Budgeting for a cross-country move takes preparation, flexibility

The Forlers could see their family of five was growing fast and would soon need a bigger place to live. So they started to think farther afield.

Brandon Forler said he found their dream home in Cochrane, Alta., about 40 kilometres northwest of Calgary and a town he had never been to before. But before the Forlers could leave their split-level house in Paris, Ont., they spent months preparing for the move.

"[We] took that time not just to find the right information but to be comfortable with the idea," Forler said. "It's very exciting at first, like a honeymoon period, but when you start doing your research [on] financing and budgeting and if you're not comfortable with that, it can take you a lot longer."

Interprovincial migration has been gaining ground in Canada since the pandemic began in 2020 as more people chase home affordability. During the third quarter of 2023, Alberta and New Brunswick gained new residents as British Columbia and Ontario lost them, Statistics Canada reported.

While the migration trend continues upwards, experts say it's important to plan moves carefully.

Forler's wife was already thinking about changing to a new role in her field, so they began searching for opportunities in Alberta. Forler, who is a mortgage agent, looked into making the shift from Ontario to its Alberta equivalent.

Figuring out a job or source of income should be the top priority when moving provinces, said Andrea Thompson, a financial planner and founder of Modern Cents.

A lack of financial security can make it harder to budget long term or find permanent accommodation and adds stress.

It may be difficult to rent a home without proof of employment, Thompson said. Similarly, those buying a home can run into problems with qualifying for a mortgage.

Once that's sorted, budgeting for common expenses in your new location should be next on the list for people moving provinces, Thompson said.

"How much is it going to increase or decrease potential lifestyle costs if you're planning to relocate?" she asked.

It is not always easy to estimate changes in the cost of groceries, commuting or electric bills when adjusting to a new lifestyle. A switch between urban and rural settings may make a difference, too.

Then comes the living situation. Some prefer to stay at a short-term rental while finding a permanent place to live, while others look for a new home ready for them when they arrive.

Forler said he bought the Cochrane home sight-unseen, except for some FaceTime sessions. He said finding a reliable real-estate agent and getting a thorough inspection done gave him the confidence to make such a big purchase. It also made for better planning — what to pack and not to pack — based on the new home. He said he doesn't regret it.