15 More Years Of Growth Ahead For Edmonton Real Estate Investors
Could Edmonton, AB really be in for 15 more years of growth for real estate investors?
Edmonton real estate has already been on a good run for the last 18 months. So what makes experts think it still has such a lengthy period of growth left in this cycle ?
Since last year forecasts pegged Edmonton, Alberta to lead the nation in real estate returns, at least between 2013 and 2015; over taking Calgary. Now new headlines in August 2013 suggest 15 years of further growth.
That’s a long up-cycle for any city, but there are many factors at play which couldn’t certainly push significant growth here for that long. A new research report for the Downtown Business Association blames past woes of the city on decades of poor decisions, ones which are now being reversed.
Now with smart expansion in progress, issues elsewhere in Canada, the Syrian crisis, rising oil prices, and continued issues south of the border demonstrates that everything seems to be working in Edmonton’s favor and real estate investors are banking on that.
Report author, Ali Sultan predicts the population to double during the next 15 years according to coverage in the Edmonton Journal. This would bring massive increases in property values and with property vacancies already hovering close to zero; big gains in yields too.
The epicenter of this new growth is the revitalization of downtown area. In addition to the arena, government buildings, hotels, a museum and more, 14 apartment towers and complexes are in the works, and could soon increase to as many as 35
This all means driving millions of dollars in new tax revenues, which paired with continued good decision making and smart planning would compound these trends.
More young people are moving to and living in Edmonton as well. The majority of the city’s downtown population is between 20-34; allowing for long-term growth. Even if some move outwards as they age, they probably won’t go far, and it will still benefit area commercial real estate investors and retail shopping plaza tenants and owners.