Here’s a great article from the Gary Lamphier in the Edmonton Journal today. I also got a call last night about a great deal in Edmonton that I’m going to make an offer on this weekend.
When it comes to the housing market, E-town still rules.
That’s the word from Don Campbell, president of Canada’s Real Estate Investment Network.
The popular author, consultant and public speaker says Edmonton remains the best place on the continent to invest in residential real estate. It’s a claim he first made last August, shortly after oil prices peaked at$147 US a barrel, and Alberta was rolling in energy riches.
Despite a sharp drop-off in oil and gas prices since, and a big slowdown in new oilsands projects, Campbell hasn’t flinched. He insists Edmonton will emerge from the recession stronger than ever.
“According to our research, Edmonton is still the No. 1 place for long-term investing in real estate in North America, absolutely,” says Campbell.
“Edmonton has the potential, it has the job growth. We know that when the recovery comes–and it will come, we just don’t know when –Edmonton is going to be able to provide fuel and fertilizer, which is exactly what the world is looking for. So that’s a pretty good basis for job growth.”
When Campbell speaks, others tend to listen.
About 800 investors and business owners turned out Friday evening at the Shaw Conference Centre to hear his latest views–and those of several economists–on the housing market and the economy.
About 40 per cent were from out of town, with some flying in from Ontario, Saskatchewan or the West Coast to size up investment opportunities in Alberta.
“They’re looking at this region because it’s a much more diverse economy, it’s stronger than many other cities,” he says.
“If you look at the Saskatchewan market and the level of in-migration there, it’s not as strong as we’re seeing in Alberta. So people across the country are starting to really look at economic fundamentals, and they see Edmonton as the No. 1 place.”