Real Estate

First home in Edmonton

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  • Jan 3rd, 2017 3:30 pm
[OP]
Penalty Box
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May 15, 2016
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First home in Edmonton

My bf and I have been renting for a few years and is looking to buy our first home. We plan on staying for a few years and upgrading when our finances allow it. Our budget right now is around 500 thousand.

Which areas of Edmonton are undervalued and will appreciate in the next couple of years?

I like the southside and have looked at some properties in Lake Summerside. It is in the last phase of development and the homes we looked at seems more pricy than other neighboring areas. I really like the idea of spending time on the lake during the summer.

Do I need a buyer's agent?
11 replies
Deal Expert
Aug 2, 2001
16577 posts
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Summerside I believe will have fees for you to pay yearly to use the lake. I was under the impression it is a private lake and residence pay a fee to access it. If this is news to you, then make sure you read up on it before looking at Summerside.

I personally believe that the areas which will experience the most appreciation are those that are popular for infill - provided your house is zoned for infill and is in a condition to be torn down. The challenge is that you yourself may not want to live in these houses, because they are clearly older if ready to be torn down. Areas that may experience rapid growth in price would be due to factors that are unknown at this time (otherwise it would be already priced in the listing) - for example if Northlands Coliseum was suddenly torn down and turned into luxury high rise apartments, the area surrounding it may experience large growth (yes I used an example that is highly unlikely on purpose), so it would be very difficult to predict. But neighbourhoods big on infill are not hard to predict, you just have to purchase the appropriate house that is suitable to be tore down and made into "skinny" homes and subdivide the lot.

Otherwise, purchase the cheapest house in the best neighbourhood. You may be able to, depending on timing, find a home in or near a neighbourhood like Crestwood (I only know during the boom friends bought a place for under $600K that was fully renovated, so I assume the lower end homes might go for around $500K still). Buying the cheapest home in the best neighbourhoods is a good strategy because there are always people that want in the area for schools, lifestyle, etc. even if the house is not exactly what they want.


That's my opinion - and I'm not a realtor or anything.
Deal Guru
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Mar 23, 2008
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Edmonton
If you need a realtor, let me know. We were very happy with our guy.

C
[OP]
Penalty Box
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May 15, 2016
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TrevorK wrote: Summerside I believe will have fees for you to pay yearly to use the lake. I was under the impression it is a private lake and residence pay a fee to access it. If this is news to you, then make sure you read up on it before looking at Summerside.

I personally believe that the areas which will experience the most appreciation are those that are popular for infill - provided your house is zoned for infill and is in a condition to be torn down. The challenge is that you yourself may not want to live in these houses, because they are clearly older if ready to be torn down. Areas that may experience rapid growth in price would be due to factors that are unknown at this time (otherwise it would be already priced in the listing) - for example if Northlands Coliseum was suddenly torn down and turned into luxury high rise apartments, the area surrounding it may experience large growth (yes I used an example that is highly unlikely on purpose), so it would be very difficult to predict. But neighbourhoods big on infill are not hard to predict, you just have to purchase the appropriate house that is suitable to be tore down and made into "skinny" homes and subdivide the lot.

Otherwise, purchase the cheapest house in the best neighbourhood. You may be able to, depending on timing, find a home in or near a neighbourhood like Crestwood (I only know during the boom friends bought a place for under $600K that was fully renovated, so I assume the lower end homes might go for around $500K still). Buying the cheapest home in the best neighbourhoods is a good strategy because there are always people that want in the area for schools, lifestyle, etc. even if the house is not exactly what they want.


That's my opinion - and I'm not a realtor or anything.
I've read about that and am ok with paying that fee. However I feel that if we buy in Summerside, all we've got is the lifestyle which may become stale. It is far away from the core and it's fairly inaccessible if you don't have a car. Do you think it would be a better idea to buy a condo in downtown instead?
Deal Guru
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Mar 23, 2008
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Edmonton
Two different lifestyle decisions. Downtown puts you walking distance to lots of stuff. I lived in a downtown condo for 5 years and loved it. Great view of the river valley, 15 minute walk to work, could pick up groceries on the walk home, no snow to shovel or lawns to mow..,

Now we live a 12 minute drive from downtown (Highlsnds). Love the mature neighbourhood, very happy to have more space and a back yard. Not as much of a fan of ysrdeirk, there's no real amenities around. So everything is a drive.

