Thanks for the peek at what's happening in the Edmonton real estate market.Posted by Gabe Sanders on Saturday, September 23rd, 2017 at 5:24am
Welp, looks like another boring year. Maybe next year we'll finally correct, but knowing Canada, probably not...Posted by Anonymous on Sunday, September 24th, 2017 at 5:11am
Next year will not be boring. we will start to see a correction eventually. In a few years the average price for SFH will be under 400 k which is a good thing for the next generation.Posted by Wally on Sunday, September 24th, 2017 at 6:43am
This renters dream of significant price drop in Edmonton has been going on for years.
SFH average price under $400k next year is as likely as $500k (both very very small).
I have been saying on this blog for quite some time that the Edmonton housing is boring indeed and avg prices will fluctuate few %
Vancouver/Toronto is another story.
There isn't much foreclosure as US right now, but how trade war could make difference in long term.
Canadian flagship companies doesn't seem to be more competitive than 10 years ago, even with cheap labours from immigration.
Not next year. probably in 2 or 3 years. But still for both investors and regular home buyers who will still be able to afford to buy it is not worth the wait because for home buyers while they wait they have to pay rent so they won't gain anything. And for investors while they wait they will miss out on rental opportunity and mortgage pay down so either way it's gonna end up the same unless very strong deals come up quickly and at a huge discount.
BTW I am not a renter but I'm hoping to add a few investment properties to my portfolio and that's why I need to buy where there is potential for appreciation I mean not the boring one you're talking about and I personally can't see that happening in Edmonton in the short to medium term. Eventually in the long term yes Edmonton will have another bubble like the one before 2007 but the thing is you'll have to wait probably another 15 years from now for that to happen.
Boring? Stable? Yes. Correction? Not likely in SFH. Already underway in condos. Watching some same-building listings, prices down 15%.
But when a decent, or even great SFH with a front attached garage in a good area can be had for 3x the annual earnings of a pair of school teachers ($450k ish), and rates are near zero, there's no decline coming. Edmonton is a long term buy and hold, if anything. No quick profits, no decline in SFH either.