Compared to other cities in Alberta, Edmonton’s economic situation is much better than many people expected. It seems much of the city has been planning for an economic shake-up for a few years now, and it’s in a few of the city’s best neighbourhoods. Here are a few Edmonton neighbourhoods that are doing very well in the current economic climate, and may be great places for real estate investment in Alberta’s capital region.
1. Elmwood Park
A beautiful community with plenty of different housing options available, Elmwood Park is a great neighbourhood that’s been on the rise for a few years now, despite the economic situations facing many other areas in Alberta. In terms of housing prices, the average is a low $270,992, with everything from low-rise walkups to single-family homes available. The neighbourhood is performing extremely well in two key areas, appreciation values and property prices, rising by 7% and 24% respectively. It’s conveniently located and a perfect place to start if you’re looking for your very first real estate purchase.
This neighbourhood features relatively low prices, $349,060 compared to the city’s average of $450,00o, but many people are realizing they’re getting quite a lot for their investment. Most of the homes in the area were built just after the Second World War, which means they’re great, solidly-constructed bungalows on fairly large lots. And with an appreciation value of 16%, the area is poised to be a hotbed for real estate investment in the near future, according to some local experts. McQueen, it seems, is a great place to start expanding your portfolio.
While most of Edmonton’s development has been happening in the southwest part of the city, extending far past Ellerslie Road, the little neighbourhood of Newton in the northeast has been quietly growing into a prosperous area. It’s consistent appreciation value of a staggering 21%, a full six percent higher than the city’s average, it seems like many people are starting to see why the northeast is an excellent place to invest. New homes and developments are constantly going on in the area, which is why it’s getting some attention, but the average home price is still below the city’s average.
When it comes to neighbourhoods in Edmonton, every single one has its advantages and disadvantages. Some offer a combination of convenience and quiet, others give people access to the city’s hottest areas. But these neighbourhoods seem poised to weather the economic road bumps much better than anywhere else in the capital region. So if you’re looking to buy some real estate, be sure to check out these neighbourhoods. You might find yourself a sound investment that could pay off quicker than you think.