Edmonton tops list of places to buy real estate in Alberta

[wealthyboomer]

Edmonton tops list of places to buy real estate in Alberta

Last Updated: Thursday, August 28, 2008 | 11:21 AM ET
CBC News

Edmonton is the best place in which to invest in real estate in Alberta, according to a report released Thursday by a real estate analyst.

The report, Top Ten Towns Alberta, says Calgary is the second best place for real estate investment, followed by Red Deer, St. Albert and Grande Prairie.

Don Campbell, author of the report and president of the Real Estate Investment Network, said the real estate market in Edmonton has softened in recent months but the city continues to be attractive because of its strong economic fundamentals. Those include an abundance of jobs, relatively high incomes, and ongoing population growth.

"We have very strong job growth. We have average incomes that are increasing faster than the provincial average," he said.

Campbell said the city also benefits economically from capital projects in the northern half of the province and that adds to its appeal as a place to invest. "When I hear projects, I hear jobs. That drives the real estate market."

He said he was surprised that Edmonton retained its top spot this year as the best place for real estate investment in Alberta.

"I'm being brutally honest here. We put this report out every couple of years and I thought that Edmonton would not make number one," he said.

But he said "we dove into the numbers, and sure enough, the people living in Edmonton should be smiling because not only is it the best place in Alberta to invest, it's by far the best place in Canada."

The list is put together using data from a number of sources, including Statistics Canada and the Canada Mortgage and Housing Corporation.

[locknload]

But really who wants to live with 9 months of winter? Other than the access to fort mac, this has to be one of the least desirable places to live.

[thadeus]

But really who wants to live with 9 months of winter? Other than the access to fort mac, this has to be one of the least desirable places to live.

Who'd want to live there?

How about people that want to keep their money instead of paying it in taxes? Alberta has the lowest top marginal income tax rate in Canada.
http://www.cra-arc.gc.ca/tx/ndvdls/fq/t ... provincial

How about people that are looking for a good deal on a home of their own? Edmonton has some of the most affordable homes in the country.
http://www.rbc.com/economics/market/pdf/house.pdf

How about people that wanted a big raise? In the first quarter of this year, Alberta earnings easily outpaced all other provinces.
http://www.statcan.ca/Daily/English/080 ... ab3ftnote1

How about it's easy for anyone to get a job? Unemployment is the lowest in Canada.
http://employment.alberta.ca/documents/ ... ackage.pdf

And as far as investing, Alberta has the most landlord-friendly RTA I know of anywhere.

In summary, Edmonton's affordable (making it an easy market to get into), employment is through the roof (meaning your tenants all have good jobs), wages are WAY up compared to the rest of Canada (meaning your tenants have lots of money to pay their rent and there's ample opportunity to raise your rents), and if you ever do have a problem with a tenant, the Residential Tenancy Act and the Residential Tenancy Dispute Resolution Service makes it easy to resolve said problem.

But you're right. It DOES get cold in the winter. And we all know how much importance tenants/buyers put on a warm climate. Look at the strength of the markets in Vancouver, Las Vegas, Phoenix, San Diego, and Florida. Oh, wait...

[locknload]

The place in question was Edmonton not Alberta , we all know all about Alberta. Other than jobs which the good paying, plentiful ones are in Fort Mac , which u should know . Why are the houses cheaper....bottom line is demand. Low demand = low price. Prices in Fort Mac, high demand = high price .Thats why all the places u mentioned are more expensive, look at the population of all those cities! They must have something going for them! But lets live in winter bound Edmonton

[thadeus]

The place in question was Edmonton not Alberta , we all know all about Alberta.

Last time I checked, Edmonton was in Alberta.

Other than jobs which the good paying, plentiful ones are in Fort Mac , which u should know .

I know exactly what I'm talking about. It's you that needs to check the facts. No one is debating the high paying jobs in Fort McMurray but to say that there are no other high paying jobs in Edmonton is completely untrue.

http://www.payscale.com/research/CA/Cit ... ourly_Rate
http://www.payscale.com/research/CA/Cit ... ourly_Rate

Yes, wages in Fort McMurray are, for the most part, higher than in Edmonton but once you get into a trade, the wages are quite similar.

And here's a map of Alberta's "Industrial Heartland."

