Relocating to a new city is always an exciting adventure, but it can also be a bit overwhelming. If you're planning to move to Edmonton, Alberta, you're in for a treat. Edmonton, known as "The City of Festivals," is a vibrant, growing city that offers a high quality of life, excellent amenities, and a welcoming community. To help you make a smooth transition, the Iconic YEG Real Estate team has put together this comprehensive relocation guide covering everything you need to know about moving to Edmonton.

1. Housing and Neighborhoods

Edmonton offers a diverse range of housing options to suit various lifestyles and budgets. Whether you're looking for a modern downtown condo, a family-friendly suburban home, or a charming heritage property, you'll find it here.

• Downtown Edmonton: Ideal for young professionals, this area offers high-rise condos, access to the best restaurants, and a vibrant arts scene. View All Condos for Sale in Downtown Edmonton

• Southwest Edmonton: Neighborhoods like Windermere and Terwillegar are perfect for families, offering larger homes, excellent schools, and plenty of parks. View all Homes for Sale in Southwest Edmonton

• West Edmonton: Known for its quiet, established neighborhoods and proximity to West Edmonton Mall, the largest shopping mall in North America.

• Northeast Edmonton: Offers affordable housing options, with a mix of newer developments and established communities.

• North Glenora and Glenora: These neighborhoods are perfect for those looking for character homes, tree-lined streets, and a tight-knit community feel. View all Homes in North Glenora

Tip: If you're looking for a rental property, check out our listings at Sona Park in North Glenora and Beacon Apartments in Holyrood for modern, convenient living options.

2. Schools and Education

Edmonton has an excellent public and private education system, making it an attractive city for families. The city is home to several school boards:

• Edmonton Public School Board (EPSB): The largest school board in the city, offering a wide range of programs from K-12.

• Edmonton Catholic School District (ECSD): Provides faith-based education with a strong emphasis on academic excellence.

• Charter and Private Schools: Edmonton offers various specialized education options, including Montessori, Waldorf, and International Baccalaureate programs.

ICONIC YEG EDMONTON SCHOOL GUIDE

For higher education, Edmonton is home to:

• University of Alberta: One of Canada’s top research universities, offering a wide range of undergraduate, graduate, and professional programs.

• MacEwan University: Known for its focus on teaching and smaller class sizes, offering a variety of degree and diploma programs.

• NorQuest College: Provides career-focused education with programs in health, business, and community studies.

3. Healthcare

Edmonton has a robust healthcare system, with several major hospitals and numerous clinics throughout the city.

• University of Alberta Hospital: A leading teaching and research hospital, offering specialized care.

• Royal Alexandra Hospital: Provides a wide range of services, including an emergency department and women's health programs.

• Stollery Children’s Hospital: One of Canada's top pediatric hospitals, located within the University of Alberta Hospital.

• Misericordia Community Hospital: Offers a variety of healthcare services, including surgical, medical, and diagnostic services.

Additionally, Edmonton residents have access to numerous family doctors, walk-in clinics, and specialized medical services.

4. Employment and Economy

Edmonton is known as a hub for the energy sector, but its economy is diverse, with opportunities in various industries:

• Energy: Edmonton is the center of Alberta's oil and gas industry, with numerous jobs in engineering, project management, and trades.

• Technology: The city's tech sector is growing rapidly, with opportunities in software development, AI, and innovation.

• Healthcare: With several major hospitals and research centers, there are numerous opportunities for healthcare professionals.

• Education: Edmonton's universities and colleges are major employers, offering careers in teaching, research, and administration.

5. Entertainment and Lifestyle

Edmonton offers an array of entertainment options and activities for all ages and interests:

• Festivals: Known as the "Festival City," Edmonton hosts over 50 festivals annually, including the Edmonton International Fringe Theatre Festival, K-Days, and the Folk Music Festival.

• Sports: Cheer on the Edmonton Oilers (NHL) at Rogers Place or the Edmonton Elks (CFL) at Commonwealth Stadium. If you're into recreational sports, the city has numerous leagues and clubs for all ages.

• Parks and Outdoor Activities: Edmonton boasts the largest urban parkland in North America, the North Saskatchewan River Valley, perfect for hiking, biking, and picnicking. In winter, enjoy skating, cross-country skiing, and even downhill skiing at local hills.

• Arts and Culture: The Art Gallery of Alberta, the Royal Alberta Museum, and the Winspear Centre are just a few of the cultural institutions that make Edmonton a cultural hub.

