RE/MAX Edmonton Real Estate News

Edmonton’s real estate market is holding strong as it comes into fall, however a rising market also means  larger price tags on residential and commercial properties. Current and prospective homebuyers can take comfort in their investments however, as statistics are showing the Edmonton market to be one of the most affordable in Alberta.

A recent article posted by Global Edmonton targeting the competitive nature of the Calgary and Edmonton real estate markets uses sales figures to show Edmonton in a clear win situation when comparing affordable housing prices. Additionally the Calgary Herald has made mention of record high prices in the large southern Alberta city.

Residences in Edmonton are Readily Available to Home Buyers. Image Credit: Global Edmonton

Calgary has seen a 10.48 % increase since the same time last year, nearly double the national average. When comparing 11 major centres across the country, the sales figures increase was about 5.33% on average, according to the MLS Home Price Index. Additionally price growth percentage in Calgary has increased 25% over the past 3 years, while nationally that number is hovering around 12.5%.

Economist Leslie Preston (TD Bank) explains the situation down south:

“Existing home prices . . . are on track to outstrip income growth for a second straight year in 2014, which adds to concerns about an already-overpriced market. Affordability, even at low interest rates, has become an obstacle in many markets.”

Global News reports that coming in to winter the average home price in Calgary will be approximately $99,000 higher than that of Edmonton, and about $103,000 in the new year. According to Edmonton’s Chief Economist John Rose:

“When you look at housing affordability issues, Edmonton is actually – among Canada’s major metropolitan areas – one of the most affordable in terms of housing. You have to bear in mind that incomes in Edmonton are about 20 per cent above the national average.”

The affordability and availability of housing in Edmonton can account for the latest population influx in the area, and the strong economic upturn, especially in the real estate industry. Click Here to search for properties for sale in the Edmonton area.

There’s a chill in the air in Edmonton, and it may be safe to say summer is over. On that (slightly sour) note let’s take a look at residential real estate sales over the summer months in Edmonton.

Fresh from all-time highs in spring, prices dipped a little over the summer months beginning in mid to late June, providing some relief to potential home buyers. Single-Family dwellings saw a slight decrease in average price, with July costs around $426,716. That shows just a  2% drop from June sales, with total residential sales showing an average price drop of around 2.6%.

Total Sales Statistics-Residential.

Interestingly, the changes in Condominum prices were quite negligible differences, seemingly unaffected by market influences.

Condominium Sales Statistics

Though prices are showing a temporary lull, there is still an overall trend of increased sales figures. REALTORS® Association President Greg Steele weighs in on the changes:

“Like the shortening summer days and the appearance of fall fashions, real estate prices begin to soften at this time of year. Despite the seasonal slide, prices in the Edmonton area are still up when compared to the same month last year. The local market continues to be very active and REALTORS® report having a busy month.”  

 

Single-Family Dwelling Statistics.

Steele has quite accurately described the seeming dip in the trend, whereas housing prices have the appearance of dropping, they are  statistically still showing an increase from the same time last year. Overall residential prices were up 3.3% from 2013, with the single-family dwelling up almost 4%. The most marked year-over-year upsurge appeared in condo prices, which are gaining increasing popularity in the city as a more viable residence option, showing an increase of about 4.6% from last summer.

Along with a sale price increases, total overall transactions are skyrocketing as buyers become more eager to invest in Edmonton’s booming real estate market. July saw the sale of 2,013 residences (639 of them condominium units); a 9.7 % increase from the 1,835 residences sold in July of 2013.

Steele also addressed this influx of transactions:

“The demand for real estate remains strong and in line with other market fundamentals. Fortunately, year-to-date listings are also up compared to last year and there is adequate supply with over 5,600 residential properties in inventory.”

Homes in June on average were selling in about 41 days, and in about 46 days for July.

Click here to create a custom property search for Edmonton and the surrounding area or visit our Market Stats page for more details and the most up-to-date numbers! 

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. 

The communities of Sweet Grass, Ermineskin, and Bearspaw comprise a large part of Edmonton’s south. These areas are almost exclusively residential and include large expanses of green space. They all share convenient access to the major shopping areas of Southgate Centre, South Edmonton Common, as well as proximity to the new LRT extension.

Sweet Grass borders 34 Avenue to the north, and it’s southern border partially includes Saddleback road and runs along a utility corridor, while it’s east and west boundaries run from 111 Street to 119 Street.  The area was annexed to the City of Edmonton in 1964, and residential development occurred throughout the 1970’s and into the early 1980’s. The area is a blend of single-family-dwellings, row houses, and low rise apartments and the residences are a combination of owner occupied and rental properties.

