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New Condos Edmonton

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Thriving on the banks of the North Saskatchewan River, Edmonton is more than just a capital city. As the economic powerhouse of the Edmonton Metropolitan Region, it’s a dynamic hub poised for explosive growth. Experience the best of urban living with exciting new condos in Edmonton. Let’s explore the city’s booming real estate market and uncover why it’s the perfect place to call home.

Edmonton Pre-Construction Condo Market Trends 2024

Edmonton’s real estate market witnessed significant price growth across various housing types. Existing and new condos in Edmonton average prices rose by 8.6% year-over-year to $211,583. Detached home average prices increased by 7.8% to $539,468. Average prices for old and new townhouses saw a substantial 13% year-over-year increase, reaching $290,249. Meanwhile, the average rent in Edmonton was $1,544, remaining affordable compared to the national average. The city also boasts a low vacancy rate of 2.4%. The market also showed increased activity, with the median number of days on market decreasing for all property types. In the second quarter of 2024, sold condo units spent a median of 28 days on the market, down from 41 days the previous year. Similarly, sold old and new homes in Edmonton had a median of 19 days on the market, down from 27 days. Sold townhouses had a median of 17 days, down from 27 days in the second quarter of 2023.

Pre-Construction Condos Edmonton

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Reasons to Invest in Edmonton

Economic Growth

Edmonton’s economy is surging ahead, outperforming both Alberta and Canada. A steady 2.7% growth rate is forecasted for the region until 2027, compared to 2.3% for Alberta and 2.0% for Canada. This economic vitality is driving a thriving real estate market and making new condos for sale in Edmonton an attractive destination for investors and homebuyers.

A Thriving City for Families

Edmonton offers an exceptional quality of life, making it an ideal place for young families to call home. With a vibrant arts and culture scene, abundant outdoor recreational opportunities, and a diverse, welcoming community, Edmonton has something for everyone.

A City on the Rise

Edmonton is experiencing a transformative period of infrastructure development. Major projects like the Valley Line LRT expansion and the vibrant Ice District are reshaping the city’s skyline and enhancing its livability. These investments are not only boosting property values but also attracting new businesses and residents, solidifying Edmonton’s position as a thriving metropolis.

Edmonton Rental and Seller Market 2024

Rental Market 

With a remarkably low vacancy rate of just 2.4%, landlords can expect to find tenants quickly. Rents in Edmonton have also seen significant growth, with the average monthly rent in Edmonton climbing to $1,544, representing an 11% increase from the previous year.

Seller Market 

Detached homes in Edmonton are in high demand, with an average price of $539,468 as of July 2024, representing a 7.8% increase year-over-year. New condos in Edmonton offered an average price of $211,583 in July 2024, presenting an attractive opportunity for first-time homebuyers and those looking to downsize.

Average Renting and Selling Time in Edmonton

-New Condos 

Renting Time for Condos: New Edmonton condos are in high demand in 2024, with many units renting out swiftly – often within days or weeks of becoming available.

Selling Time for Condos: As of July 2024, Edmonton condos typically sell within 28 days of being listed on the market, down from 41 days the previous year.

-New Homes 

-Renting Time for Homes: The detached house rental market in Edmonton shows strong demand and rapid occupancy rates. Consistent with the previous year (2023), a majority of detached home listings in Edmonton are leased within two to three weeks.

-Selling Time for Homes: In July 2024, detached homes in Edmonton typically find buyers within an average of 19 days on the market, down from 27 days the previous year.

Neighbourhoods

Central Edmonton

Edmonton’s central neighbourhoods offer a vibrant blend of urban energy and community spirit. These dynamic areas seamlessly combine convenience with a thriving lifestyle, providing easy access to world-class amenities and nearby natural escapes like Mill Creek Ravine.

1. Downtown Edmonton

  • Highlights: A vibrant shopping district featuring diverse stores and restaurants, conveniently located near the heart of the city’s cultural scene. Enjoy year-round festivals at Churchill Square and world-class art at the Art Gallery of Alberta, all within easy reach.
  • Perfect for: Shopaholics, foodies, professionals, and art lovers.

2. Strathcona

  • Highlights: Located in south central Edmonton, the neighbourhood is known as the trendiest area in Edmonton, close to the University of Alberta, offering new condos and townhome developments in Edmonton.
  • Perfect For: New Edmonton condos for sale in this neighbourhood are perfect for families, foodies, young professionals, and students. 

3. Oliver

  • Highlights: Overlooking the North Saskatchewan River valley, Oliver is a lively, central neighbourhood in Edmonton that mixes historic charm with modern living.
  • Perfect for: A pre-construction home in Edmonton, in this area, is perfect for those who want to live in a vibrant, central neighbourhood, and students, young professionals.

