Western Canada has seen a huge period of growth over the last decade, despite the country-wide economic crisis. Many cities have grown immeasurably on several fronts including population, job opportunities and industry. This is particularly true for Edmonton, and although many home owner’s lost some money in terms of home value during the economic downturn, those values have recovered and then some since that time. The Western Canadian real estate market is one to get into, so if you find yourself heading this way for work, you should certainly be considering buying a home.
With cities like Edmonton rapidly expanding, literally, due to the housing demand and therefore industry demand, purchasing a home in this real estate market will definitely pay off in the long run. The ‘housing shortage’ is a myth, so to speak, it is a seller’s market. There are many properties available for purchase in Edmonton, the problem is mainly that there isn’t enough affordable housing available – this is where the ‘housing shortage’ is real. Builders are targeting the middle and upper class populations when designing new developments, and there are many new developments on the go. Builders have had no problems finding buyers in Edmonton, despite many of the price tags coming in at $500 000 or more.
If you want to purchase in a real estate market that is holding it’s value, Edmonton and the surrounding areas are where you should be. If the big city isn’t your style, more suburban towns and cities around Edmonton may be a better fit. Consider Leduc, St. Albert, Sherwood Park and even Beaumont. Here you will see similarly strong markets with areas like Beaumont and Leduc being slightly more affordable, and places like St. Albert and Sherwood Park being slightly more expensive.