Should I Sell Now?

Edmonton is a unique city when it comes to residential neighborhoods. Unlike many parts of the world Edmonton, Calgary and other prairie cities have been blessed with never-ending swaths of developable land. Instead of growing up these cities have grown out. Edmonton has miles of good quality single-family residential with many different private and government activities affecting the future value of houses in those neighborhoods. For instance, Millwoods and Bonnie Doon have both been affected by the development of the Valley Line LRT. These neighborhoods and many similar neighborhoods will see great appreciation thanks to greater access to Edmonton’s downtown core.

While many neighborhoods are appreciating in value others may not be as lucky. For instance, many neighborhoods on the outskirts of the city are actually seeing house depreciation. In 2015-16 when Edmonton’s zoning rules changed allowing for new houses to be built on ½ of a 50 ft residential lot, which re-shaped the Edmonton residential market. Neighborhoods on the outskirts of the city like Windermere or Ellerslie are not only dealing with harder economic times but now have to compete with inner-city densification, removing many potential buyers from their buyer pool.

So the question of whether you should sell now or wait, from an economic perspective, may be answered by looking at how the market in your neighborhood has fared over the long run. Has there been price appreciation, depreciation? The best way to find out is by taking a look at your neighborhood’s sales comparables over time to see where you stand. It would be prudent to then talk to a professional real estate agent to understand the next step. Once you’ve taken a look at our sales comparables reach out! We’re happy to answer any questions and provide our insight into the Edmonton marketplace.