If there was any doubt in your mind about Edmonton’s real estate market then allow me to assist you with some good hard numbers for your consideration.
There has been a lot of news about the real estate and mortgage markets in Canada recently – with most of the headlines frustratingly over-simplified. For example, you should read anything that looks like this: “The Canadian real estate market…” with a grain of salt.
The truth is, there is no such thing as a Canadian Real Estate Market. Real estate is, by nature, a very local marketplace. Supply and demand is often driven by economic forces such as the labour market, in-migration, income levels, and housing supply. What is going on in Vancouver is different than what is going on in Toronto, and Regina, and Edmonton, and even Calgary.
Need proof? There are two excellent reports you should read:
In particular, and of note:
Alberta will continue to experience economic expansion over the forecast period. (CMHC)
With a relatively tight labour market generating employment opportunities, those looking for employment are being drawn to Alberta. (CMHC)
Attractive affordability and a vibrant provincial economy are providing powerful incentives for Alberta homebuyers to spring into action. (RBC)
[...] Alberta further solidified this province’s position as the market with the lowest homeownership costs as a share of household income in Canada. (RBC)
Housing Affordability, Canada
Contrast that with Alberta’s Affordability over time
Do you think BC might be skewing the national average?
Note the Average MLS sales price in Edmonton
Sales to New Listings in Edmonton indicate a balanced market – good time to be a buyer and a seller
Nationwide affordability in major centres – note Edmonton more affordable than historically…
And last but note least, mortgage carrying costs in Edmonton over time. Not too shabby!
As you can see, each real estate market is affected by local factors, and reading the national headlines for your real estate or mortgage news can be misleading. We’re fortunate that the Alberta economy is strong, our job situation is better than anywhere else, and housing prices corrected a number of years ago so things are more affordable than ever. Combine that with fantastic low mortgage interest rates and you’ve got a recipe for success.
If you’re thinking about buying a home we would love to arrange the mortgage and insurance for you and can even refer you to a great local Edmonton Realtor. Get in touch and we’ll get to work!