As the fifth-largest city in Canada, Edmonton has a booming labour market, and an incredible real estate market, that remains amongst the most affordable in the country. Known as Canada’s festival city, Edmonton is home to many acclaimed attractions like West Edmonton Mall and various internationally recognized restaurants and entertainment centres.
Edmonton’s Housing Marketing
Edmonton is quickly growing due to the strength of Alberta’s economy. An RBC market survey found that homes in Edmonton are among some of the most affordable in Canada, costing approximately 31% of the typical household income.
Mortgages: Privates vs Traditional
Private mortgages are mortgages that are secured through non-traditional lenders, such as banks, and credit unions for individuals that have an unconventional financial portfolio. They can be provided by a combination of individuals (family), syndicates (private lenders), and mortgage investment corporations (investors that put their money together to do multiple deals at once). Traditional mortgages, on the other hand, are mortgages acquired from traditional lenders like banks.
If you are planning on purchasing a home, you should get in contact with Mortgage Makers, who have an understanding of the local housing and mortgage market in Edmonton. Whether you are looking into a private or a traditional loan, we help you shop for rates, so that you know you have made the best decision after having explored all of your options.
Variable prime – 1.05%
Prime rate 3.45%
Cal for details: (780) 436-0390