Canadian Real Estate Wealth
readers who pick up a copy of the 2015 Top 100 Neighbourhoods issue in September will notice a significant shift in which provinces are most represented.
This will come as no surprise for many in the real estate industry, as the declining price of oil has negatively impacted the market in oil-focused provinces.
A report published by the Calgary Real Estate Board in July showed that house sales activity in the city has dropped six per cent compared to the average over the past five years. It also showed that Calgary’s residential benchmark price is expected to average $448,354 for 2015, $8 million short of CREB’s prediction earlier this year.
But many investors haven’t seen this shift represented on the ground. “As a whole, we haven’t really noticed a big difference as far as the real estate market is concerned,” said Corey Young of the Alberta on Fire Investor team.
While the headlines suggest otherwise, real estate is still going up in value here; it hasn’t plummeted, it hasn’t dropped.
“We are seeing some properties stay on the market a little bit longer, though values are rising (but not at a fast pace),” said Young. “There are still some good buying opportunities for people. It’s probably better now than it was last year or the year before, because there are actually properties to buy.”
Those who are in the know in Alberta are looking to some specific developments as signs of a market that is sure to heat up. For instance, a new regional airport outside Edmonton will help price appreciation for housing markets in the city’s suburbs, as well the impending completion of the Northeast Anthony Henday Drive, a ring road around Edmonton.
“The final leg will give access to the entire northeast quadrant of Edmonton to Highway 63 and easier access to Highway 16,” said Wayne Weum, president of Testament Properties. “We will see a bunch more workers in those areas.”
Subscribe to CREW today to find out more about which of Canada’s neighbourhoods have made it on the Top 100 this year. The issue is due out in late September
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