6. Transportation

Getting around Edmonton is easy with a variety of transportation options:

• Public Transit: The Edmonton Transit Service (ETS) operates buses and a light rail transit (LRT) system that connects key areas of the city.

• Cycling: Edmonton has a growing network of bike lanes and paths, making cycling a convenient option for commuting and recreation.

• Driving: Edmonton is a car-friendly city with well-maintained roads and highways. However, winter driving can be challenging, so it's important to be prepared for icy conditions.

7. Climate

Edmonton experiences four distinct seasons, with warm summers and cold winters:

• Summer: Temperatures range from 15°C to 25°C, with long daylight hours, perfect for outdoor activities.

• Winter: Temperatures can drop to -15°C or lower, with plenty of snow. Be prepared with warm clothing and a good understanding of winter driving.

• Spring and Fall: These seasons bring mild temperatures and beautiful scenery, especially with the changing leaves in fall.

8. Community and Social Life

Edmonton is a welcoming city with a strong sense of community. Whether you're joining a local club, volunteering, or simply getting to know your neighbors, you'll find it easy to make connections here.

• Community Leagues: Edmonton's community leagues offer programs, events, and activities that help bring neighbors together.

• Volunteer Opportunities: There are countless ways to get involved, from supporting local festivals to volunteering at shelters or food banks.

9. Final Thoughts

Moving to Edmonton is an exciting opportunity to experience a city rich in culture, community, and natural beauty. Whether you're drawn by the job opportunities, the outdoor activities, or the vibrant arts scene, Edmonton has something for everyone. At Iconic YEG Real Estate, we're here to help you every step of the way, from finding the perfect home to settling into your new neighborhood.

Welcome to Edmonton – we can't wait for you to make it your home!

Feel free to reach out to Caitlin Heine, Owner of the Iconic YEG Real Estate team if you have any questions or need assistance with your move. We're here to make your relocation as smooth and enjoyable as possible!

Contact Caitlin Today at 587-336-3176 or caitlin@iconicyeg.com

Edmonton's real estate market sizzled this July, echoing the city's heatwave, with a notable increase in activity and sales. The Greater Edmonton Area (GEA) recorded 2,941 residential unit sales in July 2024, marking a 3.5% rise from June 2024 and a substantial 27.1% jump from July 2023. New residential listings also saw an uptick, reaching 3,729—up 2.9% from the previous month and 13.2% higher than last year. Despite the increase in listings, overall inventory in the GEA decreased by 1.4% from June 2024 and is down 15.1% compared to July 2023.

Sales by Property Type

• Detached Homes: 1,708 units sold, up 2.8% month-over-month and 23.5% year-over-year.

• Semi-Detached Homes: Sales decreased by 6.6% from June 2024 but increased by 13.0% compared to July 2023.

• Row/Townhouses: Sales rose by 4.7% from June 2024 and an impressive 52.0% from July 2023.

• Apartment Condominiums: Sales increased by 11.7% from June 2024 and 32.3% year-over-year.

Pricing Trends

The overall residential average price reached $440,466, representing a slight 0.4% increase from June 2024 and a 7.7% rise from July 2023.

• Detached Homes: Average price was $552,031, a 2.3% increase from the previous month and 9.8% higher year-over-year.

• Semi-Detached Homes: Averaged $406,906, down 3.6% from June 2024 but up 7.4% from July 2023.

• Row/Townhouses: Prices increased by 0.7% from June 2024 and 10.6% from the previous year, with an average of $292,072.

• Apartment Condominiums: Averaged $204,315, down 3.4% from last month but up 4.9% from July 2023.

The MLS® Home Price Index (HPI) composite benchmark price in the GEA stood at $406,600, down 0.4% from June 2024 but up 7.1% from July 2023.

Days on Market

• Detached Homes: Averaged 32 days, an increase of three days from June 2024.

• Semi-Detached Homes: Averaged 27 days, down by one day month-over-month.

• Row/Townhouses: Averaged 31 days, an increase of six days from June 2024.

• Apartment Condominiums: Averaged 43 days, up by one day from last month.

Overall, residential listings averaged 33 days on the market, up three days from June 2024 but down 12 days from July 2023.

