There are some interesting things happening in the Edmonton housing market as of 2013, and continuing into and throughout 2014. With the average single-family home price topping out at about $400K, many first-time buyers or budget conscious buyers found themselves thrust into the condo market as a means to an end. The rise in average price seems to a precluded many from the market altogether, but it’s had a much more profound effect than all that.
Changes to Come
$400K is a lot of money to most people and despite a great labor force and job opportunities in Western Canada, it’s a difficult amount of money to manage as a young family or bachelor. Obviously this speaks to why many of these people have sought refuge in condos, which average out at about $230K, but it’s also finally reached the notice of the city itself. The City of Edmonton is painfully aware of the lack of affordable housing within its borders and it’s moving as quickly as possible to bring more affordable housing to the Edmonton housing market. New initiatives, scheduled to begin this year, are hoping to tackle this housing gap, or at least make a dent in it.
The housing system has always been of the idea that you buy a small apartment or home that needs some TLC and you stay in it for as long as you can possibly manage. You make many sacrifices, including location, space and amenities, to get your foot into the market and within a few years you are able to move onto bigger and better things. In recent years, however, this has become a difficult process to start in the Edmonton Housing Market. With home prices seeming unattainable, the idea of a ‘starter-home’ doesn’t really exist here. With any luck, the city’s various planned remedies will compensate for this lack of tiered-housing, and get everybody back on track.