Let's count the projects...
1-Synenco
2-Petro-Canada
3-Access
4-Enbridge
5-BA Energy
6-Shell
7-Stat Oil
8-Total
Hardly makes it look like the only plentiful, good paying jobs are in Fort McMurray. And if you're not familiar with Fort Saskatchewan, it's about 20-25 minutes outside of Edmonton. There'll be LOTS of Edmontonians working at those construction sites/plants.

Why are the houses cheaper....bottom line is demand. That's why all the places u mentioned are more expensive, look at the population of all those cities!They must have something going for them!

This statement really illustrates your ignorance as to what's going on in Edmonton and the world of real estate in general. You think my list of cities is full of places with properties that are more expensive than in Edmonton? Let's compare.

The Realtors Association of Edmonton's stats from August of this year say that the average home in Edmonton is priced at approximately $370,000 (http://www.ereb.com/pdf/MonthlyStats.pdf). I hit MLS and Comfree and picked two houses at random in that price range. I chose southwest Edmonton as that's by and large considered the most desirable section of the city in which to live. First, Comfree...
http://edmonton.comfree.ca/display.html?code=24285
3 bedroom, 2 bathroom, 1,400sqft, attached two car garage, even comes with central a/c. Aside from the purple bedroom, it's not a bad looking house for $373,000.
http://www.mls.ca/PropertyDetails.aspx? ... ID=7492180
On MLS, $375,000 gets you a next-to-new two-story, 2,200sqft house with a gas fireplace and a detached two car garage. Again, pretty nice.

Let's see what $375,000 buys us in Vegas...
http://www.realtor.com/search/listingde ... 137#Detail
5 bedroom, 3 bathroom, 4,100sqft, swimming pool, 3 car garage. Hmm, that seems like a step up from Edmonton but, using your logic, prices should be higher in Vegas because of the warm weather and larger population. That's probably an anomaly. Let's check Phoenix...

http://www.realtor.com/search/listingde ... =46#Detail
Not quite as grand in as in Vegas as it's only 3,300sqft but, in my opinion, the pool is much nicer.

http://www.realtor.com/search/listingde ... t=3#Detail
Not quite as many details on this home in San Diego put still pretty nice.

http://www.realtor.com/search/listingde ... =56#Detail
In Miami, we spent a little more but, wow, it's pretty impressive looking.

The only place from my list that's dollar-for-dollar more expensive is Vancouver but it's affordability is WAY worse than Edmonton's and while the lower mainland's winter's are famously mild, they've got a long way to go before they catch up with anything else on the list. And yes, all those city's have a larger population than Edmonton.

Your theory of nicer weather, bigger city = more demand, higher prices seems to have a few holes in it. You may want to work the bugs out.

But lets live in winter bound Edmonton

I agree with you that, given the opportunity, the majority of people would prefer to live someplace with a tropical climate and no snow, but the reality is that most people aren't in that position. Most people's checklists look like this:

1-Can I get a good job and make a good wage where I'm going?
2-Will the overall quality of life be good for me and my family?
3-Will I be able to afford to buy my own home?

Weather is WAY down on the list.

It's clear to me that non-biased information from StatsCan, RBC, CMHC and whoever put this study together are no match for your dislike of cold temperatures.

First thing Monday morning, you should get on the phone and call the people listed above and inform them that they wasted their time earning degrees and compiling this in depth research. Tell them you can't imagine shoveling snow and would never move to Edmonton simply for that reason, regardless of the economic advantages for you and your family. I'm sure they'll print a retraction and change their mind once you inform then it actually gets COLD in Edmonton...

[frogen]

The default withholding rate is 25% on land and 50% on buildings. (This is from gross proceeds!)

CRA will accept requests for reduced withholding (25% of gain on land and a variable amount on the undepreciated amount of gain on the building) so that you don't have to wait until you file the tax return to get a refund.


http://www.ira-401k-realestate.com/IYF-Video-Opt-In/

[locknload]

The place in question was Edmonton not Alberta , we all know all about Alberta.

Last time I checked, Edmonton was in Alberta.

Other than jobs which the good paying, plentiful ones are in Fort Mac , which u should know .

I know exactly what I'm talking about. It's you that needs to check the facts. No one is debating the high paying jobs in Fort McMurray but to say that there are no other high paying jobs in Edmonton is completely untrue.

http://www.payscale.com/research/CA/Cit ... ourly_Rate
http://www.payscale.com/research/CA/Cit ... ourly_Rate

Yes, wages in Fort McMurray are, for the most part, higher than in Edmonton but once you get into a trade, the wages are quite similar.

