Edmonton has always been popular for its affordability. The average detached family home goes for about $410,000. During the 2015/2016 downturn, the city saw a value drop of 2.7%. The city's economy is pretty much driven by what happens in the oil markets. With oil prices on a recovery trend, the city is looking up again. Real estate experts say that the North West region of the city holds promise for real estate investments.
The average home value is $414,000 with a maximum average price of $831K and a minimum average price of $250K seen in the last year. 86% of the homes in Edmonton are below $500K. Which are the top neighbourhoods to put your money in?
Sherbrook in Zone 4
This area is increasingly popular with young families. It is a bit further out of to the North of Westmount, but the long commute has seen homes here price $100-150K cheaper. Homes here are smaller bungalows with larger lots. This is another plus given that the authorities have allowed additional apartment development on such lots.
Grovenor in Zone 21
This area has become attractive because of its close proximity to Glenore and Westmount, which are highly sought after neighbourhoods. The homes here are what realtors call 'dollhouses.' They are selling close to the land value, which has made this neighbourhood popular with people willing to pull them down and put up more promising properties/infills.
Prince Charles in Zone 4
This neighbourhood is popular with working-class families. It is also one of the cheaper neighbourhoods to get into at the moment. Homes here are war-era bungalows build on big lots. The municipal authorities have also permitted the development of secondary suites and laneway homes in this area.
Oliver in Zone 12
The best thing about the Oliver neighbourhood is the short commute to Downtown and its proximity to the growing Edmonton ICE District. It is also rich in social amenities given its closeness to the cities core. The community of Oliver also offers residents good views of the river valley. This popularity has made the community of Oliver see the highest rise in rents as more young people come in. At Mainstreet Equity we have a number of Oliver apartments in the trendy up and coming community.
Dover Court in Zone 4
This is neighbourhood is seeing a generational shift with older people moving out and younger people settling in. It is attractive because of its closeness to downtown while keeping larger lots and wider boulevards. A good number of people coming in are opting to pull down the existing houses and put up larger homes.
McQueen in Zone 21
The West Edmonton Mall is about 10 minutes away from this neighbourhood. It also has Archbishop MacDonald, an International Baccalaureate accredited school. This has made it popular with young families. If you are looking to rent in McQueen contact Mainstreet Equity to learn about our McQueen apartments.
If you currently live or are moving to Edmonton and are in need of an Edmonton apartment rental contact Mainstreet Equity.