properties for sale in edmonton ab

Edmonton Properties for Sale Get Funding Boost to Support Population

Given Alberta’s continued affordability compared to national averages, the province’s population has exploded. Since 2022, when interest rates began to rise, Alberta has experienced an unprecedented upward trend in population growth. As a result, Alberta’s infrastructure and housing systems are under significant pressure to accommodate the influx of new residents. To help the province support these new citizens, there has been a push for increased government funding. Experts hope that with additional cash flow, they will be able to build the housing and infrastructure needed to support Canadian migrants.

In this article, we will go over the various strategies and initiatives being proposed to address these challenges. Follow along below to learn more!

Edmonton Properties for Sale to Receive Funding

edmonton properties for sale

According to Alberta’s Economic Dashboard, the population of the province has seen novel growth over the past three years. And, it doesn’t seem to be slowing down. Prior to 2022, it was unheard of for Alberta to have a net migration rate above 30.0K. However, from 2022 onward, the population has skyrocketed, almost tripling its previous yearly averages. The year-to-date (YTD) net increase in population in 2023 was 185,977, indicating a 58% increase compared to 2022. This is an astonishing statistic given that in 2022, the YTD net migration into Alberta was 117,733, which was up 311.1% from 2021! Evidently, there has been a large jump in new Alberta residents since the Bank of Canada rate hikes began. 

Based on data from a new report by the Conference Board of Canada, there will be another 90,000 expected migrants to make Edmonton home by the end of 2025. It is clear that more infrastructure and housing will be needed to accommodate all of the new citizens. To help the province support its growing population demands, Prime Minister Justin Trudeau announced that $175 million would be allocated for the construction of new homes in Edmonton. This funding is being provided as part of the federal Housing Accelerator Fund. With the funding, the province will be able to build 5,200 homes in the next three years. 

However, experts have noted that the province will need substantially more homes to accommodate the new residents. A more appropriate figure would be 30,000 new homes in addition to more amenities, and improved infrastructure. With so many residents anticipating to make Edmonton properties for sale home, it comes as no surprise that the city will need additional grocery stores, schools, and rec centres. 

What to Keep in Mind as a Buyer or Seller?

Going forward with your real estate goals as a buyer could prove to be challenging. With so many new residents looking for a place to call home, there may be limited options for real estate. Moreover, when you do find a property that you love, it will be crucial to act quickly, as increased demand for real estate often results in competitive market conditions. Buyers should also be aware that with more demand, comes higher prices. However, given Edmonton’s affordability, prices will likely remain in a reasonable range. Despite busy market conditions, it’s important that buyers continue to do their due diligence before making a purchase. This means getting a home inspection done and having a lawyer read over the terms and conditions of your purchase before signing off on the deal!

On the other hand, for sellers, now could be an opportune time to list your property. With such high demand for real estate in Edmonton and surrounding areas (Sherwood Park, West Edmonton, Windermere) selling conditions are favourable. However, it’s important that you still take care in preparing your property for its listing day to get the best ROI. This means paying attention to your curb appeal, decluttering the inside of your home, and having a professional photographer do your listing photos! 

Regardless of whether you are a buyer or seller, it’s important to stay tuned to the latest news/statistics about Edmonton real estate. This way, you remain informed about current market trends and successfully navigate the Edmonton real estate landscape.

Contact us Today!

For more information about buying or selling Edmonton properties for sale, contact us today! We’d be happy to help you find a well-priced property in this growing city. Set up a meeting with one of our experienced Edmonton REALTORS® and discover how to achieve your 2024 real estate goals. Be sure to reach out to us with any questions about Edmonton real estate for sale and stay tuned to our blog for more home-related content. We look forward to working with you in the near future!

sherwood park homes for sale

To Sell or to Buy Homes in Sherwood Park First?

Should I buy a new home before I sell my current one in Sherwood Park? Or vice versa? This is a question that runs through the heads of most homeowners at some point in their lives. And, the question is certainly an important one. Choosing whether you are going to buy or sell first can be stressful. Furthermore, no matter which option you choose, there will always be pros and cons. However, it is important to be able to recognize when to buy first and when to sell first. This often is determined by the current market conditions, your risk tolerance, and other factors personal to you. In this article, we will be answering this question and giving you a general overview of how to go about buying and selling in the same timeframe. Follow along below to learn more!

Pros and Cons of Buying First, and Selling First

  • Pros and Cons of Buying First

When you decide to buy first, you get the peace and comfort of knowing that you have a place to live when your home sells. This can make it much less stressful for you if your home sells quickly. However, if you buy first and you aren’t getting much traction on your listing, you run the risk of owning two homes at once. For some, this isn’t a problem. But, for others, owning two homes at a time is not financially feasible. Moreover, buying first often results in sellers being overly eager to get rid of their old homes. This means that you might be more willing to take a lowball offer, just to get the property off of your hands.  

  • Pros and Cons of Selling First

On the other hand, when you sell first you don’t have to worry about your home going stale on the market. This means that when you buy your home you won’t need to stress about selling your old one. Or, owning two homes at the same time. However, this also means that if your home sells quickly, you have a limited period of time to find a new home. This can be equally as stressful as owning two homes at once. Especially, if the market has little inventory. 

Why are you Moving?

moving to sherwood park alberta

Taking a step back to reflect on the reasons why you are moving is a great way to narrow in on whether you should buy or sell first. This is because knowing the reasons why you are moving can help you establish a better timeline. 

  • Are you building a home?

Building a home is an exciting endeavour. However, building a home often takes at least a year. And, the market can change a lot in that amount of time. This is why keeping your current home while you build can be risky. After all, if the market drops, you may be left in a lurch. Contrastively, if the market improves you could walk away with a substantial profit. 

  • Do you want to find your dream home?

Clients who are in search of their dream homes are usually advised to buy first. Although, in most scenarios, buying first is not recommended. The reason that buying first is often prescribed in this situation, is because of the time it takes to find the “perfect” property. If you know that you want a very specific home style, it’s unlikely that you will find what you are looking for overnight.

Like with most things, it is hard to give a general answer that applies to every person’s situation. In fact, it’s nearly impossible! Because of this, we prefer to set up consultations with our clients.  This ensures that we can provide the best possible answer given each individual’s situation. By chatting with a registered REALTOR®, you will be able to get all of the answers you need to make a sound decision about whether you should buy or sell first. 

Contact Us About Homes in Sherwood Park!

For more information about buying or selling a home in Edmonton, contact us today! We’d be happy to help you determine whether or not you should buy or sell first. Set up a meeting with one of our awesome REALTORS® today! We hope this article was helpful and clarified some of your questions. Be sure to contact us with any questions about homes in Sherwood Park and stay tuned to our blog for more real estate-related content.  You can find us on Facebook for more updates! We look forward to working with you!

real estate year end advice edmonton

Year End Blog Recap!

December is quickly passing! And, that only means that 2023 is getting closer. In lieu of the end of the year, we thought it would be best to write a year-end recap of all of the content on our blog. This way, you can catch up on any missed articles and soak in some of […]