You could also look at areas like Westmount. Close to downtown, but the 124th Street is picking up. The areas around Whyte Ave are nice (some of them) but overpriced due to the university. IMHO.

I also know young couples who live in Summetside and love it. There's lots of amenities around there, but you would be a short drive away.

C
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Aug 2, 2001
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vivibaby wrote: I've read about that and am ok with paying that fee. However I feel that if we buy in Summerside, all we've got is the lifestyle which may become stale. It is far away from the core and it's fairly inaccessible if you don't have a car. Do you think it would be a better idea to buy a condo in downtown instead?
To me, condo and house are two very different decisions. You are able to get a house near the downtown core for a reasonable price. Depending on how close you want to be to downtown, there are some areas that are fairly close but still full of single family homes. There are many areas that are a compromise - a short drive to downtown amenities (under 20 minutes) and neighbourhood amenities (grocery, restaurants, etc.) within 5 minute drive, but still offer a single family home with good schools.

If you want to live in a house, get a house. You do not have to get a condo to live near downtown (take 124st area for example).
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Nov 2, 2013
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Edmonton, AB
Really depends on where you want to be. Closer to downtown or university or southwest you get, the more expensive it becomes. I personally live off Whyte because I'm a young guy, downtown too busy and too corporate-feel like, and find the South too lonely, and the north either too far out or too run down for my liking.

For $500K you're looking at some moderately sized newer detached on the south outside Windermere (southwest), or an upper scale condo in downtown or whyte area. Can get quite a large newer house in southeast or far outskirts north, but they are far areas. Lots of Asians or other rich kids like to hang out in Windermere/southwest and it is an upper scale area for those who don't want to be downtown or near whyte. There for $500K you might be looking at an upper scale duplex.

I'm looking at another property for myself later in 2017 (plan on renting current out) and am gravitating to another Whyte Ave condo. For a young single person or a young couple, it suits. It's nice to have a newer bigger place in a nice area and is doable if I go south, but I find it too lonely.
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vivibaby wrote: My bf and I have been renting for a few years and is looking to buy our first home. We plan on staying for a few years and upgrading when our finances allow it. Our budget right now is around 500 thousand.

Which areas of Edmonton are undervalued and will appreciate in the next couple of years?

I like the southside and have looked at some properties in Lake Summerside. It is in the last phase of development and the homes we looked at seems more pricy than other neighboring areas. I really like the idea of spending time on the lake during the summer.

Do I need a buyer's agent?
Read an article a few days ago (think it was Reuters) where they interviewed this analyst who is predicting Edmonton prices will drop as much as 50% in 2017. He said prices have not dropped much in 2016 but there is usually a 6 month or so delay when prices reflect city's downturn economy.
[OP]
Penalty Box
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May 15, 2016
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Speedy1 wrote: Read an article a few days ago (think it was Reuters) where they interviewed this analyst who is predicting Edmonton prices will drop as much as 50% in 2017. He said prices have not dropped much in 2016 but there is usually a 6 month or so delay when prices reflect city's downturn economy.
Wow! Do you have a link for this?
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Apr 14, 2015
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Tsuu T'Ina, AB
You don't have to go as far out as Windermere - consider Greenfield or Duggan area if you don't mind an older home. Nice trees and lots of schools, and the LRT is handy if you're heading downtown. If you want newer homes, there is Twin Brooks and Rutherford that are a little less convenient but with schools and some nice walking trail systems without paying river valley prices.
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Aug 28, 2005
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This may depend on what amenities you see as useful/valuable, but one thing that I like about Summerside is that it has relatively quick access to South Edmonton Common and the 91 street Costco. It also has good access to Gateway Blvd/Calgary Trail and the Anthony Henday. There is now also an interchange for Hwy-2 open at 41 Ave SW, which gives quicker access to the airport (compared to having to go up to Ellerslie Rd before). So with a vehicle, I personally find that it is easy to access a large variety of amenities.

Of course, the downside of this though is that you can't just suddenly decide to take a walk to the nearest coffee shop or grocery store. You'll need to hop in a car or be at the mercy of ETS. However, I'd say this is not uncommon of suburb communities.

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