6 Reasons Edmonton Is a Great Place for Investment Properties
More and more people are realizing that Edmonton is a great place to live. It has all the advantages of a thriving metropolitan area alongside opportunities to enjoy a quieter lifestyle. You can enjoy a night out at the opera one night, then hike along a ravine the next day.
Real estate investors should take note. With the bustling new construction market, you have an opportunity to get a great deal on a brand new home that will attract renters who are looking for homes that have a bit more class.
Keep reading to learn more about the many reasons why Edmonton is a great place to buy investment properties.
Many cities in Canada are built around a single industry. When there’s a slump in that industry, it creates big ripples in the market. Edmonton, though, has a more diversified economy. People who live here work in a variety of industries, which means that the economy tends to be more stable than others. Sure, there are ups and downs, but they’re not quite as dramatic as what you see in other areas.
Attractive Options at All Price Points
There are many different types of real estate investors. Some are casual investors. They add an income suite in the home they’ll live in to earn a bit of extra income. Others are more serious investors with multiple, multi-unit buildings. One of the nice things about Edmonton is that there are options for income properties at different price points, particularly for those who are interested in buying new construction. You could buy townhomes, duplexes, or single family homes. You can often opt to add extra units by finishing the basement or creating an income suite above a garage. With different ways to invest, you can choose the style you’re most comfortable with.
When you purchase an investment property, you want to be able to rent it out ASAP. Edmonton is experiencing a period of growth, with new communities popping up on a regular basis. Although people don’t always want to live in a place where there’s constant construction, the new communities in Edmonton are often directly adjacent to established communities. To make sure that the communities are complete, developers build in phases. They don’t allow the next section of the community to open until the first one is filled. Your tenants may have construction around them for a short time, but the work will soon be finished. In the meantime, they’ll be able to take advantage of established amenities like grocery stores, recreation centres, and playgrounds nearby.
Simply put, Edmonton is a great city for families. Most communities are designed to allow neighbours to feel connected to one another. There are quiet streets, walking trails, and central gathering spaces. Some communities even have special amenities that are within walking distance, such as an open-air-style market or a quality school. Combined with the diverse economy, it’s easy to see why a lot of families from around Canada would have their eye on our delightful city.
The housing market has its ups and downs. About a year ago, changes to the mortgage market meant that some people had to wait a bit longer before they were able to buy. This caused a slight slump in the market, but it has already started to turn around. As an investor, now is a great time to make your move. You can feel confident that you’ll get a good deal on your purchase, and it’s reasonable to think that your property’s value will increase much more quickly than it would if you purchased a resale home.
If all of this hasn’t convinced you that Edmonton is the perfect spot for your investment properties, perhaps you’d like to hear from the Real Estate Investment Network (REIN). They’ve determined that Edmonton is the number one spot for investors based on economic factors like a growing economy and a need for affordable housing.
It’s important to note that they say Edmonton is the type of city where you want to buy a property to hold onto long-term. It’s not necessarily the best option for those who are looking for homes to flip and sell quickly. This coincides nicely with the new construction market. When you’re buying new, you want to hold onto the property for a long time. These homes will bring you a nice amount of income over the years.
Sterling Homes builds homes for families, but we also build homes for real estate investors. Whether you are buying your first property or already own several, we can help you find the right style to meet your needs.