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Now may be the time to buy a home in Edmonton!

The simple equation to any real estate transaction is two fold. The first is location, location, location and the second being, of course, supply vs. demand. In Edmonton, these two equations are indicating a very strong buy signal.

The City of Edmonton had a population of 812,201 as reported by the last Census which was conducted in 2011 thus making it Alberta’s second-largest city and Canada’s fifth-largest municipality. Edmonton is the northernmost North American city with a metropolitan population over one million and a resident of Edmonton is known as an Edmontonian. Edmonton is a cultural, governmental and educational centre. It hosts a year-round slate of festivals, reflected in the nickname “The Festival City.” It is home to the West Edmonton Mall which was the world’s largest mall in the world from 1981 until 2004 and is still the largest mall in North America. Edmonton is also the home of the Fort Edmonton Park, which is Canada’s largest living history museum.

Edmonton’s historic growth has been facilitated through a number of annexations beginning with the absorption of five adjacent urban municipalities including Strathcona, North Edmonton, West Edmonton (Calder), Beverly and Jasper Place. The annexations of surrounding areas and rural lands continued well into 1982.

Edmonton is the northern anchor of the Calgary–Edmonton Corridor and is now the staging point for large-scale diamond mining operations in the Northwest Territories and large-scale oil sands projects occurring in northern Alberta. Current estimates place the total value of oil in the oil sands project to be in excess of $16 Trillion Canadian (Cdn). According to an article in the Edmonton Journal:

“Over the next two years, the board predicts Alberta will create 132,900 net new jobs — or about 40,000 more people than the entire population of Red Deer — cutting the province’s unemployment rate to 4.5 per cent by 2013. That’s just one per cent above the pre-recession lows of 2007.”

The Petroleum Human Resources Council of Canada says nearly 40,000 new workers will be needed in the energy sector by 2020 just to replace those who retire, plus 90,000 additional oil-patch workers will still be needed. With China, South Korea, Japan and Thailand all spending Billions of dollars, Husky Energy Inc., (OTCQB: HUSKF) spending $2.5 Billion on its Sunrise Phase One Sit Project and ExxonMobil (NYSE: XOM) spending $10.9 billion (Cdn) on the Kearl Oilsands Project there will be a record demand for new workers.

What that means to you is an exploding population base that is going to push demand for homes higher. With limited availability, homes will of course begin to demand higher and higher prices. It’s the simple law of economics. Limited supply and high demand equals higher prices. You have to consider that most of the neighborhoods in Edmonton enjoy an occupancy rate of over 96%. Consider that Lansdowne, Grandview Heights, Malmo plains and a few others were at 100% occupancy with no homes for sale as the time of this writing.

Now don’t be scared off from buying a home in Edmonton simply based on occupancy rates. What this really means is that buying a home in Edmonton is going to be a great investment and that the neighborhoods are stable, non transitory areas which are great for starting or raising a family. Further consider that many neighborhoods in Edmonton were designed specifically to attract families and to encourage neighborly interaction, you can see why it is a great place to live.

Case in point are Terwillegar, Lake Sumerside, and Windermere which are examples of the new Urbanism style of development showcasing roadways specifically constructed to encourage pedestrian traffic, houses situated closer to the street in order to encourage interaction between neighbors and neighborhood parks being provided to be the focus for the community. This is just one example of many. Furthermore, the housing market in Edmonton boasts a multitude of neighborhoods to choose from. Form the newer “neo-traditional” community already discussed to the more seasoned neighborhoods developed in the 1940’s through the 1960’s. All of which have their own specific charms and attractions.

The City of Edmonton boasts world-class schools; parents can choose from ten different post-secondary institutions of learning. Some examples are the Grant MacEwan University, the largest university in Western Canada, the Northern Alberta Institute of Technology which trains more apprentices than any other school in Canada, and then there is the University of Alberta which is ranked as one of the worlds leading research universities.

The City of Edmonton also boasts world class healthcare with Edmonton’s Capital Health Region beeing ranked no. 1 in Canada for the last 5 years in a row.

The City of Edmonton also has outstanding community attractions and recreation areas. There is the Edmonton Valley Zoo featuring more than 300 exotic and native animals, community swimming pools, the Muttart Conservatory, multiple parks including arenas and outdoor skating and much, much more. There is guaranteed to be something for everyone. Boasting over one million people, the Greater Edmonton area offers all of the conveniences of a big city but with the comfort and feel of a small home town.

As we have shown there are a myriad of reasons for a person to move to the City of Edmonton. But if you needed even more of an incentive consider that home prices in Edmonton are lower than the national Canadian average and the City of Edmonton boasts lower taxes as well. Whatever the reason, of which there are many, now is the time to move to Edmonton and to buy your home.

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