North Edmonton

A peaceful urban oasis with convenient access to transportation options, top-rated schools, and entertainment. This area offers a diverse range of housing options, including condos and townhouses for sale in Edmonton.

1. Lake District

  • Highlights: In the northeast portion of the city, Lake District is a family-friendly neighbourhood featuring new pre-construction homes in Edmonton. Residents have convenient access to nearby parks, entertainment centres, and a network of walking and biking paths.
  • Perfect For: Families, empty nesters, and anyone seeking a quiet setting.

2. Castle Down

  • Highlights: A thriving community, in the northwest portion of the city, boasting an extensive network of trails, parks, and recreational areas, including spray parks and dog-friendly spaces, all just steps from new homes in Edmonton.
  • Perfect for: Nature lovers, professionals, and families.

3. The Palisades

  • Highlights: The northwest part of the city is home to new pre-construction condos in Edmonton. Residents enjoy a high quality of life near community trails and parks.
  • Perfect for: Families, professionals, nature enthusiasts, and culture lovers.

South Edmonton

Charming historic area with a blend of new developments in Edmonton. This neighbourhood boasts large lots, beautifully crafted homes, mature trees, and wide streets. Its proximity to Whitemud Creek Ravine offers natural beauty, while the prestigious Derrick Golf and Winter Club adds to the area’s appeal.

1. Windermere 

  • Highlights: This area seamlessly blends historic charm with modern conveniences. Offering nearby golf courses to the north and northwest, it’s a golfer’s paradise. Families will adore the abundance of walking and biking trails, wetlands, and parks perfect for kids to explore.
  • Perfect For: Families, young professionals & nature lovers.

2. Garneau

  • Highlights: A dynamic blend of established businesses and pre-construction homes in Edmonton. Residents enjoy ample opportunities for shopping and dining along nearby 109 Street. The historic Garneau Theatre, adds to the neighbourhood’s charm with its year-round indie film screenings.
  • Perfect for: New builds in Edmonton, in this area, are perfect for students, professionals, families, and nature lovers.

3. Summerside

  • Highlights: A diverse housing market, including townhome developments in Edmonton, condos, and single-family homes. Residents have exclusive access to Lake Summerside, perfect for kayaking, paddleboarding, swimming, skating, and canoeing.
  • Perfect For: Young families, and professionals seeking a dynamic yet family-friendly environment.

4. Ritchie 

  • Highlights: In south-east of Edmonton, the neighbourhood offers a selection of established singles and new developments in Edmonton close to top-rated schools like Escuela Mill Creek. Plenty of outdoor opportunities with nearby green spaces like Mill Creek Ravine.
  • Perfect For: Professionals, young families, and outdoor enthusiasts.

Pros of Living in Edmonton

  • Seamless Connectivity: Edmonton offers a robust public transportation system. The Edmonton Transit Service (ETS) provides extensive bus and light rail transit (LRT) options throughout the city. For added convenience, commuters can utilize the Arc electronic fare payment system. ETS also offers the Dedicated Accessible Transit Service (DATS) for residents with physical or cognitive disabilities.
  • Educational System: The city is home to prestigious institutions like the University of Alberta, MacEwan University, and NorQuest College, offering a diverse range of programs and degrees. In addition, Edmonton’s public school system is highly regarded, providing quality education for students of all ages.
  • Natural Scenery: Located in the heart of Alberta, residents of Edmonton condos can easily escape the city for outdoor adventures. National parks like Elk Island and the iconic Rocky Mountains are just a short drive away. Closer to home, the North Saskatchewan River winds its way through the city, providing stunning scenery and endless recreational opportunities.
  • Cultural Mosaic: Edmonton’s vibrant community is a testament to its diversity. With a significant immigrant population comprised of skilled workers, family members, and refugees, the city has become a melting pot of cultures. This rich tapestry is evident everywhere, from the languages spoken on the streets to the diverse culinary experiences available.
  • A Vibrant City: Edmonton boasts a diverse culture and a thriving entertainment scene. From world-class dining to live performances, there’s always something to do. Sports fans are well-catered to with a variety of professional teams, while shopping enthusiasts can explore the vast offerings of West Edmonton Mall.

Cons of Living in Edmonton

  • Harsh Winters: Edmonton’s inland location and northerly position contribute to its notoriously harsh winters. Temperatures plummet below freezing for nearly half the year, with even summer days often struggling to reach comfortable levels. Heavy snowfall from November to March can disrupt daily life, making outdoor activities challenging.
  • Infrastructure Challenges: Edmonton’s infrastructure, while improving, still presents challenges for drivers. The city’s notorious potholes and cracked roads are a direct result of its winter climate, with heavy snowfall and fluctuating temperatures causing significant damage to pavement.

