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No Housing Bubble in Edmonton

May 3, 2010 by Gordon McCallum

I feel a little late to this party but it’s been awhile since I’ve had anything exciting to blog about.

In Edmonton we’re used to being Calgary’s poor cousin – at least in the media – unless it’s convenient to do so. We also happen to have one of the most promising economies in North America. We’ve got strong industry, a strong service economy, great infrastructure that’s getting better, and lots to be thankful for. Here’s one more for the list:

According to Gary Lamphier’s article in the Edmonton Journal there are three housing bubbles in Canada and Edmonton is not one of them.

Our good friends over at the Edmonton Real Estate Blog have a post that summarizes Gary’s article about the housing bubbles well and includes some of their expert opinion to boot.

In my time in this industry I have noticed that Edmonton seems to be far less prone to massive price swings and wild speculation than Calgary, Victoria, Vancouver and Toronto. It’s a little known blessing, but a blessing nonetheless. You can get more house for your money and it’s easier to afford because our incomes are relatively high.

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Some comments...

  • I believe you’re living in a bubble if you don’t see what’s going on right now. Prices are FAR from affordable in Edmonton. We are less probe to massive price swings? What about the massive price swing we experienced in the last 5–7 years? People are losing their jobs and household debt is only increasing. It’s sad when a well paying job will only buy a single person a duplex in this economy. You might want to step outside and look around.

    L (May 26, 2010)

  • I appreciate you taking the time to comment on the situation. Clearly you’re a bit upset about the market right now, and I’m sure there are many people in your shoes.

    That said, I do get out of the ivory tower from time to time and what I see out there is a balanced market – lots of inventory for sale, and lots of sales at the same time. Don’t take my word for it, though, check out the most recent Edmonton real estate weekly update .

    Good news on the job front too: Fewer people in Alberta are on EI every month

    The economy is improving, values are stabilizing, there are lots of sales which means people can afford to buy, and the job situation is getting better.

    Whether any of those factors is affecting you personally or not, I may never know, but I hope things are looking up for you.

    Gord McCallum (May 26, 2010)

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