Exciting fall housing market ahead

The scorching heat of the summer didn’t do a lot to dampen the mood in Edmonton’s new home market, but from all indications this fall will be even better. Builder and developers are gearing up for a busy last quarter of 2024, and new showhomes and communities are coming up that buyers should be excited for.

There is much to strengthen buyer confidence, not the least of which is the lower interest rates that are expected to dip further in September. The Bank of Canada cut its key interest rate to 4.5 per cent on July 26 – and more cuts seem on the way as inflation rates slow.

This augurs well for Edmonton’s new home market, as it remains the most affordable among Canada’s five largest population centres.

According to a Wowa.com market summary report for July 2024, the five-year price growth of homes in Edmonton (as of June 2024), of 16 percent, has been very modest compared to other major Canadian cities, most notably 45 percent for Toronto, 55 percent for Montreal, 36 percent for Vancouver, and 42 percent in Calgary.

Confidence remains high

Edmonton’s new home industry is taking the increased demand in stride and are feeling bullish on the continuing trend.

“There are a lot of positives happening in the housing industry, the introduction of the 30-year amortization for first time home buyers on new homes will help with affordability,” says Daytona Homes Sales Manager, Colin Wilson.
“Interest rates are coming down, new homes are still very affordable compared to other major cities in Edmonton, unemployment rate is low, and the rental market is high. All these factors point to a very strong fall.”

Cantiro is likewise excited at the fall prospects, and with its expanded portfolio in 10 communities and 15 new showhomes throughout Greater Edmonton, they are poised to handle strong demand.

“With our expanded portfolio and a focus on innovation, we’re uniquely positioned to offer exceptional value this fall,” says Cantiro Homes Sales Manager, Chris Ongkiko. “We’re excited to help our clients discover their perfect home, designed for the way they want to live, this season.”

Affordability without compromise

Although interest rates have started to come down, Cantiro understands that affordability continues to be a major driver for consumers. “This is why they have designed and launched two new product lines this year – the Versa Collection (rear lane single family homes) and the Metro Collection (urban townhomes),” Ongkiko says.

“Both collections have been well-received, contributing to over 40 percent of our sales year-to-date,” he adds. “Cantiro clients can now explore these offerings in person, with new show homes recently opening or scheduled to open this September in Riverstead in Southwest Edmonton, Alces in Southeast Edmonton, and Greenbury Park in Spruce Grove.”

Daytona meets rising demand

Daytona is aware that Edmonton remains a hotbed for new home buyers, and they are meeting surging demand for new housing with their line of affordable and stylishly functional duplex, laned and front-attached garage homes. There’s a particular focus on spec and quick-possession homes to help buyers on tight timelines.

“We currently have 115 spec homes under construction that are for sale. We offer duplex homes, rear laned homes and attached front garage homes in nine different communities in Edmonton and area,”

Cantiro expansion

Cantiro is in an extraordinary position to take advantage of the strong fall market with recent moves that includes the acquisition of Morrison Homes Edmonton.

The move brings Cantiro to even more communities and they are now present in Glenridding Ravine in Southwest Edmonton, Elan in Beaumont, and Riverside in St. Albert. “We have also expanded into Riverstead in Southwest Edmonton, Alces in Southeast Edmonton, Greenbury Park in Spruce Grove, and will soon be offering homes in Ardrossan in Strathcona County.” Ongkiko says.

Facing challenges

It’s not all lollipops and roses though, as Wilson at Daytona says there are some challenges ahead.

“This summer we have seen a $20,000 to $40,000 increase on land costs accompanied by a slight increase in construction costs that we expect to keep rising. As interest rates have started to come down now is the time to secure a new home as we expect the increase in construction costs will outweigh the savings on interest during the term of their mortgage.”

But with Daytona’s 30+ years of experience, and their line of efficient, functionally stylish homes, Wilson is confident that Daytona can rise above these challenges.

Daytona Homes is currently building in the communities of Rosemont, The Uplands at Riverview, and Ellis Green in the west; Chappelle Gardens, Saxony Glen in the southwest; The Orchards at Ellerslie in the southeast; and

Crystallina Nera in the northeast. They are also found in Ardrossan, Hillshire in Sherwood Park, and Jensen Lakes in St. Albert. Find out more at daytonahomes.ca.

A sensational fall

This fall, Cantiro is excited to host two Grand Opening Events for their newest communities—Alces in Southeast Edmonton and Riverstead in Southwest Edmonton. Join them on September 14th at Riverstead and September 21st at Alces to explore new show homes, enjoy local food, entertainment, games, and exciting prizes.

Cantiro Homes is also making its debut in Ardrossan in Strathcona County. On October 5th. “We will unveil our latest show home, coinciding with the community’s Show Home Grand Opening. This family-friendly event will feature delectable treats from L’OCA Sherwood Park, engaging games, and various giveaways,” Ongkiko says.

Also coming up on September 28th, is the Show Home Open House in Greenbury Park in Spruce Grove, a new family-friendly community, conveniently located near the soon-to-open Civic Centre and Jubilee Park. Clients are invited to come tour Cantiro’s new Metro Collection. For more information, visit cantiro.ca.