Navigating Mortgages: Moving from BC to Edmonton or Alberta

Edmonton, the capital city of Alberta, has been drawing more and more attention from individuals looking for a change in their lives. The reasons behind this migration are compelling – abundant job opportunities, affordable real estate, a higher standard of living, increased savings potential, a wide array of amenities, and a more relaxed lifestyle compared to bustling metropolitan areas. If you’re considering making the move from British Columbia to Edmonton, you might be eager to take advantage of these benefits. However, one crucial aspect to consider when relocating is how to secure a mortgage in Edmonton when you currently reside in BC. It’s not always as straightforward as you might hope.

Why Move to Edmonton?

Before diving into the complexities of securing a mortgage in Edmonton while residing in BC, let’s briefly explore why so many individuals are choosing to make this move.

Abundance of Job Opportunities:

Edmonton’s job market is flourishing, with a diverse range of employment opportunities in various industries, including healthcare, technology, energy, and more.

Affordable Real Estate:

Edmonton boasts some of the most reasonably priced real estate in Canada. This affordability allows you to achieve homeownership more easily.

Higher Standard of Living

With a lower cost of living and access to excellent healthcare, education, and recreational activities, Edmonton offers a higher overall quality of life.

Increased Savings Potential:

Lower housing costs mean more money in your pocket for savings, investments, or other pursuits.

Amenities Galore:

Edmonton offers a plethora of amenities, including parks, cultural attractions, shopping centers, and restaurants, ensuring you’ll never run out of things to do.

Less Rush Lifestyle:

Compared to larger cities like Vancouver and Toronto, Edmonton offers a more relaxed pace of life, reducing stress and improving overall well-being.

Now that you’re enticed by the prospect of living in Edmonton, let’s explore the crucial steps to secure a mortgage if you’re currently based in BC.

Getting a Mortgage in Edmonton When You’re From BC

Banks and Primary Residences: Banks in Edmonton might be hesitant to lend on primary residences to individuals who work in BC. The primary reason for this caution is that they believe you are not fully committed to residing in Edmonton until you have physically relocated.
How to Qualify at Most Banks

To overcome this challenge, you can take several steps to demonstrate your commitment to living in Edmonton:

Employment Letter for Remote Work:

Obtain an employment letter from your current employer, indicating that you can work remotely from Edmonton. This demonstrates that your job is not tied to your BC location.

Employment Transfer Letter:

If you are being transferred to Edmonton with the same company, provide an employment transfer letter to show your commitment to the move.

Purchase a Rental Property:

Consider purchasing a rental property in Edmonton with a 20% down payment. This investment can demonstrate your commitment to the local housing market.

Purchase a Second Home:

Similarly, buying a second home in Edmonton with a 20% down payment can showcase your intention to make the city your new residence.

Sell Your Home in BC:

If you currently own a home in BC, selling it and using the proceeds as a substantial down payment in Edmonton can be a convincing argument for banks.

The Top Secret Mortgage Solution

While the aforementioned steps can improve your chances of securing a mortgage in Edmonton, there is another option available for those who might not meet the standard bank criteria. Enter the “Top Secret Mortgage.”

This specialized mortgage solution is offered by a unique bank that is more accommodating to individuals in your situation. Here’s what you need to know:

BC Employment Accepted:

This bank accepts your BC employment as a valid source of income for mortgage approval.
Shelter Fee: There is a shelter fee of $750 for living in BC temporarily while securing the mortgage.
Down Payment: You can secure this mortgage with as little as 5% down payment.
However, it’s important to note that going directly to your bank with this information might still lead to a decline. To navigate the complexities of securing a mortgage in Edmonton from BC successfully, it’s advisable to consult with an expert who specializes in this type of financing. They can guide you through the process and increase your chances of approval.

Call me with any mortgage questions you have about moving from BC to Alberta.

Sean Rampersaud
Top 5% in Canada Mortgage Broker
780-278-4847
Email: [email protected]