Investment Opportunities Near Arena, Airport Projects in Edmonton
Edmonton’s proposed downtown arena may still be an undecided issue, but if it does happen, real estate investors might want to check out the local neighborhoods for property up for sale. That arena will spark a wave of redevelopment, and if you already own a bit of property, you will be in the driver’s seat. The same could be said with neighborhoods near the airport property project, another controversial issue.
Don Campbell, somewhat of a real estate guru and author of a book called “Secrets of the Canadian Real Estate Cycle” is encouraging potential investors to take the plunge. If these projects go ahead, and that is likely, then Edmonton’s economy would pick up substantially and neighborhoods surrounding these projects will find their property values increasing.
This is on top of the fact that Edmonton is already in an economic upturn. Campbell notes that real estate cycles usually have a gap of between 18 to 24 months after an economy starts to either dip or swing upwards. Alberta is having a lot of people immigrate to the province and most of them will rent before buying.
That is already evident from the 4.7 percent vacancy rate this past April, compared to the 5.2 percent seen in April of 2010. Rents are also increasing, going from $994 to $1,029 for an average two bedroom during that same comparative period. At present, there is more interest in investing from people out of province, and even overseas. Campbell thinks Albertans should take advantage of the opportunity before prices really take off.