Should You Buy a New Build or an Older Home in Edmonton?
Fall is officially here, the leaves are starting to change, and it feels like Edmonton is slowly making the transition from summer to winter. With the days getting shorter and the temperatures dropping, the real estate market is also starting to shift as we head further into the fall season. While things may not be moving at the same pace we saw earlier in the year, there are still plenty of opportunities for both buyers and sellers who know what to look for.
In this week’s blog, we’ll take a look at whether buying a new build or an older home makes more sense in Edmonton, along with a quick update on the current market. I’ll also highlight a few things happening around Edmonton this week and share a quick real estate tip you can use whether you’re buying, selling, or simply keeping an eye on the market.
Should You Buy a New Build or an Older Home in Edmonton?
There are many factors that come into play when deciding whether to buy a new build or an older home, but at the end of the day, it really comes down to each individual situation. The truth is, there are pros and cons to both. Buying an older home usually comes with the benefit of a mature neighbourhood, established trees, larger lots, and amenities that have been around for years, while new builds often offer modern homes, newer features, energy efficiency, and the opportunity to be part of a growing community.
Price
The first thing that everybody wants to know about is the cost! A new build will often come with modern finishes, new appliances, and less immediate maintenance and replacement costs. However, people often don't see the other side of buying a new build. When you purchase a brand-new home, it may come without landscaping, fencing, trees, window coverings, and sometimes even appliances or a deck. All of these items can add up quickly, and before you know it, you could have spent $20,000–$50,000 or more getting your new home to the point where it feels completely finished and ready to live in.
When you purchase an older home, you often get to skip many of these setup costs, but there are other expenses that may come up. The home may already have window coverings and appliances, but in some cases, those items may be ready for a much needed upgrade. You may have mature trees, a fence, and a lawn already in place, but who is to say the trees don't need to be trimmed, the fence doesn't need repairs, or, even worse, that tree roots haven't grown into your sewer line and caused backups or flooding?
It is important to look beyond the purchase price because, oftentimes, that is just the beginning with both types of homes. At the end of the day, it comes down to what you are willing to compromise on. You may be able to get a move-in-ready home for less money if you are willing to live with older appliances, finishes, and other features. But if you are going to replace or upgrade everything anyway, it may make more sense to purchase a new build that already comes with the newer features you want. When looking at homes, it is important to understand not only the purchase price, but also what it will cost to get the home to your personal standard of living.
Location
As important as pricing is, sometimes it doesn't matter as much as location. More often than not, older homes in Edmonton are located in older areas, while newer homes are found in newer communities. In each of these areas, you can pick out and see flashes of the years when the neighbourhoods were built. Something nice about newer areas is the new shopping, grocery stores, restaurants, and other amenities that come with them. However, there is also something to be said for the mom and pop shops, family restaurants, and established businesses you can find in older areas.
Another factor is that as Edmonton expands, newer homes are often built further and further away from the centre of the city. For many people, this is a non-factor or can even be a good thing. Some people love areas that are less busy and away from the commotion of downtown or other busy parts of the city. For others, being further away from the centre means a longer commute to work, more driving for activities and kids' sports, or being further away from family and friends.
Regardless of what you prefer, your lifestyle and the activities you do on a regular basis may have a bigger influence on whether a new build is right for you simply because of the location. A home can have everything you want, but if you spend an extra hour in the car every day getting to work, sports, restaurants, or friends and family, you may eventually find that the location matters more than some of the features you loved about the home.
Maintenance and Repairs
Lower maintenance and fewer immediate repairs are a huge bonus for new builds. With older homes, you may have to worry about an aging furnace, windows, roof, hot water tank, and more, whereas when you purchase a new home, many of these features are brand new and are often covered by a warranty. That doesn't make purchasing an older home a worse decision, but it does mean that you should understand the condition and age of the major components before you purchase it.
With Edmonton experiencing temperatures that can range from extreme summer heat to -30°C and below in the winter, it is important to make sure you won't get left stranded without heat or cooling when you need it most. You also want to make sure the home is properly insulated and efficient enough to keep the heat in on those cold winter days and the heat out on the hottest days of summer. An older home can still be a great home, but knowing what you're buying and what may need to be replaced in the coming years can save you from some unexpected expenses.
That being said, it is also important that when you are choosing a new build, you understand the builder's policies and warranties. Just because everything is new doesn't mean it is bulletproof, so if something does go wrong, it is important to know what is covered and who is responsible for fixing it.
