This week the Journal reported on multi-family housing being back “in vogue” here in Edmonton. For those not as versed in real estate speak the term “multi-family housing” simply refers to property developments such as condominiums, duplexes, townhouses and the like – places of residence that can accommodate more than one family unit. While we find it amusing that the Journal mentions this Edmonton real estate trend as being “in vogue” we can agree that there is a bounce-back pattern developing to compete with the single-detached home sales that have been prevalent for so long in the burgeoning Edmonton realty market.
Edmonton Properties (along with analysts) expects this trend to continue into the future. The massive expansion planned for the downtown Edmonton core is accompanied by dramatic increases in new housing permits and permit applications for apartment and condo complexes and the suburbs too are ripe with new duplex/townhouse developments. This growth in both development of and demand for multi family homes for sale in Edmonton can be attributed to strong labor migration (with families coming along for the ride) and the currently scarce Edmonton rental market.
Many families joining the Edmonton community for the first time do so by “getting their toes” wet by starting with a more affordable and convenient multi-family home. In the future, once they’ve achieved career stability they then consider moving up into a single detached home. On that same token, other new arrivals are more comfortable in securing a rental property which has sparked the demand for multi-family rental options which is why we are seeing a rise in permit applications for such developments. If the demand is there it simply makes sense to build real estate to accommodate it. This trend in turn also makes for a great Edmonton real estate investment opportunity should one be in the market for a multi-family home that they can rent out for a profit.
Are you in the market for a multi-family home in Edmonton for you and your family or simply as an opportunity for investment? Contact Edmonton Properties today for a friendly conversation about your needs and let’s see if we can find the perfect match for you.