Edmonton holds the second spot for cities with the top new home markets in the Great White North, just a spot behind Toronto for single-family detached home starts, based on the reports of Canada Mortgage and Housing Corp.
Urban Sky Developments talks about what this means for home buyers and home builders alike:
What You Can Expect from This
Same with other areas, the demand in Edmonton for single-family homes has constantly been soaring since the pandemic has started. Also, the city is still one of the most affordable ones for this particular housing type, even for newly built homes. Homebuilders say the average price of this home type was a little over $552,000 as of May. In comparison, the average cost for the same housing type was $695,000.
Many Home Buyers Still Prefer Resale Homes
Despite being among the more affordable markets for new builds, many are still checking the resale market despite the low supply and high demand. It may be because due to the recent spike in prices of lumber and other building materials, as well as the usual “premium” on new homes, that buyers will be paying $30,000 to $70,000 more for new custom design homes than they would for a resale property.
Those clients who are interested in new builds are searching in the markets with a higher price range, often in mature neighborhoods. That said, Edmonton remains among the best markets for new single-family homes. It shouldn’t be surprising given the abundance of land in the area, which is perfect for new builds.
Why You Should Buy Single-Detached Homes
If you are on the lookout for a new home in Edmonton, here are some great reasons to consider going for detached units:
You Get a Nice Yard
Not all single-family homes come with a yard, but most do, so you’re likely to get one if you choose this type of home. Whether you want a small veggie garden at the back or you want to grow some new blooms in front, you’re going to have space for it. It’s also going to be perfect if you have kids and pets who need to have some tumbling space outside.
You Can Do What You Want as a Homeowner
If you have a detached home, there will be no neighbors bothering you about the expansion you want to make or the renovation you plan. It’s all up to you. The only restriction would be the zoning regulations mandated by the local authorities.
You Get Privacy
Compared to attached homes, detached houses give more privacy mainly because you won’t be sharing walls with your neighbors. Condo units could be worse as you also share floors and ceilings. If you want your family matters, conversations, and activities kept private, a detached home is your best choice.
Conclusion
Now is the best time to consider getting detached custom design homes in Edmonton. While there are benefits to the resale home, nothing compares to what a new build can offer. Also, choosing Edmonton for your new home means you’ll live in a city that has quickly rebounded from the effects of the pandemic and one where things are looking bright economy-wise.
When you’re ready to get a new home built just for you, Urban Sky Developments is here for you. We are one of the top home builders in Edmonton that can build you the custom home of your dreams! Contact us today to know more!