And here's a map of Alberta's "Industrial Heartland."

Let's count the projects...
1-Synenco
2-Petro-Canada
3-Access
4-Enbridge
5-BA Energy
6-Shell
7-Stat Oil
8-Total
Hardly makes it look like the only plentiful, good paying jobs are in Fort McMurray. And if you're not familiar with Fort Saskatchewan, it's about 20-25 minutes outside of Edmonton. There'll be LOTS of Edmontonians working at those construction sites/plants.

Why are the houses cheaper....bottom line is demand. That's why all the places u mentioned are more expensive, look at the population of all those cities!They must have something going for them!

This statement really illustrates your ignorance as to what's going on in Edmonton and the world of real estate in general. You think my list of cities is full of places with properties that are more expensive than in Edmonton? Let's compare.

The Realtors Association of Edmonton's stats from August of this year say that the average home in Edmonton is priced at approximately $370,000 (http://www.ereb.com/pdf/MonthlyStats.pdf). I hit MLS and Comfree and picked two houses at random in that price range. I chose southwest Edmonton as that's by and large considered the most desirable section of the city in which to live. First, Comfree...
http://edmonton.comfree.ca/display.html?code=24285
3 bedroom, 2 bathroom, 1,400sqft, attached two car garage, even comes with central a/c. Aside from the purple bedroom, it's not a bad looking house for $373,000.
http://www.mls.ca/PropertyDetails.aspx? ... ID=7492180
On MLS, $375,000 gets you a next-to-new two-story, 2,200sqft house with a gas fireplace and a detached two car garage. Again, pretty nice.

Let's see what $375,000 buys us in Vegas...
http://www.realtor.com/search/listingde ... 137#Detail
5 bedroom, 3 bathroom, 4,100sqft, swimming pool, 3 car garage. Hmm, that seems like a step up from Edmonton but, using your logic, prices should be higher in Vegas because of the warm weather and larger population. That's probably an anomaly. Let's check Phoenix...

http://www.realtor.com/search/listingde ... =46#Detail
Not quite as grand in as in Vegas as it's only 3,300sqft but, in my opinion, the pool is much nicer.

http://www.realtor.com/search/listingde ... t=3#Detail
Not quite as many details on this home in San Diego put still pretty nice.

http://www.realtor.com/search/listingde ... =56#Detail
In Miami, we spent a little more but, wow, it's pretty impressive looking.

The only place from my list that's dollar-for-dollar more expensive is Vancouver but it's affordability is WAY worse than Edmonton's and while the lower mainland's winter's are famously mild, they've got a long way to go before they catch up with anything else on the list. And yes, all those city's have a larger population than Edmonton.

Your theory of nicer weather, bigger city = more demand, higher prices seems to have a few holes in it. You may want to work the bugs out.

But lets live in winter bound Edmonton

I agree with you that, given the opportunity, the majority of people would prefer to live someplace with a tropical climate and no snow, but the reality is that most people aren't in that position. Most people's checklists look like this:

1-Can I get a good job and make a good wage where I'm going?
2-Will the overall quality of life be good for me and my family?
3-Will I be able to afford to buy my own home?

Weather is WAY down on the list.

It's clear to me that non-biased information from StatsCan, RBC, CMHC and whoever put this study together are no match for your dislike of cold temperatures.

First thing Monday morning, you should get on the phone and call the people listed above and inform them that they wasted their time earning degrees and compiling this in depth research. Tell them you can't imagine shoveling snow and would never move to Edmonton simply for that reason, regardless of the economic advantages for you and your family. I'm sure they'll print a retraction and change their mind once you inform then it actually gets COLD in Edmonton...

No kiddin I live in Calgary haha.............I admire the time and extend u put into ur response! I am all too familiar with F. Sask, still not Edm. When do Edm. construction jobs pay $195 per day LOA? Thats why all the money hungry guys go to F. mac. Still it's too far north livin in Calgary. Ya I'm here for the less money, still couldn't pay me enough to move up there! Even tho my son in law works up there {F.Mac} one shutdown, 24 days, pays $ 24000. Still , quality of life 0. All the talk in the camps.......get out, only there for a short time so on and so on. So many people must think the same ,honestly the pop. of Edm or Calg... really quite low for the jobs and the cheap hses. But still no one really wants to move here. Come work and leave, that is one reason own hse prices have shit out. U really don't have to defend Edm so vigorously haha

[frogen]

The next three years all kinds of regions across the country are going to look spectacular. But these ones will outperform over the long period of time.

