Edmonton, Great Investment Returns And Appetizing Yields
Edmonton is now Canada’s fastest-growing major city and with that comes immense opportunity for Canadian real estate investors to lock into great investment returns and appetizing yields. Edmonton, Alberta’s capital city, has seen its population explode in recent years. According to coverage in the Edmonton Journal, data show 151,000 new residents being added between 2001 and 2012.
Still, this is likely just the beginning of this trend, and a number of evolving factors keep pushing people to Edmonton from across Canada and around the globe. As the emerging housing crash hits other Canadian provinces, scaring Canadian and global investors out of Toronto and Vancouver, many more are expected to land on Edmonton’s doorstep. Some will come to visit or invest and stay, while others are looking for the best place to establish businesses or relocate office headquarters. Many more will be desperately seeking jobs and homes in which to store their wealth as property values plummet in Ontario and British Columbia¬—so watch out for the stampede ahead.
While some might be concerned about crowding and upward pressure on property prices, plans for improving Edmonton’s infrastructure are already in progress. The city’s Light Rail Transit network is already undergoing major expansion. The downtown area is being revamped and seeing plans come to fruition for new hotels, condominiums, a museum, and the highly anticipated Edmonton arena. In all, these projects total almost $5 billion in development already in the works, and it will ultimately end up being many times that.
Once these projects really get underway, Edmonton will be more vibrant and attractive than ever. This will make Alberta’s capital not just a major draw for more Canadians, but for a growing number of international businesses and individuals as well.
The Canadian economy added a massive 50,700 jobs in February, six times the amount anticipated. Of course, Alberta was certainly a major contributor. According to Statistics Canada, 52,000 jobs have been added in the province over the last 12 months, up 2.5%. This puts AB at a low unemployment rate of just 4.5%, almost half that of the nation as a whole and the U.S. Furthermore, wages have grown steadily.