IanO
Superstar
Don't be fooled but the absolute value of their median HHI given the incredibly vast amount of high-paying jobs and very significant wealth in that town. What it does highlight is the sizeable other side of the spectrum.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
northlands
Senior Member
So it costs on average $46,548 per year to rent a two bed apartment in a city where the average household take home pay is $63,361.And yet...
This country has completely lost the plot
archited
Senior Member
Toronto and Vancouver both suffer from income disparity and an ever-widening gap between rich and poor, sadly a trend that runs throughout North America with -- in a general sense -- Conservatives parked on the side of the rich and Liberals wanting to help the poor. The Conservative theme asks people to come join the rich (take from and reduce government coffers, lower Taxation); the Liberal theme: give more government help to the poor (reduce the cost of Education, provide Health Care, assist with Home Purchases and Income Stability). We seem to get in trouble when the curve bends too far in one direction or the other. Government may be more inefficient from an economic standpoint but Private Industry tends to be more ruthless in the chase for more financial rewards -- everyone seems happier when there is a sustainable balance between the two.
MacLac
Senior Member
I worked with a ton of “ex-bankers” out of TO over the years who came out west to the patch and left their 35K/yr jobs and took anything out here for at least double the wage - even if they were pushing a broom. Which begs the question: who the hell is living in those 1000’s of condo highrises being built in TO?
MacLac
Senior Member
Edmontonâs multi-family market tops among major centres to rent or buy
'The big draw to Canadians from other markets to Edmonton is affordability,' says Amit Grover, of Avison Young.
edmontonjournal.com
Hey! It’s Ian’s pals over at Zonda Urban!
David A
Senior Member
If you carefully read through the article and think, it actually all makes sense and is consistent with what was said earlier. It starts out a bit negative, but is actually quite optimistic towards the end.
A surplus of housing was built up in Edmonton in the past decade - the first 8 years of that were weak economically here and only the last two have been stronger.
As shown by strong sales, the surplus is being drawn down quickly due to current economic strength and migrants. Rents are starting to increase.
As for condos, I suspect once the housing surplus is drawn down, single family house prices start to increase, condo price and demand will follow that (like in Calgary) for those that can't get or afford single family houses.
A surplus of housing was built up in Edmonton in the past decade - the first 8 years of that were weak economically here and only the last two have been stronger.
As shown by strong sales, the surplus is being drawn down quickly due to current economic strength and migrants. Rents are starting to increase.
As for condos, I suspect once the housing surplus is drawn down, single family house prices start to increase, condo price and demand will follow that (like in Calgary) for those that can't get or afford single family houses.
Kosy123
Active Member
EDIT: It's weird that CBC articles don't get a thumbnail but others do, but oh well.
Greenspace
Senior Member
IanO
Superstar
Edmontonâs multi-family market tops among major centres to rent or buy
'The big draw to Canadians from other markets to Edmonton is affordability,' says Amit Grover, of Avison Young.
Hey! It’s Ian’s pals over at Zonda Urban!
Indeed.
Yet another story about an underperforming Downtown market that seems to continue to buck the national trend.
Good to see some momentum building with some product, but the reality is that Downtown is an incredibly hard sell right now with prices at or below replacement.
occidentalcapital
Senior Member
It's semi amusing that the city is building affordable housing apartments at $200k+ per door when they could just buy existing condos going for as low as $60k a door and rent them out...
Gronk!
Senior Member
Avenuer
Senior Member
It's because the City doesn't want to rent them out - it's not a property manager Those units also exist and the City is focused on building the affordable housing supply, not operating existing market units (there also are not enough sub-$100,000 condo units to make a big difference even if the City was looking to buy units).
IanO
Superstar
See - the former Cornerstone program
CaptainBL
Active Member
The city also isnt a land developer but that hasnt stopped them from creeping outside the typical core competencies of a city's purview (i.e. Blatchford)...
occidentalcapital
Senior Member
I'm not saying that building more nonmarket housing is a bad thing in practice. But let's get our facts straight- the city (Civida) absolutely rents units out, that's the main way it delivers affordable housing...