Real Estate Investing in Edmonton, Alberta

The city of Edmonton, while not as closely associated with the recent oil boom as neighboring Calgary, is currently flush with investment opportunity. The entire province of Alberta is one giant sound investment because of the unparalleled economic growth thanks to the oil sands and their seemingly limitless cash flow.


Edmonton is the farthest north of the major cities in Alberta, which puts it closer to the actual excavation sites of the oil sands located in the northern part of the province. What this means is that the money, and those looking to spend that money, hit Edmonton first. That explains why the housing and real estate market in Edmonton has been doing record business.


According to a report issued by the Edmonton Real Estate Board, 2007 is already breaking records. Sales in every category are up over 2006, and some of the values being seen are shocking even the most optimistic projections. The average selling price for a condo in Greater Edmonton is up a whopping 60 percent over the same time last year, to an average of $261,000. The median selling price for a single family dwelling is up almost as much, 55.8 percent, to just a shade under $400,000. And sales of residential properties in Edmonton is up over 20 percent in April 2007 over April of 2006.


If you have cash to invest, it is almost impossible to NOT make money in real estate in Edmonton, but with every boom, there is a worry that a bust is soon to follow. Edmonton expects over 400,000 new residents to the Greater Edmonton area over the next 25 years, a rate that would outpace almost every other city in North America.


The prospect of instant riches in Northern Alberta is a huge draw for anyone looking to earn it. Northern Albertan cities like Fort McMurray are suffering from worker shortages because the oil companies want to move the oil-soaked sands so quickly that a young, motivated worker in a town like this can be earning six figures in literally months. That almost instant wealth is going to get spent on something and a home in the greater Edmonton area, the closest major city to the oil sands, is the prime target.


If you need any more convincing that the Edmonton economy is in a permanent climb, or at least a climb for the next few decades until the oil sands have been removed, the mayor expects a jump of almost five percent in the cities gross domestic product to close to $45 billion dollars, one of the biggest jumps, percentage wise, in Canadian history. It is too late to get in on the ground floor of this incredible investment opportunity, but the sky is definitely the limit with Edmonton, and Alberta in general, and serious cash can still be made.


If you’re wondering where new projects can be built in a city that is growing so fast, that is one of the best parts about both Calgary and Edmonton. Alberta is a land of wide open spaces, a beautiful combination of mountains and plains. To the north of Edmonton lies 20,000 undeveloped acres that the mayor envisions to be a whole new section to the city within a few years time made up of homes, apartments, condos as well as commercial and industrial space. It is still very possible to get in early with investment dollars on this new section of this growing city, but you must act fast.


Warmly,
Mary Wozny