We’ve discussed a lot recently, both online and in conversations with new clients, on the retail boom taking place in Edmonton. AsEdmonton Realtors we are seeing unprecedented growth in commercial development due to a lack of retail property vacancies. This is all good news. But what about residential growth?
Downtown Edmonton, in addition to its burgeoning retail and entertainment scene has marked a noticeable expansion in the residential arena. This week the Edmonton Sun reported a statistic about population growth nearing a mark of almost 10,000 individuals flocking to the Edmonton core as residents over the last decade and a half. Residential properties in the form of new condominium developments have been and will continue to accommodate this population growth. Now, with news that the Downtown Business Association (DBA) is committing to further development on a somewhat epic scale, the downtown core of Edmonton is about to explode. For us Edmonton Realtors and the economy of Edmonton, this too is a good thing.
Nearly 5 billion dollars’ worth of expansion is being proposed for the next 6 years, with much of it seeing positive feedback from the public, making it all an inevitable probability. There are some understandable taxpayer concerns over the necessity of a new arena for the Edmonton Oilers and other projects like a new Royal Alberta Museum. As well, those imagining the half a decade worth of construction traffic and noise aren’t exactly enthused. Yet the general consensus is that it will ultimately be of benefit to the long run economic health of Edmonton. Even if a fraction of the expansion gets sidelined by red tape and bureaucracy you’re going to see a noticeable difference in the landscape of downtown Edmonton soon. With this 16 block long initiative, residential growth in the downtown Edmonton core will grow more rapidly into 2018 and well beyond.
Our Edmonton Real Estate team has kept an eye on downtown Edmonton and we’ve seen the residential potential gradually come to fruition. When ground breaks on the new expansion first-time home buyers and those looking to invest in residential Edmonton properties will be watching along with us. With each new brick we will be anticipating the market for our clients and prospective customers so that we can secure the best opportunities for those looking to find their place in the booming downtown Edmonton core.