Buying A House In North Edmonton Area?

Question

I'm thinking of buying a house in the Edmonton area, but I've heard that the realestate market is going down meaning that if I buy and have to move in 3-5 years that I will lose money on the house.

Does anyone have information on this or has gone through a similar experience?

Answer 1

3 - 5 years is a long time.  If your plan is to flip a house, then now is now the right time, but you are bound to see an increase if you wait that long.

Even if you bought a house and sold it 3 years later for $36,000 less than what you paid, it would still be the same thing as renting at $1000 for 3 years.  And it is highly unlikely you would ever lose $36,000.

Answer 2

The housing market in Edmonton is really soft right now and there are thousands of houses on the market.

The number of housing starts has decreased since last year so in time the demand will catch yup to supply again.

I don't think you will be burnt, it is still better than renting - which is another story.  Not many decent rentals available because  alot were converted to condos and not many new units were built over the past 10 or so years.

Answer 3

edmonton has had a remarkable run up in pricing the last five years.  That seems to have levelled off or even slightly dipped in the past six months but hasn't crashed. The economy there is strong and people are still moving in so, in my opinion, if your looking at a timeline of 4-5 years your pretty safe your house will be worth more then what you paid.

http://www.ereb.com/MarketActivity/July....