RE/MAX Edmonton Real Estate News

It’s that time of year again.

With heads hung low, our young’uns are dragging their feet back for yet another year of schooling. For those of us with not-so-young’uns this might mean experiencing their first year of collage; some in a new city, or just a new part of the city trying to live life on their own. This is why the surrounding residential areas of the University of Alberta have become so desirable.

Aerial view of campus and surrounding neighbourhood. Image credit: University of Alberta

There are many tiers of residence options from condominiums to large family homes. Residences can be bought with the short-term goal of housing a son or daughter for the duration of their studies, and then flipping the investment for profit. It can be lived in by the family into the foreseeable future. Or any of these lucrative properties can be held on to, and rented out year after year for the throng of passing students always looking for temporary housing. The turnover of renters, and neighbourhood desirably  makes it equally easy to rent, sell, or live in the area.

This student turnover explains the high mobility of residents in the neighbourhood of Stratchcona. According to municipal census statistics, about 30% of residents had lived at the same address for 5 years or more, with 7 out of ten having moved within 3 years or less.

Row Housing near campus. Image Credit: University of Alberta

The area of residences near the University is considered to by part of the larger Edmonton neighbourhood, Strathcona. This historic area is quite old by Edmonton standards, around 15% of residences were built before 1946 and just over half were built in the 60’s and 70’s. This explains the eclectic architectural vibe of the neighbourhood and provides a wide array of housing options for interested potential residents. Around 44% of area homes are low rise apartment buildings, ideal for thrifty first years on campus. Approximately 24% of the area is comprised of single family dwellings, beautiful homes for the family or a comfortable, spacious retirement.

Saskatchewan Drive walking trail. Image Credit: University of Alberta

The University area’s desirability also has to do with it’s ample amenities. Designed as a neighbourhood for students with limited to access to their own transportation, almost every necessity is in walking distance, including grocery, restaurants, laundry, Edmonton’s popular Whyte Avenue district, multiple theatres, and of course all the buildings on campus. As well,  the University’s transit centre is a main hub for bus and LRT services to all access all parts of the city.

Click here to view properties in the University area. 

Over the past few weeks our blog has hi-lighted the merits of outlaying Edmonton communities and the attractiveness of permanent residency in these areas. Re/Max realtors not only focus neighbourhoods within city limits, but represent all local small towns and hamlets, and have the necessary skills to negotiate real estate deals in and out of the city. They always have an eye on where market trends are headed, and recently surrounding Edmonton municipalities have been the central point of an upward growth spurt.

According to the EREB (Edmonton Real Estate Board) the most active sales areas have been St. Albert, followed closely by Sherwood Park. These two municipalities represent about 14% of all real estate sales in Edmonton’s census metropolitan area for single-family dwellings. As the interested eye of buyers continues to move outside of city limits, the areas of Westlock, Beaumont, and Fort Saskatchewan lead nearby communities in unprecedented growth rates. While Fort Saskatchewan’s year-over-year sales climbed 24%, Beaumont grew by 55%, and Westlock showed a whopping 78% increase.

As one moves geographically futher from the metropolitan centre, there is a general tendency for prices to decrease. While St. Albert and Sherwood park top the charts for average home prices in outlaying areas, the lowest average prices can be found in Westlock and Wetaskiwin, each less than an hours drive from the city. This reasoning is likely behind the growth rate of these particular communities, and explains movement away from the metropolitan centre.

Another contributing factor is a slight increase in average home prices, allowing sellers to feel more confident in returns on their investments. This has allowed for more overall properties to become available on the market, as more sellers continue to emerge. According to REALTORS® Association President Greg Steele:

“People who bought at the peak have not been able to realize their original purchase price until these prices surpassed the earlier peak. Now people are confident in the market and feeling comfortable about making a move and those houses are being listed.”

You can revisit our blog posts featuring many of these local Alberta municipalities to learn more about community actives and daily life, including: Fort Saskatchewan and Beaumont, or check back for upcoming articles on the many other surrounding communities.

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