Edmonton’s economy is experiencing exciting changes, and these shifts are creating prime opportunities for homebuyers. Here’s how the city’s growth is reshaping the housing market and why now might be the perfect time to invest.
A Growing Economy That's Diversifying
Edmonton is evolving beyond its traditional roots in oil and gas, with rapid expansion in industries like technology, renewable energy, and artificial intelligence This shift is leading to a surge in job creation and attracting more professionals to the city. As of mid-2024, Edmonton’s job market grew by 5.3% year-by-year, with tech and clean energy sectors spearheading this growth. With more people moving to Edmonton for these new opportunities, housing demand is steadily increasing. Acting sooner could help you secure a home before rising competition drives prices even higher.
Migration is Fueling Competition
Compared to major cities like Vancouver and Toronto, Edmonton remains a more affordable option for homebuyers, which is attracting not just locals but also interprovincial migrants looking for a better cost of living. In fact, Alberta has been a top destination for Canadians seeking more opportunities and affordability. By August 2024, Edmonton’s average home price rose to $435,094, reflecting a 9.4% rise from the previous year. By purchasing now, buyers can take advantage of current pricing before economic growth and continued migration drive prices up even further.
City Improvements are Adding Value
Edmonton is heavily investing in infrastructure projects that are set to reshape the city, from expanding public transit through the LRT network to improving healthcare and education facilities. As these infrastructure improvements are completed, property values are expected to increase, making it a smart time to invest before prices rise even further due to these long-term benefits.
Good News for New Home Buyers
Even with rising home prices, mortgage rates remain relatively low at 4.25%, making it a great time to lock in affordable financing. First-time buyers of new construction homes have the advantage of 30-year amortization, available since August 1st. This benefit will extend to all new homebuyers starting December 15th, offering even more flexibility. Acting now means capitalizing on these buyer-friendly conditions before Edmonton's growth drives prices and rates higher.
Why Buy Now?
Edmonton's expanding economy is opening doors for homebuyers, but this window of opportunity won't last forever. Increased demand driven by interprovincial migration, industry growth, and citywide improvements mean housing prices will only climb. Now is the perfect time to secure your place in this thriving market.
Get in touch with our Sales Consultants and let us help you make the most of Edmonton’s evolving market before this window closes.
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