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After decades of having some of the lowest
houses prices of any major Canadian city,
Edmonton is now on a tear. The average selling
price of a house has risen 38 % since 2005,
to over $316,000. The supply and demand
ratio is skewed more in favour of the seller
here than anywhere in the country. With
more buyers than sellers experts predict
prices to continue rise at double-digit
rates for another two years.
Many buyers say the pressure is enormous,
competition with other buyers, no time to
get an inspection, and rising prices eating
away at their hard-earned downpayment.
Meanwhile the strong economy means many people have more money and can afford to buy bigger and more expensive homes. And despite rising prices a home in Edmonton remains affordable compared to other major cities in Canada, and around the world. With strong energy prices investors locally, and even internationally, see the city's real estate as a sound investment.
Find out who's still making money, and
where, what it's like to be a buyer. The
decision to sell privately, is it for you?
Also, remebering the last bust, and advice
from those who went through it all before.
(Source: Canadian
Real Estate Association,July/August 2006)
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(runs 5:37)
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