Anyone will tell you that if you want to get your hands on valuable real estate, you need to get into the Edmonton real estate market. Edmonton has been a seller’s market for some time now, and who do you think is benefiting the most? You may be surprised to learn that the largest benefactors in this market are in fact, condo owners.
Condo values have increased 7.8% year over year, as of 2014. Two story homes have seen an increase of 3.8% as well, so in reality it is win-win for homeowners city-wide, but the staggering increase in condo value is seeing many people laugh all the way to the bank. Why exactly are condos so valuable in the Edmonton real estate market? It all boils down to a supply and demand issue in the city. Condos are more readily available, and builders who have been tracking the market and city growth wisely, have been building many new condo buildings for the last few years. While many new housing developments are also popping up, condos still remain much more affordable, comparatively speaking. The increasing number of condos in the city has helped meet the housing demand, and bridged the gap in housing costs – although truly affordable housing is still hard to come by.
While it may be a good time to sell for homeowners in the city, if history is any indicator, hanging on to your assets at this time will also be beneficial. Edmonton real estate has been in a healthy position for some time and likely will be for a time longer. This is not a do-or-die situation, meaning there is nothing wrong with hanging on to your assets, or even buying more, for the time being.
Although it may be expensive to buy Edmonton real estate at the moment, that doesn’t mean you won’t make a profit off it in the long run. Do your research, and buy wisely!