Edmonton’s Second-Hand Market On the Rise

Posted by Gurpreet Ghatehora on Friday, March 11th, 2016 at 10:21am.

Edmonton’s second-hand market is on the rise in 2016, according to a recent report by the CBC. The trend is taking many experts and regular home sellers and buyers by surprise, especially as Edmonton’s unique market has been showing trends towards newer homes. But for the start of 2016, it seems like the second-hand market is heating up.

One of the reasons for the second-hand sales could be simply a matter of price. As newer homes tend to be more expensive, all while being further and further from the downtown core as Edmonton spreads out, a second-hand, single-family home that is well-maintained isn’t the burden many people wanted to avoid even a few short years ago. And while maintenance in the day-to-day may end up being more costly, the lower initial investment can, and apparently is, attracting attention.

Another reason for the trend could be in terms of supply. Edmonton’s market situation has been around for a while now, which means fewer and fewer new housing projects are getting the go-ahead from housing companies. With less and less being built, there are fewer brand new homes on the market, which could also lead to new home pricing increasing as the supply falls. By contrast, many people are looking to downsize in the shrinking economy, meaning people looking to move up are getting deals if they turn to the used market.

But another industry is also causing the second-hand market to grow in Edmonton: home moving. Not moving in the traditional sense, where things inside the home are moved to another location, but moving an entire house, minus its foundation, to a completely new location. For those wanting to move out to the country, the option of buying a used home instead of building a brand new one can be a cost effective way to escape the city and start living the country life for less.

Home movers are also an alternative to demolishers. Where in times past, people could pay between $12,000 and $20,000 to have a home demolished so they can build anew, home movers turn a cost into a chance to recoup some money and maybe even turn a profit.

There are many reasons for Edmonton’s second-hand market to see an increase in 2016, and that can mean home owners and sellers can take advantage of the growing market. So if you’re selling a used home, or on the market for a home, be sure to consider the advantages that second-hand homes can offer, and where they can end up.

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