Property News for Canada

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This short articleEdmonton, the capital city of the province Alberta in Canada, is massively outstripping previously popular property markets in Canada in terms of its house price growth - and the word on the street is that there is still plenty of room left for significant price expansion as demand soars whilst supply is restricted, and still Edmonton’s real estate market is considered by many to be undervalued. The market is fast moving for real estate in Edmonton, Canada and if you sell your home without having another one to go to you could slip off the housing ladder dramatically quickly according to recent real estate reports in the Edmonton Sun for example

Citing one example where a couple sold their home but had failed to secure another one, the Edmonton Sun newspaper detailed the nightmare the couple went through with house after house slipping through their fingers as other buyers moved more quickly and made more aggressive offers.

Fortunately the couple caught on quickly and put in bids on a host of houses before even viewing them to ensure that they were in with a chance of success, and their break came shortly after having sold up and moved into temporary accommodation.

This story highlights the state that the property market is in in Edmonton today.

Edmonton was considered a late starter in the property boom that Canada has been enjoying of late, Edmonton’s was always a market playing second fiddle to Calgary’s for example but that is no longer the case. Whilst Alberta once again tops the Canadian provinces in terms of its housing market successes, Edmonton is now the city at the front, leading the province to its successful status as the main engine of property price expansion in Canada according to Royal LePage Real Estate Services.

From the first quarter in 2006 to the end of the first quarter in 2007 house price growth expanded by a dramatic 54.4% massively outstripping the also impressive gains enjoyed by Calgary according to Royal LePage Real Estate Services and the Canada Mortgage and Housing Corp.

Median property prices in Edmonton now are recorded as CAD 321,000 for an average home - although in February of this year the median price achieved for family homes topped CAD 375,000 with the median price of a condominium topping CAD 247,000.

The reasons for the sudden surge in property prices and market activity in Edmonton are threefold. Firstly you have a market that was undervalued, slow starting and overlooked…in a country such as Canada that is witnessing a property boom that is not going to be the case forever. As soon as similar markets reached their peak for investors and became overpriced for first time buyers, secondary markets such as Edmonton’s came into the spotlight.

Secondly, you now have the situation where attention is focused on a market where there is relatively limited supply of stock and an active buying market and demand outstrips supply forcing prices onwards and upwards. Finally the population in Edmonton is surging far faster than city planners had allowed for driven by the booming oil fields of Canada’s Alberta province. It is expected that the economic prosperity being enjoyed by Edmonton will draw over 80,000 new residents to the city by 2010 and each and every one of these new citizens and their families require real estate!

For analysis and expert comment on property in Canada we have a number of local market sources who provide us with their professional analysis of the marketplace…and we have been advised that Edmonton is going to continue strongly until at least the end of 2007 before slowing down possibly in a mirror to the market progress being witnessed in Calgary today.