Sweet Grass Park. Image Credit: Yegishome.ca

Like many other communities in Edmonton’s south-west, Sweet Grass is named to honour the rich aboriginal history of the area. Chief Sweet Grass was a Cree political leader and early environmentalist who was actively outspoken about protecting bison herds common to the region.

The neighborhood’s focus is the central elementary school, bordered by parkland and recreational areas.

CLICK HERE to view properties for sale in Sweet Grass

Ermineskin falls to the south-east of Sweet Grass, it’s northern border a utility corridor just south of Saddleback road while it’s south borders 23 Avenue. It runs from 111 Street in the west to Calgary trail in the East.

Major residential construction of Ermineskin occurred in the 1970’s into the 1980’s, however some residences can be dated back to just earlier than 1960 and also later than 1990. The area is comprised mainly of rental apartments, following by apartment style condominiums. The remainder of the area is comprised of single-family dwellings, row houses, and duplexes.

Ermineskin Craft Fair. Image Credit: Ermineskin Community League

A prominent neighborhood feature is the former Heritage Mall development site, located on the western boundary of the neighborhood which began a major overhaul in the 2000’s. The location now know as “Century Park” encompasses commercial, office, and residential sites. The location also includes a central recreation area and the newest LRT station, Century Park.

This development and addition of green space has revitalized the area’s very active community league. The Ermineskin Community League hosts year-round events, fundraiser, and ongoing programs such as Zumba classes, pancake breakfasts,  rummage sales, quilting, hockey, scrap booking, and more.

CLICK HERE to view properties for sale in Ermineskin

Bearspaw lies a few communities south of Ermineskin, bordered by Blackmud Creek in the west to Calgary Trail, and from Anthony Henday Drive in the south it runs north until 18 Avenue. Bounded by these major thoroughfares, the community has convenient access to major commercial shopping in the south, as well as access the Edmonton International Airport and the University of Alberta.

Combined with it’s northern neighbor of Keheewin, the two areas comprise the Yellowbird East Community League. This community league organizes children’s athletics, as well as adult recreation, community events, and fundraisers for the two neighborhoods.

Bearspaw Lake. Image credit: Yegishome.ca

The area is conducive to outdoor recreation activity due to it’s proximity to Big Bear Park, a large hill with Blackmud Creek Ravine access to hiking, as well as a major greenbelt running along Bearspaw lake which the neighborhood centers around. Additionally, the William Lutsky Family YMCA is also located in the area, for indoor fitness and leisure access.

Bearspaw became a part of the city officially in 1974, however most development didn’t occur until the 1980’s when many of it’s single-family dwellings were constructed, though semi-detached and row houses can also be found. The area is predominantly owner-occupied, with only about a 9% rental rate.

CLICK HERE to view homes for sale in Bearspaw.

The communities of Royal Gardens, Greenfield, and Duggan comprise part of Edmonton’s Southwest, partially bordering the Whitemud Freeway.

Royal Gardens spans 119 Street to 111 Street, and south from Whitemud to 40th Avenue. Bordered by main thoroughfares, this almost exclusively residential community has some of the easiest access to shopping and and public transit in the city. Smaller shops are available in the neighbouring community of Greenfield, while the larger Southgate Centre (as well as the Southgate transit centre and LRT station) are just a stones throw away.

The area has been part of the city since 1912 when it was first dubbed “Royal Gardens”, however the historical significance of the name has seemingly been lost since. It wasn’t until the 1960’s that a push was made for residential development, when many of the area’s single family dwellings were built. The area also has a mix of apartments, apartment style condominiums, row houses, and duplexes; just under half the residences are rental properties.

Royal Gardens Winter Festival. Image Credit: Community League

The neighborhood has a tendency towards higher tenant mobility, yet this is contrasted with strong community involvement in this incredibly social neighbourhood. The hub of the community is the Royal Gardens Park, where the community league hosts a range of year round activities including an annual car rally, a winter carnival (with sleigh rides!), holiday parties, as well as children’s summer camps and recreation programs.

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Sharing Royal Garden’s southernmost border of 40th avenue, is the community of Greenfield, which spans as far south as 34 Avenue, and runs from 119 Street to 111 Street. Though officially titled Greenfield, in honour of Alberta’s fourth premier Herbert Greenfield, the locals sometimes refer to the area colloquially as Petrolia; the small shopping area in the community also bears this name.

