In a recent forecast report for emerging real estate trends in Canada in 2015, PwC and the Urban Land Institute stated that Edmonton is one of the strongest cities in western Canada for real estate investing, second only to Calgary. They cited Edmonton’s strong trend of job creation and increased development in the urban core of the city as factors making it a wise choice.
Edmonton has experienced robust growth in new home, retail and service sector development which they expect to continue for the next one to two years. The low interest rates are expected to stay steady with no real change until mid to late next year at the earliest which was also forecasted by the Bank of Canada in October. So what does all this mean?
It means that now is a great time to invest in residential real estate. Home prices will continue to rise or remain fairly steady as the business sectors continue to grow and more people move to Edmonton for work. It would be wise to lock in a low interest rate now if it rises as expected next year.
More people are choosing to live closer to where they work in order to cut commute times. This means that housing in or near areas with new business development or revitalized business areas will be more sought out. Millennials are flocking to the urban area of the city and looking at condos or small single family homes to start their adult lives. If you are a Baby Boomer who has retired and you live in a bustling business area, you might consider buying a new home for yourself in a more suburban area and renting your current home.
The downtown area of Edmonton is located on the northern banks of the North Saskatchewan River and is thriving due to business and residential redevelopment. Take a look at the communities listed below on our website for more information and remember you can request to see a property directly from the home listing page. You can also sign up for a free account to create alerts, save favorite listings and share listings too. We’re here to help you make a great investment so contact us today!