Edmonton’s real estate market is growing fast. Home buyers are attracted by the city’s low unemployment, economic stability and wealth of jobs.
For students and their parents considering purchasing a property near University of Alberta, here is a real estate market summary to help you make informed choices:
Edmonton is comprised of seven geographical sectors: the inner city sector, and six surrounding suburban sectors. Popular neighbourhoods include Strathcona, which is ideal for University of Alberta students.
The majority of homes in Strathcona were built between the 1960’s & 1980’s. All styles of housing are represented in the neighbourhood, ranging from mid-rise apartments to historical homes.
While the Strathcona neighborhood is made up mostly of low-rise and high-rise apartments, with low-rises being the most common, there are some single family dwellings available, as well as a few duplexes and row houses. The neighbourhood has excellent amenities such as annual festivals, access to the River Valley, close proximity to the University of Alberta and the U of A Hospital.
According to Edmonton Census Metropolitan Area (CMA), total residential average prices remain stable (up 8.5% over last year) thanks in part to an incline in sales of higher priced houses.
The average single family home is priced around $436,870; the average price for condos is $260,491; and duplex/townhome/row house prices are at $352,907.
The demand for single family homes in the $350,000 to $400,000 remains high; however inventory is tight at the $350,000 to $400,000 mark. Local realtors report a lot of activity in 2014 for houses under $400,000. There is a big demand for properties at this price point with a light inventory.
At the end of 2014, the average selling price for condominiums in Edmonton was $255,167 for roughly 870 sq. ft. This is by far the most affordable option for students living in Edmonton.
Market projections are favorable. The Conference Board of Canada/Genworth Canada predicts annual increases of 2.8% on average between 2015 and 2018. Edmonton’s strong housing affordability starts with its high average household income, which trails only Calgary among the eight cities in the report (Québec City, Montréal, Ottawa, Toronto, Calgary, Edmonton, Vancouver and Victoria).
Edmonton also had the lowest median apartment condominium price—$217,424—in 2013. As a result, mortgage carrying costs on the median-priced apartment condominium consumed only about 9.3% of average household income, only (fractionally) above Calgary.
Townhouses & Houses
The average sale price for a row house is $354,042 for a 2-bedroom with roughly 1,000 sq. ft. of living space, making townhomes an affordable option for families of international students.
With the average sale price for a single family detached home at $442,884 (comparable in price to a condo in Vancouver), many families of international students opt for a home.
Real Estate Market reports are derived from data collected in the last quarter of 2014 by the Canadian Mortgage and Housing Corporation (CMHC); Comparative Market Analysis (CMA) data for each urban area; Regional Associations of REALTORS®; up-to-date Multiple Listing Search® (MLS®) data; and Canadian Real Estate Association (CREA) statistics.
All information presented is subject to change depending on evolving and fluctuating market conditions, and is not indicative of a home’s worth in today’s market.
The MLS® listings provided for condos, townhomes and single detached houses for sale represent current market values.