Neighborhoods in Edmonton

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FAQs About New Condos and Homes in Edmonton

What are the different types of condos in Edmonton?

Edmonton’s new condo scene offers a diverse range of options. From soaring high-rises with breathtaking city views to family-friendly townhomes complete with amenities like pools and playgrounds, there’s a condo style to suit every lifestyle. Even trendy loft conversions with unique layouts are available for those seeking a distinctive urban abode.

What is the average price of new condos in Edmonton?

The average price of new pre-construction condos in Edmonton sits at around $317 per square foot. However, it’s essential to note that the final cost varies depending on factors like the condo’s size, location, and amenities.

How affordable are new homes in Edmonton?

Edmonton offers a more affordable path to homeownership compared to many other major Canadian cities. In July 2024, the average family home cost $539,468, significantly less than the million-dollar price tags in Vancouver and Toronto. Even compared to Montreal and Calgary, Edmonton presents a more budget-friendly option for homebuyers.

What's the average condo rent in Edmonton?

As of July 2024, the average rent for a condo in Edmonton sits around $1,544.

Is it a good time to sell my Edmonton condos?

Historically, the Edmonton real estate market experiences peak activity during the spring and summer months due to favourable weather conditions and family-oriented move-in timelines. Currently, Edmonton is a seller’s market with a Sales-to-New listing ratio (SNLR) of 77% (over 60% indicates a seller’s market). While modest price and demand growth are forecasted for 2024, now is a favourable time to sell.

What factors should I consider when choosing a location for my pre-construction townhouses in Edmonton?

Pre-construction homes in Edmonton offer a diverse range of options. From convenient highway access to tranquil suburban settings, there’s a project to suit every lifestyle. Consider your priorities and choose a location that puts you within reach of schools, parks, and other essential amenities.

What are the average prices for new homes in Edmonton?

New detached home prices in Edmonton soared to an average of $539,468 in July 2024, marking a 7.8% increase from the previous year. Meanwhile, townhouses for sale in Edmonton saw a more significant price jump, averaging $290,249 and showcasing a 12.6% increase compared to the same period in 2023.

How accessible is Edmonton via public transportation?

The city boasts a comprehensive bus network and a light rail transit (LRT) system that covers major areas. While it might not be as extensive as some larger metropolitan cities, it’s generally efficient for commuting within the city. For those with mobility challenges, Edmonton Transit Service (ETS) provides dedicated accessible transit services.

What kind of shopping options are available near construction projects in Edmonton?

West Edmonton Mall, a North American shopping behemoth, offers over 800 stores and a plethora of dining options, attracting millions of visitors annually. 124 Street provides a charming atmosphere with art galleries, antique shops, and fashion boutiques. Fashion enthusiasts can explore the Premium Outlet Collection at Edmonton International Airport for discounted designer brands.

Can I find any top-rated schools near Edmonton condos for sale?

Edmonton offers a robust education system with a diverse range of public and private schools. Renowned for academic excellence, the city is home to top-tier institutions such as Windsor Park School, Mount Pleasant School, Stratford School, Tempo School, and Richard Secord School.

What are the best neighbourhoods in Edmonton to Invest in new condos for sale?

Selecting the optimal Edmonton neighbourhood for a new condo investment hinges on your investment objectives. Areas like downtown, Oliver, and Strathcona boast high rental demand due to their proximity to amenities and employment hubs. For long-term value appreciation, consider established neighbourhoods such as Windermere and Glenora, renowned for their strong resale values. Emerging areas near the University of Alberta or major transportation corridors may also present promising investment opportunities.

What amenities are typically included in new developments in Edmonton?

New builds in Edmonton often boast a range of amenities designed to enhance residents’ lifestyles. Common offerings include fitness centers, swimming pools, party rooms, and outdoor recreational spaces. Some developments even feature concierge services, business centers, and rooftop terraces. These amenities vary depending on the specific building, so it’s essential to research individual projects to find the perfect fit.

How much down payment is needed for pre-construction projects in Edmonton?

When purchasing a pre-construction condo in Edmonton, buyers typically need to provide a down payment of 20-25% of the purchase price. This is usually paid in stages throughout the construction process, known as a deposit structure. For example, a common deposit structure might require a 5% down payment when signing the purchase agreement (or a minimum of $5,000).

What are the best resources to find out about new homes in Edmonton?

Platinum Condo Deals is your go-to source for Edmonton’s condo and townhome market. Our curated database provides in-depth information on pre-construction projects, including pricing, occupancy timelines, and floor plans. 

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