 acres of land.

Residential real estate prices differ in various areas of Canada. Purchasers who are not tied to a specific area are likely to get a better deal. It may be wise to shop around if that's the case.

Whether buying or selling property, residential real estate deals can get very complex. It is especially wise to get the help of a lawyer in Alberta who is experienced in real estate law to help with any deals. A lawyer will ensure his or her client's best interests are looked after in any real estate contracts.

Source: cbc.ca, "An Alberta bungalow with views of the Rockies or a 'piece of poo' in Vancouver? Life on a $3M budget", Jon Hernandez, Dec. 15, 2017

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