Expert Insights

"July’s heatwave didn’t stop home buyers from making the most of the market this month,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of sales saw an unexpected bump considering things normally start to taper off after May and June have passed, while the added competition doesn’t seem to have impacted home prices just yet. The lower inventory available is something to keep an eye on, as we’ve seen the effects too little supply has had on prices in other markets.”

Commercial Real Estate Activity

Edmonton’s real estate market continues to attract national attention due to its relative affordability compared to other major Canadian cities. This allure extends beyond the residential sector, with significant activity in commercial real estate. Local investors have been particularly active, stepping in where national investors hesitate. An Avison Young second quarter report noted that institutional investors accounted for just 5% of second quarter sales volume while local private investors swept in with 82% of the sales volume. Over the past 18 months, Edmonton has demonstrated a high degree of local activity. Notable recent purchases include:

• Whitemud Business Park

• Broadmoor Boulevard (Broadmoor Place A and B and VII and VIII)

• Clark Builders Place

• 5241 Calgary Trail

• 10451 170 Street

• Compass Place

• Plaza 124

• Parkwest Business Centre

• Phipps McKinnon Building

• Empire Building

• Sun Life Place

Local investors have seized opportunities created by institutional investors holding back. “I think it’s a real testament to those that are in the trenches here. They see an opportunity more so than those that aren’t in the local community,” said local expert Wosnack. Eleven of the twelve buildings recently purchased were from non-local investors, increasing the concentration of locally owned assets.

Key Factors Driving Local Investment

Wosnack attributed the interest from local investors to several key points:

1. Attractive Pricing: “We have more attractive pricing than we’ve seen in 20 years,” said Wosnack. Lower prices have made it an affordable time for local private investors, who face less competition than in previous years.

2. Stable Construction Costs: “We have had a flattening out of the cost to construct and furnish office space,” Wosnack noted. This stability is crucial for investors planning to renovate spaces to attract new tenants with amenities like gyms, collaborative spaces, or cafes.

3. Favorable Financing: “We also now have more attractive financing. We have predictability in the financial system. Interest rates have not only not gone up, they’ve actually now declined,” Wosnack added. The Bank of Canada cut its key interest rate to 4.5% in July, encouraging investment.

The Future of Edmonton’s Real Estate Market

The strong local investment activity is a positive sign for Edmonton’s commercial real estate market. Local investors are stepping in and taking advantage of favorable conditions, potentially heralding a new generation of investors. “It’s now opening doors for new investors to come forward and take advantage of these variables. And we’re going to have a new generation of investors that will be important parts of the real estate story,” Wosnack said.

Conclusion

Edmonton's real estate market remains robust and dynamic, with both residential and commercial sectors showing strong performance. As the market heats up, it presents numerous opportunities for buyers and investors alike. Stay tuned to the Iconic YEG Real Estate Blog for more updates and insights into Edmonton’s ever-evolving real estate landscape.

For more personalized real estate advice and to explore opportunities in Edmonton’s vibrant market, reach out to Caitlin Heine and the ICONIC YEG Real Estate Team.

A recent study by Zoocasa has unveiled a remarkable trend in the Canadian real estate market: Western Canadian cities are witnessing some of the most robust price appreciations so far this year. Edmonton, Calgary, Winnipeg, and Saskatoon have all emerged as standout performers, ranking among the Top 10 markets for year-over-year increases in benchmark pricing for single-family detached homes. Here’s a closer look at the findings and what they mean for prospective buyers and sellers in these dynamic cities.

Edmonton: A Top Contender in Price Growth

Edmonton has distinguished itself as a major player in the real estate market, ranking fourth among 26 Canadian markets in year-to-date benchmark price growth for single-family detached homes. Starting the year at a benchmark price of $421,000, Edmonton saw a significant increase of 9.8 percent, bringing the benchmark to $462,100 by June 30. This impressive growth rate places Edmonton behind only three Ontario cities: North Bay, Sault Ste. Marie, and Sudbury.

North Bay leads the nation with a staggering 12.8 percent increase, reaching a benchmark price of $423,700. Sault Ste. Marie follows closely with a 12.6 percent rise to $305,000, and Sudbury saw a 10.8 percent increase to $475,900.

Other Western Canadian Leaders

Winnipeg, Saskatoon, and Calgary also showed notable price growth:

• Winnipeg: Ranked fifth, with a nine percent increase, bringing its benchmark price to $383,000.

• Saskatoon: Sixth, with an 8.4 percent rise to $463,100.

