Greatest locations to purchase actual property in Edmonton
Within the desk beneath, you’ll discover the highest neighbourhoods for actual property purchases in Edmonton. To view all the info, slide the columns proper or left utilizing your fingers or mouse. You may obtain the info to your gadget in Excel, CSV and PDF codecs.
Supply: Zoocasa
Prime three neighbourhoods in Edmonton
Situated within the southwest nook of Edmonton, Terwillegar South is bounded on the west by Terwillegar Drive and on the east by Rabbit Hill Highway. It’s one among seven neighbourhoods inside Terwillegar Heights. The world has seen some residence value motion lately. The 2023 benchmark value was $345,465. Whereas that was 2% larger than in 2020, it was 4% decrease than in 2018. Terwillegar South has a price rating of three.0. And as a result of excessive ranges of common family earnings and training, in addition to a excessive share of property homeowners, it has a neighbourhood economics rating of 5.0.
The Terwillegar South neighbourhood is comparatively new. Development started in 2003 and ended round 2009. It’s principally made up of single-family indifferent properties, although there are additionally multi-family homes and condos. Houses generally have parking within the rear, prioritizing pedestrian entry out entrance. This can be a great spot to purchase if you would like a more moderen residence with low upkeep prices.
View Terwillegar South actual property listings on Zoocasa.
Falconer Heights, located in southwest Edmonton, is a residential neighbourhood bordered by Riverbend Highway to the west, Rabbit Hill Highway to the north, and Terwillegar Drive to the east. In 2023, the benchmark residence value was $495,615—which was 16% larger than in 2022, however solely 8% larger than in 2018. Falconer Heights has a price rating of two.9, and like Terwillegar South, it has a excessive common family earnings and excessive degree of academic attainment, supporting its good neighbourhood economics rating of 5.0.
The housing inventory in Falconer Heights is typified by single-family indifferent properties and townhouses with three or extra bedrooms. Roughly 95% of the residences within the neighbourhood are owned by their occupants, and the rest are rented. College students in Falconer Heights have entry to a number of colleges within the neighborhood, comparable to Earl Buxton College, St. Mary, George H. Luck College, Archbishop Joseph MacNeil, and Lillian Osborne. Households can get pleasure from neighborhood parks and forests, which give glorious areas for recreation and leisure. Falconer Heights is a serene and secluded neighbourhood, complemented by its proximity to outlets, shops, libraries and trails, all of which contribute to its distinctive historic character.
View Falconer Heights actual property listings on Zoocasa.
Situated in West Edmonton, Secord is residence to greater than 3,500 residents. With a price rating of three.9, it had a benchmark residence value of $107,050 in 2023—that was 33% larger than in 2020, although additionally 39% decrease than in 2018. This rising neighbourhood is residence to many new building initiatives, which has led to ebbs and flows in costs.
Secord affords a various vary of residence kinds, catering to numerous preferences and earnings ranges. The neighbourhood options indifferent single-family dwellings, duplexes, townhomes and residences, guaranteeing there’s an acceptable residence for each life-style and funds. Secord has a youthful demographic profile, with the vast majority of working adults aged 25 to 54. Roughly 37% of households within the space have youngsters. Resulting from its subdivision mannequin, nonetheless, Secord isn’t very walkable. It has a neighbourhood accessibility rating of simply 0.6.
View Secord actual property listings on Zoocasa.
What’s occurred within the Edmonton actual property market?
Fuelled by demand from worldwide and interprovincial migration, residence costs in Edmonton adopted a comparatively constant upward pattern all through 2023. The benchmark residence value rose from $359,500 in January 2023 to a excessive of $376,800 in June. After the summer time peak, the benchmark value dipped and completed the yr at $370,500, a rise of roughly 3% from the start of the yr.
“Early in 2023, the market was busy, however because the yr unfolded and rates of interest went up, demand died down a bit and we shifted extra in direction of a balanced market,” explains native eXp actual property agent Krystal Smith. (Zoocasa, the writer of this examine, is wholly owned by eXp World Holdings.) “Nevertheless, with many patrons coming in from out-of-province, demand was nonetheless secure, simply slower than earlier years.”
With patrons feeling unsure in regards to the trajectory of residence costs, rates of interest and total affordability, many selected to deal with extra inexpensive property sorts.
“Most individuals had been taking a look at single-family properties within the $300,000 to $500,000 vary. Something in that vary offered shortly and attracted loads of purchaser consideration,” says Smith.
Nevertheless, the standout property sort of 2023 was condos, she says. “Condos had been actually scorching in direction of the top of 2023. We’ve among the lowest rental costs within the nation, in order that retains our rental market vibrant with excessive demand.”
What’s subsequent for actual property in Edmonton?
At the same time as Edmonton continues to expertise value beneficial properties, few main markets can compete with the town’s inexpensive residence costs. In January 2024, the composite benchmark residence value was $370,100, and it was about half that for a rental condominium. These low costs will proceed to draw Toronto and Vancouver patrons in 2024.
Nevertheless, the market stays tight for patrons. “Listings are coming to the market, but they’re being snapped up so shortly that our stock barely will get an opportunity to develop,” says Smith. “As demand continues to surge via the yr, we’re going to maneuver right into a vendor’s market, and it’s unlikely our stock ranges will enhance a lot.’’