The rest of the top places for residential real estate investment include Kitchener-Waterloo in Ontario, Fort St. John, B.C., Barrie, Ont., Halifax and Hamilton.

Richard Corriveau, regional economist for the Canada Mortgage and Housing Corp. for the Prairies and Territories, said the one thing you can bank on is future appreciation.



http://www.ira-401k-realestate.com/IYF-Video-Opt-In/

[DAB]

But really who wants to live with 9 months of winter? Other than the access to fort mac, this has to be one of the least desirable places to live.

if u have a job that pays 6 digits that u can't get elsewhere, then some people will put up with the harsh conditions.

[DAB]

thats why all the money hungry guys go to F. mac. Still it's too far north livin in Calgary. Ya I'm here for the less money, still couldn't pay me enough to move up there!

my friend works in F. mcmurray, says u can get paid there in the 6 digit range. way more than anywhere else. key is to work ur ass off for sevearl years...save enough to come back to a 'normal' city and then take it easy. downside, from the gruesome weather & work, he look about 10 years more than his real age.

[locknload]

thats why all the money hungry guys go to F. mac. Still it's too far north livin in Calgary. Ya I'm here for the less money, still couldn't pay me enough to move up there!

my friend works in F. mcmurray, says u can get paid there in the 6 digit range. way more than anywhere else. key is to work ur ass off for sevearl years...save enough to come back to a 'normal' city and then take it easy. downside, from the gruesome weather & work, he look about 10 years more than his real age.

The real problem there is the cost of living is sooo high, ie a small 3 bed hse will rent for 3500 - 4500 a month top floor only, if you don't take it someone else will. Groceries, another problem, you just take it for granted that they won't run out of the staples, but they regularly do. Then try to staff those businesses, massive lineups to get thru the tills . There "were" 2 tim hortons in town, one closed because they couldn't staff it.

Sound like fun yet? divorce rate of 70% It's a great place to be FROM.

People don't have a clue what to expect when they talk about going there to find work.

[DAB]

thats why all the money hungry guys go to F. mac. Still it's too far north livin in Calgary. Ya I'm here for the less money, still couldn't pay me enough to move up there!

my friend works in F. mcmurray, says u can get paid there in the 6 digit range. way more than anywhere else. key is to work ur ass off for sevearl years...save enough to come back to a 'normal' city and then take it easy. downside, from the gruesome weather & work, he look about 10 years more than his real age.

The real problem there is the cost of living is sooo high, ie a small 3 bed hse will rent for 3500 - 4500 a month top floor only, if you don't take it someone else will. Groceries, another problem, you just take it for granted that they won't run out of the staples, but they regularly do. Then try to staff those businesses, massive lineups to get thru the tills . There "were" 2 tim hortons in town, one closed because they couldn't staff it.

Sound like fun yet? divorce rate of 70% It's a great place to be FROM.

People don't have a clue what to expect when they talk about going there to find work.

i guess it's true that tim hortons /macdonalds were paying about $20/hr for employees.

[rajulratna]

This is disgraceful, Laeeque Ahmed needs to be stripped of his license.
Not only is this disgraceful, its troubling for new comers to this country too. We leave our countries because of the corruption and fall in the hands of agents like Laeeque Ahmed. Shame

[JoeRankin]

Reports by Statistics Canada show that Albertans have seen a 4.4% year-over-year growth in their average weekly earnings, reaching $1,049.31 in October 2011. Alberta not only has the highest wages in the country but also continues to grow at nearly the fastest rate in Canada.

Alberta is also the province with the 3rd highest priced real estate preceding the North West Territories and before Ontario. Calgary in particular is the country’s 5th most expensive main city in Canada to buy real estate. However, because of the higher wages of Albertans, more people are able to finance a home; about 73 per cent are home owners compared to the 68 per cent of the rest of Canada.

Compared to Vancouver for example, Calgary is fairly cheap; 36-40% of the average Calgarians' income goes towards house payments compared to Vancouver's ridiculous 95-97%