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The Top Alberta Cities to Buy Real Estate

Apr 2, 2019 | 11:26 AM

Summary:  Alberta has several cities with great real estate opportunities for potential buyers. This blog covers four of the top cities in Alberta for buying real estate.

Whether you are a first-time home buyer, looking to relocate, or interested in purchasing property as an investment, Alberta has some great real estate options. Through years of uncertain economic forecasts and performance, confidence in the real estate market has waned over the past decade, resulting in the lowest activity level since 2010. Due to this, the amount of inventory available in the province has increased to its highest levels in 20 years.

In December 2018 the inventory was at 25,362 available units, but what does this mean for potential buyers looking to get their first home, or move to a new city? More inventory and slower sales mean the market is firmly in a buyers’ market condition, pushing prices down in some areas, which means buyers can get better deals when negotiating for a home.

The recent mortgage rule changes at the federal level have also affected not only the markets they were intended to cool down (Toronto and Vancouver), but all local markets around the country. Within Alberta that has meant that sales of houses in the $350,000 to $450,000 value range have dropped significantly more than lower price range brackets, although in many markets the average sales price has been affected by as little as 1 per cent. So, when you are looking into purchase a home in Alberta cities, or anywhere in Canada, be sure to speak with your financial advisor to see how the mortgage rules affect you and what you will be able to afford to finance through a mortgage.

Lethbridge

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Lethbridge, in southern Alberta, is one of the top cities in Alberta to purchase real estate at the moment. Despite the mortgage regulation rule changes and other economic variables, Lethbridge had historically strong sales of houses in December 2018, according to the Canadian Real Estate Association (CREA). However, Lethbridge is also great for real estate buyers become inventory numbers are also still very high with new listings for all property types. At the close of 2018, there were 214 units available, up 7.8 per cent from December 2017. As well, residential listings were 190 new units in December 2018, 8 per cent above the previous year.

Of all the inventory, available on the real estate market in Lethbridge right now, $250,000 to $300,000 ranged homes are currently selling the fastest; although $200,000 homes sell pretty fast as well, no matter their condition. With so much inventory available in Lethbridge, it is a strong buyers’ market, reducing the overall prices on many listings and resulting in a nearly 2 per cent drop in overall prices in 2018.

Lethbridge real estate prices aren’t just the only thing that affects why it is a top city to buy a home. Lethbridge has a strong job market – one of the most stable ones in the province. This is augmented by the fact it is also a university/college town with Lethbridge University bringing in students, many of which decide they enjoy the area and choose to stay by either renting an apartment or financing a home. Over the last few years, many homes have either been built or renovated to include a legal rental unit, which allows a homeowner to offset some of their mortgage costs with the additional income. So, if you can afford to give up the space, purchasing a home in Lethbridge with a rental unit can be a great opportunity for you.

Lethbridge also comes with great historical spirit, amazing vistas and a whole host of events throughout the year to make the area an amazing place to purchase a home for settling down. The city includes a vast urban park system with several nature areas, great for those that enjoy hiking, bird watching, or playing in the park with the family.

If you purchase a home in Lethbridge, you are going to be only a few hours away from the picturesque Rocky Mountains. Old Man River that goes through the city also offers a great waterway for various activities like canoeing, boating, fishing, etc. The yearly Whoop Up festival every August is a great event for everybody to enjoy, featuring a midway, exhibition and daily concerts and is one of many events held throughout the year to keep you entertained in the area.

With so much to offer, it’s not hard to see why Lethbridge is one of the top cities in Alberta to purchase real estate, especially for young families.

Calgary

Calgary is the largest city in southern Alberta, and has been hit by economic uncertainty over the past several years, which has affected the sales of real estate in the city. The latest information from CREA about the real estate market in January 2019 shows that the market is remaining sluggish, and likely to continue as such through the first quarter of the year. For a buyer, this means that Calgary has a persistent buyers’ market, slowly lowering the average price of listings over time. However early in the year is the best time to buy as the price trends upwards through the year. The citywide benchmark price for residential homes was $414,800 in January 2019, which reflects 4 per cent lower year-over-year.