Home Style
Home style is an important aspect of buying a new build or an older home, and it may be more complex than you think. It is easy to follow the trends and styles of today, but what about the functionality for your life? New homes often feature a more open-concept layout with larger, more modern kitchens and, in many cases, smaller family rooms. An older-style home may be more functional and efficient with its space, but it may also lack some of the grand openness that a new build has.
For people who like to host parties and have everyone together, having an open space where everyone can be together and see everything may be a great feature. For people who have a family that wants to spend time together in the living room and have everyone a little closer together, an older home may allow for that better. Just because a certain style is popular today doesn't necessarily mean it will be the best fit for how you actually live.
Lots
Yes, there is a lot of information in this article, but that's not what I am talking about. New homes often have smaller lots and bigger homes. That can mean less outdoor space and potentially losing a front lawn or even most of your backyard. Older lots often have homes that are slightly further apart and have more space for outdoor activities.
Now, if you live close to a field or a park, the size of your yard may not matter as much, but not every house has that luxury. Some homes have small yards and aren't very close to a park or field to play, which can make it more difficult for kids to get outside and enjoy some outdoor fun. There can be a positive to having a smaller yard, though, especially if you don't have kids. For many people, landscaping and outdoor maintenance is just another pain in the butt, so having a smaller yard may be perfect.
On the flip side, having a big yard allows for outdoor activities, landscaping, and maybe even a garden. It really comes down to what you want to use your outdoor space for and how much time you want to spend maintaining it.
In Conclusion
At the end of the day, it is important to understand your wants and needs and figure out which option best fits your budget, lifestyle, and long-term plans.
If you are interested in purchasing or even just looking at a new build, it is important to work with a Realtor and let them know you are interested before visiting a builder. Some builders have policies regarding Realtor representation and may not allow a Realtor to represent you if you visit the builder without them. Having a Realtor in your corner means you have someone experienced and knowledgeable who can help you navigate the process, understand what you are purchasing, and look out for your interests throughout the transaction.
Edmonton Real Estate Market Update
The leaves are starting to fall and the market is holding steady. Despite the slow year there is plenty of inventory out there for buyers and despite what a lot of people think, homes that are properly priced are selling fast.
Edmonton's market is looking like it will stay steady for the near future but with an increase in inventory there may be a slight push down on the market's prices over the coming months.
🏡 Average residential selling price: $470,000 (+1.8% year-over-year)
📈 Inventory: Over 8,000 active listings on the market.
🤝 Buyers: More choice and negotiating power than they had a year ago.
💰 Sellers: Well-priced homes are still attracting strong interest, making accurate pricing more important than ever.
Fall is here and with that brings a small time where the market gets busy. Even with the slow year we have had there is potential out there for both buyers and sellers. Don't let the uncertainty of what is going on in the world get the best of you. Reach out and find out if now is a good time for you to make a move!
Check out the most recent full Market update here!
What’s Happening in Edmonton This Week?
Edmonton’s calendar is packed with events that showcase the city’s culture, creativity, and community spirit. Here are some of the key happenings from September 21 to September 27:
1. Jubilations Dinner Theatre: Despicable Minionz (September 12 - October 31):
Come, bring your kids and enjoy the amazing show!
2. Edmonton International Film Festival (September 24 - October 3):
Experience the best independent filmmaking from around the world!
3. Jimmy Carr Comedy (September 25 @ 8:00 PM)
Come out Rogers Place and enjoy the show full of laughter
4. Jubilations Dinner Theatre: Back To The '80s: The Magic Mix Tape (August 28 - November 1)
Come enjoy the live show and multi-course meal with music and more!
5. Edmonton Elks VS Hamilton Tiger Cats (September 26 @ 5:00 PM):
Come out to Commonwealth Stadium and watch the Edmonton Elks take on the Hamilton Tiger Cats!
AC Galo Corner
Blake Reimer Real Estate is proud to announce that they have partnered with AC Galo Soccer team here in Edmonton.
Indoor Soccer details to come!
GALO ROLL!!!!
Edmonton’s real estate market is full of opportunites for both buyers and sellers. Now is your time to beat the fall rush and find that home you've been looking for! Whether you are a buyer or a seller I have resources to help you with your transaction!
Check out the buyers resources here
Check out the sellers resources here
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