Greenfield Spray Park. Image Credit: Community League

The family friendly area also has a very active community league, whose fundraising and lobby efforts led to the installation of a new spray park in 2009. Strong shinny, and soccer program keeps neighbourhood youth active and involved, while parents host and participate in yearly community events and fundraising efforts, such as bingo nights, fireworks, yoga, and tai chi classes.

A unique program of note is the community league’s Greenfield Scholarship. Two scholarships are awarded each year to post-secondary applicants living in Greenfield, in commemoration of former upstanding residents. This program was designed embody the community values of Greenfield locals.

Nearly all the residences are single family dwellings, with a handful of apartment complexes and duplexes comprising the remainder; the rental rate in the area is less than 10%.

 Click Here to view available properties in Greenfield.

Duggan falls on the East side of Greenfield, sharing a mutual border of 111 Street and carrying on until Calgary Trail. It’s northern border runs along 40th Avenue and goes south to 34 Avenue.

The community league has a full calendar of events on a nearly daily basis. Unique actives on the go include Bridge club, and weekly square-dancing. Duggan also has a large yearly Mother’s Day Soccer Tournament which focuses heavily on sportsmanship and participation. Here’s an exciting recap of last years events, and a great reiteration of Duggan’s community league values:

The neighbourhood is comprised of about sixty percent single family dwellings, with the remainder mostly apartment complexes and row houses; about half of these properties are owner occupied. Duggan has fairly low mobility rates, half of residents have resided in the area five years or more, and most cited no plans to move.

Click Here to view properties for sale in Duggan 

 

All three of these stunning communities overlook the North Saskatchewan River Valley, providing easy access to walking and biking trails. Additionally, limited vehicular access lends to an ambiance of peaceful seclusion.

Though still considered a mature Edmonton neighborhood, the community of Patricia Heights is comparatively young, having not officially joined the city until 1964. Bordered on the north by Whitemud Drive, and on the east by 156 Street, the rest of Patricia Height’s boundaries are formed naturally by the curvature of the Patricia Ravine.

Patricia Heights Walking Trail Access

Named in honour of Queen Victoria’s granddaughter, the prominent area flourished in the late 1960’s, with it’s residential building projects entirely completed just a decade later. A mix of owner occupied and rental properties, approximately half the area is comprised of single-detached homes while the other half is made up of low and medium rise apartment buildings.

Families are attracted to the quiet, tight-knit community, with only two interchanges on 156 Street and on 159 Street to access Patricia Heights.

Adjoining the Eastern border of Patrica Heights, lies Rio Terrace, spanning from 156 Street to 149 Street, and Whitemud Drive down to the river valley. It shares many walking trails and green space features with Patricia Heights, as well as the same two access roads.

Construction on Rio Terrace started just a decade earlier in the 1950’s, and the entirety of neighborhood dwellings are single-family homes, approximately 20 percent of them rental properties. In 2010 the community underwent a major municipal revitalization. Renewals included roadway reclamation, streetlight upgrades, and sidewalk, curb, and gutter reconstruction.

The most notable feature of Rio Terrace is it’s active community league and strong volunteer program. The Rio Terrace Moravian Church is heavily involved, hosting a performance series of musical artists. A strong soccer program attracts young families, while the “Rio Gardens! Community Garden” program facilitates a sustainable food initiative; an incredibly important community value.

Rio Gardens sustainable food initiative.

Rounding out these river valley communities is the affluent area of Oleskiw. Bordered on the west side by 170 street, Oleskiw is pocketed in the river valley on all other sides.

Though development on the area began in the 1970’s, it wasn’t officially declared complete until 2000, making the properties an eclectic mix of many decades of architectural tastes. With 90 percent of properties single-family dwellings, a few row houses round out the area, which is an entirely owner occupied neighborhood.

Highlights of this private, yet trendy area include the Edmonton Country Club and Golf Course, Sorrentinos, Starbucks, and the Marketplace at Callingwood, which includes the city’s largest Sunday farmer’s market.

Homes in Oleskiw. Image Credit: yegishome.ca

A notable geographic feature is the Oleskiw Treestand, a deciduous habitat for urban wildlife. Home to many birds and mammals, the treestand is included on many nature walks, and has been a protected area since 1978.

View available properties in: Patricia Heights, Rio Terrace, and Oleskiw.