And here we are again, just past the beginning of another year, and still curious about what the coming months will bring!
There is no more common question that you all pose to me than: How is the market?
As in - what is happening NOW.
However - What is going to happen (according to us experts) is equally to be considered.
To bring this down to brass tacks, the real estate market in Edmonton in 2020 will continue on from 2019.. it will, in a word, simply be the same. It shows as static with conservative growth across the board.
While that may feel disheartening, there is cause to be optimistic!
I have compiled 5 reasons why I think the real estate market in Edmonton might see some positive action, and maybe sooner rather than later:
1. Edmonton is a growing city!
- Almost a million cool cats live here, and the interprovincial migration hovers around 20 thousand people per year. Which means that is the number of people transferring here each year from other areas in the country.
2. Mortgage Stress Test - Potential Movement?
- I see both sides of this.
I support keeping ourselves in check - however - the test was put in place to cool down overheated markets.. and as we all know, that has not been our reality. However, there are people working on bringing this national policy down to provincial levels so they make more sense. I think this would be a key factor in jump starting the market for those first time buyers for sure!
3. Affordability - Yes.. for real!
- We are one of the most affordable cities to live in the entire country; couple that with the fact that we are a capital city with loads to offer, that should give us cause to celebrate. We get to enjoy record low interest rates, tons of sunshine, a festival going on nearly every day and more green space per capita than anywhere - and that just scratches the surface of what makes this a truly great place to call home.
4. Oil Prices - Staying Put?
- A muted outlook on oil is better than a projected decline. This isn't the boom we all want, and the pipeline expansion may change that, however stability is cause to be optimistic for sure.
5. Economic Expansion - Is this our future?
- Actually, it should be. It is crucial that we consider how we can diversify and bring in other industries to help us grow. Oil prices grow and fall.. it is high time we didn't live by that. There is a company called Edmonton Global (formerly the Edmonton Economic Development Corporation) who has made this their mission, and I am definitely on board with their vision!
Want more? Watch below!
- Kimberly Graham
RE/MAX River City