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Jason Thomas BCom
Royal Lepage Summit Realty
2611 Ellwood Dr S.W., Edmonton, Alberta
P: 780.499.5696
F: 780.431.1600

Tuesday, April 23, 2013 - Lot Values in Edmonton

Lot Values in Edmonton

Lot values in Edmonton fluctuate greatly.  My buyer clients often wonder how much more one particular area is over another.   Questions like, is it better value to buy in the northwest or the southwest?  Location is always based on personal preferences, but in order to give some clarity I've graphed out the average sale price in several areas of Edmonton based on MLS® sales over the last 24 months.  I've split the sales out between new subdivisions and mature neighbourhoods.  In Edmonton a vacant lot in a new subdivision is substantially different than an infill lot in an older established area. 

The most expensive area of Edmonton for a lot in a newer subdivision based on sales was in the southwest.  The most affordable lots in Edmonton are found in the northwest.  The northwest did have a higher proportion of back lane style lots sell and that brought down the average.  Looking at the lot sales in the more established mature neighbourhoods, you will find the most expensive area in Edmonton is west central.   The most affordable mature area in Edmonton is on the East side of Downtown.  Not too surprisingly, some of these mature neighbourhoods demand a premium for lot prices.  It is still up in the air how much that the new downtown hockey arena will improve property values in the east side of downtown Edmonton.  This area of East Downtown has recently been rezoned for higher density as well.  Another area that is potentially going to see appreciation is near the old Municipal Airport land on the northwest side of downtown.  The old airport lands are to be redeveloped now that the decision has finally been made to shut down this airport. I've labeled different areas as follows:

East Downtown includes the area near the new arena, Boyle Street, McCauley, mainly zone 13 on our real estate maps.
North Central includes the areas of Alberta Avenue, Eastwood, Parkdale, Delton.  Mainly zone 5 on our real estate maps.
Inglewood is near the area near the old Municipal airport and Kingsway Mall. 
University area includes Garneau, McKernan, Park Allen, Queen Alexandra, or in other words most of zone 15.
Mill Creek ravine includes Bonnie Doon, Strathearn, King Edward Park, and other neighbourhoods that make up our real estate zones of 17, 18, 19.
Northwest includes neighbourhoods north of the Yellowhead and south of 137 avenue, or Zone 1.
Northeast includes neighbourhoods north of the Yellowhead (zone 2).
Old Rexall area includes areas east of the current location of Rexall Arena.  Areas include Beverly Heights, Montrose, Newton, or roughly zones 6, 9 and 23.
West Central area includes the areas of Crestwood, Parkview, Glenora, Grovenor, Laurier Heights, and Rio Terrace.

Keep in mind that these are averages and include all sizes of lots, different zonings and good and bad locations.  The amount of front footage as well as the total square footage of the lot must be considered.  Also, some lots that sold were on busier streets which often sell for $20,000 or more less than a lot on a quiet street.  As a buyer or a seller of a vacant lot you would need to have a professional REALTOR® on your side.  For sales of average sale price per square foot of homes in different Edmonton neighbourhoods visit Edmonton Prices by Neighbourhood.  For further questions feel free to contact me on lot values in Edmonton. 

Lot values in Edmonton

Lot values in Edmonton

posted in Edmonton Real Estate Market Reports by Neighbourhood at Tue, 23 Apr 2013 20:28:55 +0000



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Data last Updated: 2024-05-22 at 02:18:36 GMT America/Edmonton
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