Selling Points in Edmonton Housing Market Include Short Commuting Times
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Each day during his morning commute‚ Bob Vergidis pauses to get geared up for another busy day at work – but only briefly.
He lives in a modern loft apartment‚ which was once warehouse space‚ just a block from his downtown Edmonton office.
“For people looking to raise a family‚ Edmonton is a great place to be. With our home downtown‚ we enjoy close access to work‚ entertainment and the farmers’ market. It’s a great quality of life‚” says Vergidis‚ who is president and chief executive officer of DevStudios‚ a global information technology education and consulting firm based here.
Even with prices on the upswing‚ homes in Greater Edmonton remain more affordable than those in other Canadian major metropolitan areas and in many international cities. According to Richard Goatcher‚ a senior market analyst for the Canadian Mortgage and Housing Corp.‚ Edmonton’s once-undervalued real estate market now is keeping pace with the area’s rapidly growing economy.
“I would say this is probably the hottest real estate market in North America right now because of all the capital investment tied to the oil sands and oil companies putting money into the region. Home prices are going up from where they were 10 years ago‚” Goatcher says. “With so many people immigrating to the area‚ the rental market is also very tight. Finding a place to stay in advance is becoming a priority for those moving here.”
Housing choices here include loft apartments such as the one Vergidis purchased‚ starter homes‚ rental units‚ older dwellings in leafy in-town neighbourhoods‚ modest dwellings in need of tender-loving care‚ suburban subdivisions‚ high-rise condos‚ multimillion-dollar mansions and outlying acreages. Stress-free commutes are common.
CMHC‚ which is Canada’s national housing agency‚ provides a number of resources to help newcomers navigate the market. The organization offers the Newcomers Guide to Canadian Housing‚ a 52-page manual available online at www.cmhc.ca that provides detailed information on how to buy or rent a place to live. CMHC also publishes detailed housing market reports for Edmonton that are updated monthly.
“There’s a lot of effort going on throughout the community to try to bring people into the province and make them feel at home‚” Goatcher says.
Story by Valerie Pascoe
Photo by Jeffrey S. Otto
