Last week, RE/MAX released a report on the current state of the Canadian Housing Market and the major changes it has undergone in the last 20 years, which was featured in an Edmonton Journal news article. The report contained information on several major Canadian real estate markets, including Edmonton.

You can read the section on the Edmonton market in the report excerpt below, or check out the full press release and downloadable report on the RE/MAX website.

Alberta, Edmonton

A red-hot economy fuelled unprecedented price appreciation in Edmonton over the past decade, but rising values have had as much to do with new home construction as they have supply and demand. Canada’s second strongest performing market – up 165% since 2000 – has seen close to $19 billion in residential building permits issued during the same period, virtually tripling values reported in the previous decade.

Average price has climbed from $124,203 in 2000 to $328,803 in 2010, peaking in 2007 at $338,636. Prices have since stabilized and regained some of the ground lost during the recession and subsequent fall out. More balanced market conditions have emerged, with buyers gaining a slight advantage.

New condominium construction has led the way in recent years, with an abundance of newer units coming on stream. Condominium now represent close to 28% of total residential housing sales in Edmonton, with an entry-level price point of $234,982 (YTD September 2011). Rental conversions have also occurred at a steady pace, given that affordability is top of mind with many purchasers. Yet, single-family dwellings remain most popular, with year-to-date (January to September) average price hovering at $325,252.

The city’s newer housing stock tends to be found in the peripheral areas, surrounding Edmonton proper. With more than 8,000 properties currently listed for sale, little movement is expected in average price in the months ahead. Although inventory levels are down somewhat from one year ago, supply remains considerably higher than the 5,500 to 6,000 units traditionally on the market at this time of year.

Renovation is on-going in the city, representing approximately just over 5% of building permits issued so far this year. Infill is a relatively uncommon phenomenon. Upscale communities such as Glenora have seen some properties priced at $400,000 to $500,000 torn down to make way for larger, custom-built homes, but, to date, the trend has yet to gain traction.

Edmonton remains one of the fastest growing metropolitan areas in the country, with a 10% increase in population in the last census, bringing the number of residents to 1,034,945 in 2006. Job opportunities remain plentiful in the area, thanks to an unemployment rate that is well under the national average. As economic performances improves, so too will the residential housing outlook.

Interested in investing in Edmonton Real Estate? Contact the Terry Paranych Team to learn more about which properties make great investments for first time and veteran real estate investors.

With well over 10,000 properties for sale we’re seeing a lot of buyers jump back into the market. Activity has been picking up since the end of August.

There are two key reasons we’re seeing a strong last quarter: first, buyers have lots of choice; and second, interest rates are low. These facts combine to make this fall an extremely appealing time to buy Edmonton real estate.

Right now is an incredible time to get into the condo market, with prices as much as 50% off the original listing price. In the last few months prices have come down to the point where we can see positive cash flow again, making September an incredible time to invest.

Buyers and investors: get started searching our Edmonton Home Listings.

From the EREB’s Edmonton Real Estate Market update:

Edmonton, September 2, 2010: The average price of single family property in the Edmonton area has softened with a small drop for the second consecutive month. Prices were plateaued at just over $388,000 from March to June. Condominium prices have dropped steadily from their high point of $253,000 in April and are down another 2.99%.

*Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact the Terry Paranych Team today.

The Terry Paranych Team is pleased to announce our latest online venture – ParanychRentals.com.

The Terry Paranych Group Ltd. has served the Edmonton and area rental community for more than 20 years. If you are looking to rent, we can offer you a wide variety of rental accommodations, including single-family homes, duplexes, condominiums, apartment buildings, and adult communities. We take great pride in the quality of properties that we provide for rent. If you are interested in renting property in the Edmonton area, please contact us and speak with one of our Rental Specialists.

We Also Buy Edmonton Investment Properties!

If you currently own an apartment building or portfolio of buildings in Edmonton or within the province of Alberta, the Paranych Group would be interested in speaking with you. We typically purchase buildings that comprise of anywhere between 6 and 100 suites. We can pay cash or offer several tax effective structures which can help vendors defer and reduce potential tax liabilities that can be associated with a sale. The Paranych Group has built a solid reputation in its acquisition program by always paying a fair price for quality buildings.

The Paranych Group also purchase smaller rental properties such as duplexes, triplexes, four-plexes, and any building under 10 units.

Stay tuned for more up-to-date info on the Edmonton Real Estate and Rental Markets.

Did you know that Edmonton is rated one of the best places to invest in Real Estate?

If you are not already investing, now is the time! Get started on the right path with our FREE Investors Kit – contact us today!

Thinking of investing in the Edmonton Real Estate Market?

We recommend starting small! Focus on the properties that can give you the biggest bang for your buck – like multi-family investing (four-plexes). Have questions about how to become a great real estate investor? Ask us here, by leaving your comments below.

Over the course of the last six months, there have been heated discussions over the new potential downtown arena proposed primarily by the Katz Group of Companies. The debates have ranged from how it will effect downtown, to what it will cost taxpayers and what will even happen to the existing Rexall Building.

Personally, I know that if we do not move forward with progressively driving the revitalization of our downtown  with this arena, we the people of Edmonton will miss out. This is especially true for the real estate investment potential of downtown and the urban movement that will come with it.

When I talk to younger potential Edmonton home buyers – they share stories and desires of how they want to see Edmonton become a major metropolitan centre -  proud and more successful than ever. A city that they can live local in (with all the amenities and entertainment nearby) and a place that  drives them to be motivated and to succeed .

In respects to the Edmonton Real Estate Market, I know that if the arena does go through, there would be no better time to buy a prime piece of downtown Edmonton real estate like the present. Whether you are a young professional with a desire to live central, or an investor who knows purchasing a condo in this area would be beneficial – I recommend starting your search for the perfect property today.

Young Professionals – Prior to purchasing your new property, remember to keep in mind:

• Your lifestyle – What size of condo would work for you? How close would you want to be from specific amenities? What is the property age demographic?
• Make sure that you can afford both the mortgage as well as the condo fees.
• What amenities or services would you like in your condo development or nearby?

Condo Investors:

• Remember to take a long term view of your potential investment – Does it have a positive cash flow?
• Research – which neighborhoods have better potential – which areas have less properties on the rental market and have a greater demand for them?
• Review Economic Factors – Population, job growth, average incomes and so on.

Whether you choose to invest in the downtown Real Estate market or not, is completely up to you. Regardless, the downtown is in need of a  major revitalization. 104 Street and Jasper Avenue are already making head way in creating a more urban environment. The Edmonton downtown arena and its proposed additional facilities will promote downtown Edmonton as an urban, forward thinking destination to live.  As an Entertainment Centre, the city of Edmonton will be filled with more energy and excitement, connecting more to the world than ever before.

For more information on the proposed Arena, please visit Revitalize Edmonton. Alternatively, if you are interested in buying an Edmonton Condo, start your search. Want to learn about new Edmonton developments – contact the Terry Paranych Team today.

Photo Provided By Daryl Katz Group – visit their website – Revitalize Edmonton