Real estate, in the United States and Canada, has taken a hit in the last decade. In fact, the Great Recession was led by the sinking of the housing market in both countries. However, there were pockets of profit which began to emerge in this industry, even while most other segments were fledging under water. Edmonton, Alberta is one such location, and there are several key things to look for when looking for investment in this area.
Look For Green Properties:
Estimates suggest that Edmonton has a higher rate of return on real estate than other areas of Canada, and real estate is profitable, because the cost of living is not as extreme as it is in other areas of the country. Many renters and home buyers are looking for “green living” or environmentally friendly housing. You are likely to sign your rental property, or sell your investment real estate, if your property is earth-friendly. Rental rates and home values are also higher when the home has a lower carbon footprint.
Don’t Be Afraid to Think Big:
The condominium market is tight in Canada. Renters and buyers are paying much higher amounts than they were a decade ago. This leaves the “large home market” underserved. Consider working with a builder to create a large floor plan, or consider adding to the existing layout of your investment property. There is a need for larger homes, but larger homes are not being created to meet the demand. If your plans are big ones, you might the only seller in your particular area, and this allows you greater leverage.
Consider a Downtown Location:
Look for space in a downtown location. Even if the neighborhood does not have the best reputation currently, any downtown Edmonton real estate is likely to go up in price at some point in the near future. Prices for urban real estate often fluctuates, and any loss of profit can be easily regained along the way.
Land for Sale:
Edmonton is a leading city in land sales. Many buyers want to build their own home. Looking for a prized landscape in an up and coming family-centered neighborhood, or even an open space in a more urban environment, can allow you to invest in real estate without actually having to build anything at all. Land sales are an excellent item to look for when considering a money-making business in Alberta.
While the housing market has fluctuated around the world, especially in North America, Edmonton remains a solid real estate investment amid the turbulence. Look for buyers you understand, think green, don’t be afraid to think big, consider land sales, and actively market to the over-saturated American market looking for a fresh housing suggestion.