Calgary has a lot to offer for potential home buyers, especially those looking for a home in a larger city, but still wanting the small-town heart that Calgary offers. Throughout the year there are numerous festivals, the largest being the Calgary Stampede in July, which brings in hundreds of thousands of people to enjoy the 10-day western celebration. There are numerous parks around the city, as well as 800 kilometers of paved pathways to hike or bike.

As well, when you’re done work there are hundreds of bars, restaurants, beer halls and night clubs to keep you occupied during your evenings.

Calgary is well situated to be a starting point for adventure in the mountains to the west, and the badlands to the east.

Medicine Hat

Medicine Hat in southwestern Alberta is a peaceful and sunny location to live, and with a relatively stable housing market, it makes the list of one of the top Alberta cities for purchasing real estate. By the end of 2018 there were 590 active residential listings on the market, a 54 per cent increase from the end of 2017, resulting in a seven year high in terms of inventory. This inventory boost doesn’t mean it’s turned into a buyers’ market like many other places though. If anything, it has balanced out the market. With the increase of inventory, the overall average price of homes on the market was limited to just a price growth of 2 per cent (although still lower than the record highs of 2015).

There is a lot the city of Medicine Hat can also offer you or your family if you choose to purchase a home there. The utility costs are extremely low due to the city producing natural gas. As well, it has the title of Canada’s sunniest city, and it earns it with sun most of the year, and minimal snow in the winters. Being further from the mountains, Medicine Hat also has less wind, if that is a concern for you.

If you are an avid golfer, there are seven courses in and around the city, and for those that enjoy being outside, the city has numerous parks, and an abundance of walking paths and trails. As well, you will only be less than an hour’s drive from Cypress Hills, and Elkwater Lake, which both offer plenty of outdoor activities for you to enjoy.

Medicine Hat is also situated near the Canadian Badlands, a vast area for exploring and adventure.

Edmonton

Edmonton, the capital city of Alberta, has a lot going for it. In addition to being a centre for higher learning (boasting the renowned University of Alberta, MacEwan   University, the Northern Alberta Institute of Technology, and NorQuest), the city, which is known for its support of the energy sector, is branching out in exciting ways.

As the energy economy changes, Edmonton changes with it. While Edmonton keeps strong ties to the energy industry, it is increasingly becoming known for its strides in healthcare and technology (including AI). The city is also a hotbed for entrepreneurs, with many programs and incentives for proactive business leaders.

Edmonton has a healthy mix of old and new neighbourhoods, each with plenty of green space, walking trails, amenities, parks, and schools. It’s easy to choose an established neighbourhood with towering mature trees, a development with young families, or an infill that has the best of both worlds.

Downtown is in the midst of a revitalization. ICE District, the exciting centre full of shopping, dining, and entertainment experiences, is dominated by the new Rogers Place arena. The arena attracts top artists such as Lady Gaga and Taylor Swift. ICE District is also home to new mixed-use commercial/luxury condo towers that have with outstanding city views.

Transportation is easy. The Anthony Henday ring road and Whitemud Freeway, along with the Yellowhead Highway makes commuting from the suburbs, and getting around the city, a breeze. If you don’t like to drive, a bus network (that extends west to the suburb of Spruce Grove) and light rail transit get you to where you need to go.

Edmonton has been in a buyer’s market for quite some time. As of July 2018, the average price of a home was $370,046 overall, $436,825 for single family homes and $246,115 for condos.

There is no doubt about it – Edmonton is a top city in Canada for real estate. Prices are good, the city is diverse in industry and population, and there are plenty of opportunities for all.

Finding a home, you love is a priority, and we know that. At Ovlix.com we want you to focus on browsing through listings that meet your needs while we do all the leg work. Buying real estate should be a joy, not a stressful event, and part of eliminating that stress is choosing a reliable real estate resource like our website.