• Calgary: Seventh, with an 8.3 percent increase, reaching a benchmark price of $690,900.

National Perspective

Nationally, the benchmark price for single-family detached homes rose by 3.8 percent, reaching $808,700 from January to June. This growth, while positive, pales in comparison to the standout performances of the top Western Canadian cities.

High and Low Ends of the Market

The study also highlighted the extremes in the Canadian market. Greater Vancouver, known for its high real estate prices, ranked 14th with a six percent increase, bringing its benchmark price to an eye-watering $2,057,600 — the highest in the country. The Greater Toronto Area followed, ranking 19th, with a 5.2 percent increase to $1,343,400.

On the other end of the spectrum, Saint John, New Brunswick, stood out as the least costly community in the study, with a benchmark price of $304,100 in June, up 7.5 percent from January. This growth placed Saint John eighth among cities for the largest percentage increases.

What This Means for Buyers and Sellers

For buyers and sellers in Edmonton and other high-performing Western Canadian cities, these trends indicate a vibrant and appreciating market. For sellers, the substantial price increases can translate to significant returns on investment. For buyers, it’s crucial to act swiftly and strategically to secure properties before prices climb further.

Final Thoughts

The Zoocasa study underscores the strength and resilience of the Western Canadian real estate market, with Edmonton leading the charge. Whether you are looking to buy or sell, understanding these market dynamics can help you make informed decisions and capitalize on the current trends. At Iconic YEG, we are here to guide you through every step of your real estate journey, ensuring you make the most of these exciting market conditions.

For more insights and personalized advice, reach out to our team at Iconic YEG. We are committed to helping you navigate the evolving real estate landscape with confidence and success.

Edmonton's real estate market is shining brightly, leading the nation's largest cities with rising sales driven by its relative affordability. This trend is expected to continue, positioning Edmonton as a top-performing market for the foreseeable future.

A recent report from RBC Economics highlights Edmonton's impressive performance, showing the city led all major markets for sales growth year over year in June, with an increase of more than seven percent. In contrast, other major cities like Toronto and Vancouver experienced significant declines in sales compared to last year. For example, Toronto saw a nearly 17 percent drop, while Vancouver's sales fell by more than 19 percent.

The Affordability Advantage

One of the key drivers of Edmonton's success is its affordability. While cities like Toronto and Vancouver struggle with high prices and low supply, Edmonton offers a more accessible entry point for homebuyers. Christopher Alexander, president of Re/Max Canada, notes that although the Bank of Canada’s recent interest rate cuts provide some relief, they are unlikely to significantly impact affordability in high-cost areas like Toronto. In June, the average home price in Toronto was still over $1.16 million, making it difficult for first-time buyers to enter the market.

This has created an opportunity for Alberta’s housing markets, especially in Edmonton. Compared to Calgary, where the benchmark price for a single-family detached home reached $767,600 in June (up 12 percent year over year), Edmonton remains more affordable. The benchmark price for a single-family detached home in Edmonton was $476,100 in June, an increase of nearly nine percent year over year.

Migration Trends and Market Dynamics

As Calgary becomes increasingly expensive and struggles to build homes fast enough to meet demand, many prospective buyers are looking to Edmonton as a viable alternative. The Bank of Canada’s recent decisions to cut its key interest rate have further boosted the market. The central bank’s benchmark rate has now fallen by 50 basis points since early June, easing pressure on variable-rate mortgage holders and improving affordability for homebuyers. Governor Tiff Macklem has indicated that inflation is moving closer to its two percent target, and more rate cuts could be on the horizon if inflation continues to trend downward.

Looking Ahead

The outlook for Edmonton's real estate market remains positive. With affordability driving demand, and interest rate cuts making it easier for buyers to enter the market, Edmonton is well-positioned to lead the nation in sales growth.For those considering buying or selling in Edmonton, now is an opportune time to engage with a knowledgeable and experienced real estate team. At Iconic YEG, we are committed to helping you navigate this dynamic market, ensuring you make the most informed decisions. Contact us today to learn more about how we can assist you in achieving your real estate goals in Edmonton’s thriving market.

Navigating a bustling real estate market is more akin to a strategic game than a straightforward transaction. As a buyer, you're not merely selecting a house—you’re vying for the prize against numerous other players with just as fervent aspirations. In these dynamic times, the value of a seasoned real estate agent cannot be overstated.

