A growing trend in Edmonton means many newly renovated homes on the market.

And buyers beware.

In a report released last month, the Bank of Canada says more homes are bought and flipped in Edmonton for profit than in all but one other Canadian city.

Edmonton is a hotbed for house flipping. Data from the Bank of Canada, in a September update on financial vulnerability indicators, shows that Calgary has a higher rate of homes on the market that are resold within a year of purchase, outpacing other large Canadian markets like Vancouver, Montreal and Toronto.

Calgary leads the way in 2024 with 7.52 percent of homes bought and sold in a year, followed by Edmonton with 5.05 percent, Vancouver with 2.7 percent, Montreal with 1.26 percent and Toronto with 1.07 percent.

“Housing prices have become so high, especially in metropolitan areas, that it has become more difficult to turn around financially,” real estate broker Anne Alkok told CTV News Edmonton on Thursday.

Bank of Canada statistics.James Bailey, entrepreneur and designer for Brixton Flips, says she thinks there are several reasons why Edmonton and Calgary lead the country in the number of homes bought and flipped in 12 months, starting with capacity people to make money.

“When we buy a house, we do our calculations, we say, ‘How much is this going to cost and how much will it be worth when I sell it?’ “,” Bailey told CTV News Edmonton.

“When there’s an opportunity for that number to be higher than you thought, that’s good. You have more room to make money, or, if there was a crack in the foundation that you didn’t know it existed, at least you didn’t lose it, and ultimately it makes people more excited about doing it. It makes them take more risks.

Jamie Keith of Access Home Inspection Services frequently inspects flipped homes and suggests buyers ask many questions, such as the age of shingles, wiring, windows and plumbing, and check permits for this work.

“(Try) to get pictures of it before it’s returned because it’s obviously been listed recently and see what kinds of upgrades have been done,” Keith said.

Questions are one thing. Bailey even suggests a more practical approach to such a large purchase.

“Do the doorknobs. Go shake the stuff. Open the cabinets, slam some. Who’s going to stop you?” » Bailey said.

“If it falls, it might not be a very good house.”