Search high or low in Edmonton’s real estate market and you’ll find similarly sized clusters of properties waiting to be sold.
On the low side, about 60 Edmonton properties were listed at less than $100,000 late last year.
At the other end of the spectrum, roughly the same number of properties were listed for more than $2 million.
In this sluggish market, the struggles can be similar for sellers, whether the home has a spiral staircase and room for a baby grand piano or is a one-bedroom condominium in an aging building.
“(They’re) different leagues but it’s interesting that some of the same pressures apply but in different ways,” said Michael Brodrick, chair of the Realtors Association of Edmonton. “The whole market has been subject to these pressures on price.”
But every real estate market is defined by opposing forces, which means if things are rough for sellers the possibilities are great for buyers.
“At the high end, you’re getting very good value for your money. You’re getting everything you could possibly want for a reasonable price,” Brodrick said, adding that those looking to enter the market will find reasonable prices, too.
How low can you go?
The lowest end of Edmonton’s real estate market, excluding mobile homes, is dominated by one-bedroom condominium units. At least two were listed for less than $50,000 in late 2019.
“If you think about the things that affect housing value, this all makes sense,” said David Dale-Johnson, the Stan Melton executive professor in real estate at the University of Alberta. “They’re old, small and generally speaking they’re not close to the downtown core or hubs of business and retail.
“These are all factors that affect the value of any home, and these are no exception.”
Such prices might evoke memories of the 1990s for long-time real estate watchers. And many units in that price range were built long before that, often in the 1960s and 1970s.
There were close to 60 condominium units selling for less than $100,000 in Edmonton in late 2019. (Realtor.ca)
That brings risks for buyers, Dale-Johnson noted.
“If I were looking to buy one of these, one of the very first things I would be asking is, ‘How well has the property been maintained? What’s been replaced? What’s going to need to be replaced in the near future?'”
A new heating system, roof or windows are all significant costs that might be passed on to individual unit owners if a building’s reserve fund isn’t big enough. A condominium association can impose a special assessment on owners to cover such expenses for the whole building.
Overall, the average condominium sale price in Edmonton in October 2019 was $227,802 — an almost three per cent increase over the previous year. But that average price was down about eight per cent from 2015.
“One of the very first things I would be asking is, How well has the property been maintained? What’s been replaced?– David Dale-Johnson, University of Alberta professor
The drop in Edmonton condominium prices has been blamed on a number of factors: overdevelopment in the past and a flood of new units now entering the market; a flurry of conversions that turned rental units into condos; and investors who bought during the boom and now want to get rid of their properties.
“It’s not a great market, to be honest,” said Dale-Johnson.
“The city continues to grow but it won’t grow as quickly until either the pipeline gets on stream or we develop other business activities to fill the void. Having said that, it’s a great city, with good schools and affordable housing. People do like it.”
Calgary had just two properties listed for less than $100,00 at the end of 2019.
Luxury properties still a hard sell
Climb the price scale and you’ll find mansions on well-manicured lots, with majestic river valley views and plenty of granite and marble.
Multi-million dollar properties are relatively rare in the city.
“When you look at the Edmonton market versus a market like Vancouver, we still have space in which to build,” said Brodrick from the realtors association.
“When you start getting into two-, three-, four-million dollars in Edmonton, there are still places where you can buy whatever lot you want and you can build whatever house suits your style.”
A luxury property in central Edmonton offers extra space to fill with whatever you wish. (Realtor.ca)
The highest priced Edmonton property listed for sale late last year was an $8.5-million mansion that belonged to businessman Bruce Saville. The house has almost 20,000-square-feet of living space, an indoor pool and a wine room.
But it sat on the market throughout 2019.
“The right question for these properties is, ‘Is the right buyer out there?'” said Dale-Johnson.
“Money isn’t an issue for these households or individuals. It’s more a question of whether the property suits their wants and needs. That said, if they’re buying today, they know what’s going on in the economy and they will negotiate aggressively.”
And even the wealthiest sellers sometimes have to consider their options in a tough market, said realtor Wayne Moen, who has sold real estate in the city for about 45 years.
Former Oilers owner Bruce Saville’s home was on the market for most of 2019. (uavnorth.ca)
He noted one client trying to sell a luxury property outside of the city who had dropped his price from $1.5 million to $1 million but still couldn’t find a buyer.
“I had to be frank with the client and said, ‘If you had a good renter, I think you’d be better off renting,'” he said.
“You just try to counsel people. Our job, if we’re going to call ourselves professionals, we have to actually tell people the way we see things and what the outlook is. You don’t want to blue sky people, you have to tell them, you have to be aggressive with price selling and make sure your property presents itself well. Because you’ll have lots of competition.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
