1. HOUSING
During the last handful of years, we've experienced an increase in rental prices. This was true even when the cost to buy a home was going down, rent still seemed to just get higher.
Here are average price ranges for what you expect to pay for a rental in Airdrie.
Keep in mind these are all plus utilities and will depend on how nice the finishes, the condition of the unit/property, and of course the size.
There are quite a few 3 bedroom townhomes advertised for rent right now and they are all currently sitting around that $2,200 mark.
To purchase a home in Airdrie, our overall benchmark price is $487,200, which is definitely low compared to other cities in Canada. Montreal's benchmark price is close to ours, but slightly higher at $495,000. Just a few minutes south of us in Calgary, you'll see a jump of about $40,000 up to $530,900. In Ottawa there's a benchmark price of $605,000, and then things really start to climb. If you look at Victoria right now, they've got a benchmark price of $870,3000. Then for our 2 most expensive cities in the country, Toronto is at $1,078,900 and Vancouver is at $1,114,300. That Vancouver benchmark price is actually down almost 13% from their peak last year believe it or not.
So, you can see just how affordable Airdrie is compared to other places in Canada. Plus, when you couple that with the career and growth opportunities, it's no wonder why people are making the move here from bigger cities in other provinces.
All styles of homes are up just in the two first months of the year about 2%, and it looks like we're going to be continuing that of growth for the foreseeable future due to all the demand. So if you plan to buy soon, I predict you see some good appreciation in the next few years.
2. UTILITIES
These examples will be based off of a typical 1,800 sq.ft 2 storey family home. Your average gas and electricity bill will be about $300 a month, spread across the entire year. This will depend on your provider, rate, and time of year. For internet, the average spend is give or take $75 per month. For city utilities (water, sewer, and garbage, recycling, and organics collection), this bill will likely range from $120 - $150 depending on your water usage.
3. GROCERIES
We've seen some big changes in food prices in the recent years, and not really in a good way. Alberta is one of the worst for food inflation, seeing the 2nd highest in Canada overall at 10.8%. The only other province that was higher was Quebec at 11%. Bakery items saw the highest price increase at 15% in 2022 and things are expected to continue to rise.
For 2 people I would expect to pay $300 - $500 a month for groceries, not including eating out or late night snack runs. For a family of 4, you'd be looking at around $700 - $900. These are just ballpark figures and a relatively budget friendly prediction.
If you want to know how much homes are selling for in a specific neighbourhood, I provide a FREE monthly market report sent out by email. Click the button below to go fill out my market update request form!
4. TRANSPORTATION
On average, the typical car insurance will cost you about $1,300 a year, which is basically right in line with the national average. This puts us slightly cheaper than British Columbia and Ontario, and a tad more expensive than our neighbour Saskatchewan.
For public transportation, the Airdrie ICE monthly bus pass is $67.80. This system will take you to various areas in Airdrie and has a handful of other stops like downtown Calgary and Cross Iron Mills.
Now, when comparing Airdrie's gas prices to other places around the province, we actually end up on the high end. But, Alberta in general is usually the cheapest amongst the provinces, right now sitting 17 cents cheaper than anywhere in Canada. Right now, the cost of regular fuel is $1.33 per litre, just a bit more expensive than larger cities like Calgary, Red Deer, and Edmonton. As for diesel, you're looking at $1.42 per litre.
5. TAXES
For sales tax, Alberta only has a 5% Goods and Services tax, which sure beats the 12% in BC or 13% in Ontario including HST.
Our income taxes in Alberta are generally cheaper and easier to understand than most other tax bracket systems. We have the smallest range in percentages in tax brackets, starting a little bit higher, but on the high end being a bit lower.
Ultimately, this means if you make over $50,000 per year, you're going to be paying less taxes on that income and if you make less than $50,000 it will be a bit more here.
The property tax rate here in Airdrie in 2022 was 0.00719270%, meaning they take your accessed value and multiply by this tax rate to get your property taxes for the year. For example, on a $500,000 home you're looking at $3,596, for a $300,000 value home it will be $2,157, and on a $700,000 home you'll pay $5,394 per year.
If you are a buyer and looking to get your home search underway, I would love to help! Click the button below to go fill out my buyer consultation request form!
Check out my YouTube video below where I go over everything in this blog post and subscribe to my channel if you want to see more Airdrie related content!
- Brad Walker
Kommentare