“Looking at the cyclical nature of the real estate industry, combined with suppressed demand during lockdown, we’re going to see an uncapped demand. People are antsy and they want to get looking for their new home.”
Revere Real Estate is a local real estate firm, tracking market trends in order to give their clients the best home-buying experience possible.
Records have been set in real estate throughout COVID, including in November 2020, which Blais pointed to as an “historical month,” with an increase in sales of 27 per cent over the same timeframe in 2019.
Similarly, October 2020 home sales in the Edmonton region grew by 26 per cent compared to the same month in 2019. “The numbers we saw were unheard of for the fall,” he said. “November is typically the month that things really cool off, but sales remained steady.”
The new surge could prove hugely beneficial for Fort Saskatchewan, specifically, Blais said, as suburbs and more rural areas surrounding Edmonton could see significant real estate gains through COVID.
“Anecdotally, I was helping a client out in St. Albert look for a home in the range of $450,000, and every home we identified had offers accepted within three days of going to market,” he said. “It was crazy, and I think we’ll see that again in certain areas in and around the city.”
Noting that similar experiences are being had in Fort Saskatchewan, Blais pointed to anticipated growth in the Fort come the spring. “There’s quite a bit of development that continues outside of the City of Edmonton, and we’re also seeing what I call ‘perpetual urban sprawl’ in Edmonton,” he explained. “Developers have met that demand pretty well, expanding into regions that used to be farmland, so you can now get into single-family homes for under $425,000 just west of the city.
