In a recent article for MoneySense, experts reviewed market data and compiled a list of the top Edmonton neighbourhoods to buy a house. Find out which places made the list of Edmonton’s top three neighbourhoods and what the future has in store for the Edmonton real estate market.
Edmonton’s top three neighbourhoods
This ranking of top Edmonton neighbourhoods is based on real estate data collected at the end of March 2023. Overall rankings and scores are based on the areas’ benchmark home prices, recent real estate price growth, and economic/affordability indexes.
Value scores are assessed on a 5-point scale. In addition to home price data and value scores, the rankings consider economic and affordability indexes that include: the percentage of households that own or rent, education levels, median income, and household income.
Additional qualitative factors not used in ranking but are used to assess community lifestyle include amenities, accessibility, and the percentage of households with children.
Terwillegar South
Located in desirable southwest Edmonton, construction of Terwillegar South homes began in 2005. It is bounded on the west by Terwillegar Drive, north by the Terwillegar Towne neighbourhood, east and southeast by Rabbit Hill Road and south and southwest by Anthony Henday Drive.
The community includes a great mix of single-family homes, duplexes, townhomes, and condos in a safe, family-friendly community that is close to amenities and services.
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Terwillegar Towne
The charming, family-focused community of Terwillegar Towne is one of the most highly sought after neighbourhoods in Edmonton. Terwillegar Towne is bounded on the south by Terwillegar Boulevard, on the west by 156 Street and Terwillegar Drive, on the east by 142 Street, and on the north by 23 Avenue.
A strong sense of community spirit enjoyed by residents is owed in large part to the thoughtful design. Integration of plenty of green spaces, walking paths, and a centrally located town square that features local businesses, services, and restaurants brings people together. The neighbourhood is also home to a large community park, which features a lake, a playground and a popular spray park.
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The Hamptons
Development in the Hamptons Edmonton began in the early 2000s and features a housing split of approximately two-thirds low density, such as single-family homes or duplexes, and one-third medium density units, such as townhomes and condos.
The community is popular among homebuyers who appreciate the quiet residential streets surrounded by green spaces, ponds and lakes, with access to all the modern conveniences of city living, such as shopping, restaurants, and grocery stores.
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$350,000 to $450,000 price range remains sweet spot for Edmonton buyers
As newcomers and other Canadians continue to flock to Edmonton in search of affordable real estate, the market remains strong. Rising interest rates in 2022 predictably cooled the red hot market where many home sellers received multiple offers, sometimes even 10 to 20 offers, and most of them sold over asking.
The first half of 2023 has seen a return to a more balanced market, but out-of-province migration is fuelling demand for homes, particularly townhouses and duplexes. Higher interest rates and higher prices for single detached homes have some prospective buyers looking at semi-detached or attached home options instead. Supply remains tight in these segments with the market tipping towards a seller’s market for duplexes and townhomes for sale in Edmonton.
Coming into the busy summer selling season, interest in top Edmonton neighbourhoods is expected to grow.
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