Buying a house—no matter how much money you have—is always a major investment. The past few years have seen a large and growing amount of these investments across Canada, drawing some concern. Many have feared that the bubble is bound to burst, and that we’re heading for a downturn.
Of course, it’s perfectly natural for your ears to perk up when you hear warnings of doom and gloom about the real estate industry, especially when you are considering making an investment. In addition, staying well educated and informed about an industry you’re involved in is always smart. However, there are many reasons that suggest the market here in Edmonton is just fine.
An article in the Edmonton Sun outlines a few of these reasons. It first points out that million dollar transactions in Edmonton are approaching an all-time high. In fact, at the time the article was published, there had been 116 multi-million dollar sales this year, eclipsed only by the record of 118 set last year.
Another factor that may spell good news for Edmonton is the relative stability of the local market in recent years. While bigger markets like Toronto, Calgary, and Vancouver have ballooned rapidly, the smaller Edmonton market has seen steadier growth. The hope is that this will insulate the Edmonton real estate market from a sudden national downturn.
The information in the article relies on facts and statistics cited by experts. For example, residential sales of all types are up in Edmonton, and homes are selling five days faster than before, on average. Good outlooks on employment and rising incomes are also mentioned as good indicators of lasting strength,
Of course, every market sees many different forces at play, leading to controversy when it comes to predicting the future. But with the data at hand, Edmontonians should feel good about their shape in the grand scheme of things.
If you’re interested in buying or selling a home in the Edmonton, Alberta area, contact Alexis Hlady today.
