There’s plenty of excitement in this month’s roundup of the latest real estate and business news in Edmonton. From higher than expected growth in Edmonton house prices to investment announcements in green tech and job creation, the momentum continues to build in Alberta’s capital city.
Here’s what you need to know about the housing market and business news in Edmonton.
Edmonton house price growth projected higher than expected
In the context of higher borrowing costs, real estate experts had initially forecasted modest average Edmonton home price gains by the end of 2023. As of mid-April, experts are revising their forecast and expecting the average home price in Edmonton to increase by approximately 1.5% to reach $433,500 by the end of the year.
Initial predictions anticipated that higher interest rates would have more of an impact on employment, consumer spending, and foreclosures but in reality these economic indicators have remained relatively stable.
As the busy buying and selling season ramps up, the Edmonton real estate market is much more balanced. But with supply still fairly low and demand steady, particularly among first-time home buyers,some segments of the market are leaning into a seller’s market once again.
Top Edmonton Real Estate REALTOR® Wally Fakhreddine was recently quoted in the Edmonton Journal:
“Under that $450,000 price point is the hot stuff,” Wally explains.
Understandably, higher borrowing costs have adjusted buyers’ budgets and with some of the move-up buyers perhaps still holding out, supply within this price point remains tight.
Search Edmonton homes for sale under $450,000
Hydrogen refuelling stations planned for Edmonton Hydrogen Hub
At the recent Canadian Hydrogen Convention in April, it was announced that both the City of Edmonton and Air Products would be building hydrogen-refuelling stations.
The City of Edmonton’s hydrogen station will be located at the Centennial Garage which is in the city’s southwest near the Anthony Henday. The station will supply hydrogen fuel for the City’s hydrogen transit buses and the private transportation sector as it transitions to heavy-duty hydrogen vehicles. An RFP for construction of the facility was posted late-April and the successful proponent should be announced in the Fall.
The Air Products refuelling station will be installed at the company’s net-zero hydrogen production facility in the northeast. The station will support light-duty and heavy-duty off-take. With construction expected to be complete by early 2025, it will likely be the first liquid and commercial-scale fuelling station in Edmonton.
$1.4 million grant will help economic development agency support Alberta investment initiatives
The Alberta government recently announced it would be providing a $1.4 million grant to Edmonton Global so that the agency can continue its work to support trade missions, recruit talent, and do ecosystem and data mapping to increase investment in Alberta.
Edmonton Global is a foreign direct investment and international business development agency that represents 14 municipalities in the Edmonton Metropolitan Region. Since its creation in 2018, Edmonton Global has supported 28 final investment decisions in the Edmonton region representing more than $2.4 billion in investment and the creation of more than 3,500 jobs.
AI conference in Edmonton expected to bring 2,000 attendees to Edmonton
An AI conference organized by the Alberta Machine Intelligence Institute (AMII) will be held in Edmonton from May 23 to 26. The Upper Bound AI conference is expected to be Canada’s largest convergence of AI researchers and applied professionals with more than 2,000 attendees expected from around the world. The four-day conference has over 100 events scheduled including sessions, demos, networking and social events all located within the downtown core.
AMII is an Alberta-based, non-profit institute that supports world-leading research in artificial intelligence and machine learning and translates scientific advancement into industry adoption. AMII has awarded more than $500,000 in talent bursaries to 700 recipients from 22 countries to support their attendance in person. An additional 612 talent bursaries were awarded to recipients who will attend the conference online.
$5 million investment in fund to help solve agricultural challenges
The51 Food and AgTech Fund recently received a $5 million investment from the Alberta Enterprise Corporation (AEC). The funds will provide seed and early-stage capital to Alberta businesses looking at biotechnology, automation, or other innovations to solve food-related climate, environmental, and farming challenges.
AEC joins other major investors such as Farm Credit Canada and the National Bank of Canada, along with other investors to grow the fund to a total of $30 million.
The51 is a Calgary-headquartered, women-led venture fund and financial platform led by partners with experience as operators, investors, and mentors in multiple sectors including food and agtech.
Economic growth and investment continue to drive positive business news in Edmonton
Economic development in Alberta, and especially Edmonton, continues to grow and thrive making the city an excellent choice to build a life with a bright future.
With nearly 20 years of real estate experience in the Edmonton market, Wally stays on top of all the latest real estate and business news in Edmonton.
For expert advice on the Edmonton market and investment opportunities, call/text Wally at 780.238.7384.