"...in some cities, home prices are still reasonable, and buoyant economies mean prices are destined to rise higher. What you need is a system that can consistently spot good places to buy real estate—in good or bad economic times."
Money Sense Magazine put together a list of Canadian cities where real estate is still a "good buy" and Edmonton made the list. The list includes cities where real estate is still affordable, and income levels and job prospects are high and rising. According to the authors these are the cities that will see price appreciation in the years to come, and are most likely to withstand any downward movement in national housing prices (a.k.a. Toronto and Vancouver).
The brightest real estate treasures are hiding in small and mid-sized towns across Canada, where rock-bottom house prices combine with strong local economies to make buying real estate there an attractive bet.
This year Edmonton and Thunder Bay were the only new additions to the list which also included Regina, Fredericton, Winnipeg, Moncton and St. John's. Edmonton was recognized for it's booming economy and affordable housing. The population is growing, attracting tons of immigrants (the fourth highest in the country after Calgary, Barrie and Oshawa) due mainly to our very low unemployment rate.
It’s not surprising then that Edmonton earned its highest points for its economy, with a stellar grade of A+ in that category. Only Calgary and Victoria were able to achieve the same grade for economy. Edmonton also earned a solid B+ in value, with the average home costing $336,000, about $75,000 less than a similar home in Calgary.
The Conference Board of Canada projects Edmonton's economy will grow by 3.4% this year, lead by the manufacturing and service sectors.
Despite the apparent focus on oil and gas, Edmonton’s economy is one of the most diverse in Canada. It boasts major employers such as IBM, Telus and General Electric, as well as a growing biotech sector. Home to the Edmonton Oilers hockey team, the Edmonton Eskimos football team and FC Edmonton soccer, it’s a sports lover’s dream that’s bound to keep people moving to the city for years to come.