4 Reasons Why Edmonton is Ideal for Homeowners to Invest in 2018
As prices continue to rise in Vancouver and Toronto through the spring season, there is one city in Canada that is slowly gaining steam as a buyer’s dream: Edmonton. This is good news for Alberta where times have been tough after the massive Fort McMurray fire, subsequent job losses, and real estate slump. Despite it all, activity in Edmonton has increased with buyers ruling the roost.
Early in the year, average house prices went up 3.9%, but seven of Edmonton’s top 25 neighbourhoods went through a sharp drop in prices. Bradner Gardens dipped by 12%. Other areas reported a sharp rise of nearly 38%. This means Edmonton is divided into two neighbourhood categories; one area scores above the other for enthusiastic first-time investors.
Edmonton’s Two Main Neighbourhoods
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Downtown and Inner Suburbs: Edmonton’s urban downtown is a hot marketplace for home buyers. Renters are giving up their home to own one instead because prices are stable and affordable now with an average of $388,000. Home prices in Calgary, on the other hand, are expected to increase by 2.3 percent.
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Outer Suburbs: The outer suburbs are 45 minutes away from the city centre on an average. This is an ideal nesting ground for young home buyers who are looking for more affordable options for spacious homes.
Edmonton Homes Ideal for Young Buyers and First-Time Home Investors
More and more young buyers between the ages of 25 and 30 are now looking to invest through home ownership. 69% hope to own a home within the next five years, but with the number of Canadian cities becoming increasingly out of reach for investors, only 57% feel they can actually own one. On the bright side, the situation is changing here for first-time home investors. The reasons are several:
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Less down payment: The down payment required for listed homes is only 5% for homes less than $500,000. This makes spacious homes affordable for first-time investors.
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Different Property Options: Edmonton offers a bevy of options in all sizes. Apart from sprawling homes, there are duplexes and townhouses in Brookfield’s neighbourhoods where monthly mortgage payments are at par or lesser than the average monthly rental fees.
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Affordable payment options: In Brookfield, homeowners are also getting a biweekly payment option, making it easier for new professionals to invest in smaller homes with a smaller mortgage. Once they build credit and equity, they are in a position to afford a bigger property. If they continue to rent, they can’t avail of this advantage so buying makes more sense. Opting for fixed-rate mortgage allows new buyers to steer clear of the financial stress in rent fluctuations.
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Add-ons: Since the homes are affordable, new buyers are in a position to upgrade with add-ons, making the prospect of a home very attractive. They can enjoy their own property and enjoy customized comforts with top-of-the-line appliances, unrestricted by rules and regulations that come with a condo. Homes come with private, attached garages and added security is affordable with the drop in prices for young professionals.
Consult Rob Smashnuk to Buy a House in Edmonton
Rob Smashnuk has years of expertise in real estate, backed by Re/Max’s reputed professionalism. Rob Smashnuk has received various awards for excellence in real estate so you know you are in good hands. He is an Accredited Buyer Representative (ABR) and Seller Representative (SRS) with 10 years of award-winning customer service experience and in-depth knowledge of residential real estate. Call him for a consultation.
Tags: edmonton condos, Edmonton Realtor, Edmonton townhouse for sale, Greater edmonton real estate, west edmonton houses for sale
