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Your First Time: The Guide to Edmonton Condo Costs

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Purchasing your first Edmonton home.

There’s nothing more exciting than purchasing your very own condo! With Edmonton currently in a buyer’s market, it’s time to take your next big life step.

Carrington Communities is here to make sure you’re prepared with your first-time home buyer’s bundle. This snippet focuses on all of the associated costs you may not expect when purchasing your first home, so you have an idea of how much you really should have put away.

Condos Fees

Buying a condo is great if you’re looking for a maintenance free lifestyle…no shoveling the sidewalk in the winter or keeping your thirteenth pet plant alive in the summer!

However, one of the most obvious homeowner costs is the condo fee. Each condominium complex has a condo association which oversees building maintenance, insurance and some utilities, paid for buyer condo fees. Carrington condos have fees which can cost approximately $0.35 per square foot in our Elements condos.

Tax

Property tax: Property tax is the deduction you will pay on your condo based on the value of your property.

For first-time home buyers purchasing condos costing between $150,000 - $250,000, expect to pay between $1,362 - $2,270 for annual property taxes in Edmonton. The City of Edmonton website has a property tax calculator for easy assessment and current tax rates here. There is also the possibility to pay your property tax monthly with your mortgage so you don’t have the added hassle of one more monthly payment.

When purchasing a home there may be an adjustment in your closing statement to account for any property tax paid ahead of time. You can expect to hear from your municipality to set up
your own payments shortly after you take possession.

Moving Costs

You’re all ready to get out of your rental and into your first home, but the move can be pretty tough. If you are looking to truly make your first condo your home, you’ll want to decorate and order new items to personalize your space. It’s great to pre-order décor you're missing so it comes as soon as you move in and schedule movers to make moving day stress free. Companies like Move Coordinators offer Edmonton services at competitive rates and even give helpful resources like a moving checklist, you can even use the cost of movers as a tax write-off (just make sure you keep your receipt).

For the full guide to condo costs when purchasing your first Edmonton home, download the PDF below. You will gain access to all of the information you need to know regarding lender application fees, closing costs, insurance, utilities, and overall takeaways! 

Your Full Guide to Condo Costs

We are rolling out our first-time home buyer's bundle throughout the month of November so every first-time condo buyer is equipped with the information they need to purchase their first condo in the Edmonton market. This is part one of coming one step closer to your first home! 

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