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A new report from the CMHC says strong economic and employment growth will keep Alberta’s housing market at a robust level for at least the next two years. In Edmonton, this means a projected average resale price of $360,000, a 4.4-percent increase over the previous year.
BNN.ca decided to plumb the depths of Realtor.ca to find out what passes for average in Alberta’s second largest city.
We found 12246 143rd Ave., a 1081 square foot bi-level home on a quiet cul-de-sac listed for $319,000. Bob Maskell, an associate with Royal Lepage Arteam Realty, says it need about $30,000 renovations for the kitchen, bathroom, and some flooring, so it’s a bit shy of average resale territory. But the new owner is likely to spend the same money before moving in, and Maskell says high end listings tend to push up the average.
"We reduced this house from $329,000, to $324,000, to $319,000. Just today we were notified that we were getting a couple of offers, so we will probably get a bidding war and end up selling in the $310,000 plus range,” said Maskell.
He says this fully detached two bedroom, two bathroom bungalow with finished basement and detached two car garage has been looked at by first time buyer families and investors alike. The basement has one bedroom, and could accommodate another. With the proper permits, the owner could rent to tenants.
The neighbourhood – Castle Downs – is close to CFB Edmonton and home to much of the city’s Muslim community, centred around a nearby Mosque and Islamic school.
The house has been on the market for about 40 days so far. Maskell says houses in this price range typically find a buyer anywhere from 40 to 60 days after hitting the market. This year in particular he’s noticed an uptick in bidding wars for homes around $310,000.
In the broader Canadian real estate landscape, Maskell says the Edmonton’s market is a hot one, but not quite as scorching as Toronto and Vancouver.
“We are still very busy for November, which is unusual. The Listing count is extremely low, which means the prices will continue going up next year,” he says.
The CMHC agrees. Average resale prices are expected to continue trending upwards – $371,000 in 2015 and $380,000 in 2016 – but at a slower rate than 2014.
“People are immigrating here like crazy for jobs, people from Ontario and the Maritimes. We are seeing 30,000 to 45,000 people per year coming, and it’s a younger population. They are all looking to buy their first home,” said Maskell.
Asked bluntly what type of home he’d typically show you for $360,000 in Edmonton; “A 30 to 42 year old three bedroom bungalow with a double detached garage in a mature neighbourhood.”
He’d show you 12246 143rd Ave.