Enter: ICONIC YEG, a beacon for those looking to emerge victorious in Edmonton's bustling real estate arena. Here, we delve into the winning tactics that have been fine-tuned to secure that dream home, even amidst a market that skews in favor of the seller.

The year 2024 is showing early signs of high competition in Edmonton's real estate, with dwindling inventory and escalating prices. This means that for prospective buyers, the climb to achieving real estate objectives is steeper than ever. In this article, we'll explore exclusive strategies that can turn the tide in your favor, and how a distinguished real estate agent like Caitlin Heine, the driving force behind ICONIC YEG, becomes your invaluable ally in this quest.

The Power of a Seasoned Real Estate Agent

In a scene where the seller dictates terms, having a proficient real estate agent on your team is akin to wielding a talisman. They navigate the nuances of a complex market with an expertise honed through real-time experiences that a casual buyer might lack. An agent like Caitlin Heine is more than a representative; she’s a strategic partner, a confidant, and a knowledgeable advisor rolled into one.

Caitlin, with her finger on the pulse of Edmonton's real estate market, brings a pivotal advantage to the table. Her network, market insight, and negotiation prowess are the combination needed to edge past the competition. The data-driven advice she doles out is not just about sealing the deal—it's about ensuring the deal is the right one, equipped to withstand market fluctuations.

Have a Firm Pre-approval

Before anything else, it's crucial to secure a solid pre-approval from your mortgage broker or bank. A firm pre-approval holds more weight than a pre-qualification. As a buyer, you might not always distinguish between the two. Hence, having your trusted real estate expert review your pre-approval for accuracy is vital to kickstart the process.

Make Your Offer As Clean As Possible

Clean offers—those without any contingencies like the sale of another property or financial constraints—emerge as favorites in a seller’s market. Caitlin advocates for offer cleanliness, eliminating any factors that might cause the seller to look elsewhere. This not only expedites the process but also signifies to the seller that you’re a serious contender.

Avoid Asking For Personal Property

Be business-like in your approach and focus on the essential property. Requests for personal items, no matter how sentimental or alluring, can cloud the clarity of your offer. In a market where clarity is currency, every bit of focus counts.

Be Prepared to Offer Above Asking Price

Edmonton’s market demands bold moves. While you need not stretch your budget to extremes, offering slightly above the asking price as a mark of your earnest interest is a strategy often found effective. It could be the clincher in a close contest, and in reality, it doesn’t necessarily translate to a significant financial commitment.

Put Down A Stronger Earnest Money Deposit

Your earnest money deposit is a validating token. By offering a more substantial amount, you reaffirm the sincerity of your interest and your capability as a buyer. It’s a small gesture that resonates loudly with sellers.

Personalized Attention; Focused Strategy

The ICONIC YEG approach is a fusion of personalized service and focused strategy. Caitlin restricts her client base, not to limit her business but to enhance it. For each client, she crafts a bespoke action plan that harmonizes strategic market insights with local telltales, ensuring that every move is calculated and nuanced. This attention to detail is what sets her— and ICONIC YEG— apart in an industry that often favors high volume over high touch.

In the Face of Competition: Staying the Course

A seller's market can be daunting, discouraging even. Caitlin advises clients not to fixate on a single property. Instead, focus on the broader horizon. More often than not, a second choice can turn out to be an even better fit. She reassures buyers that deals fall through all the time, leaving opportunities for those with perseverance and the right guidance.

The ICONIC YEG Edge

Succeeding in Edmonton's competitive real estate market is about more than just luck. It's about informed strategies, personalized support, and a steadfast approach. Iconic YEG Real Estate and its leading figure, Caitlin Heine, illustrate how aligning with an exceptional real estate agent can tip the scales in your favor, ensuring that you not only survive but thrive in the bustling Edmonton real estate market.

The battle may be intense, but with the right champion by your side, home can indeed be where the heart— and the strategic investment— wins. From securing viewings to crafting compelling offers, ICONIC YEG stands as a paradigm for excellence and dedication in the ever-active game of real estate acquisition.

In a market that seems to favor the few, ICONIC YEG redefines what it means to assist the many. It's more than just real estate—it's a legacy, a story, and an experience that transcends the ordinary, equating every interaction to 'pure magic'. So, are you ready to make your mark in 2024's Edmonton real estate resurgence? The ICONIC YEG journey awaits.

For More Information, Check out ICONIC YEG’s Buyers Guide:

Buyer Guide