cmd uw
Active Member
You know they also build condos outside of downtown...and even then there is veeeeery little of that product.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
cmd uw
Active Member
How so? Aside from Vancouver and Toronto there really hasn't been that much condo product developed in other major markets compared to rental. I will agree that Edmonton seems to be an outlier in this regard and I can't figure out why considering there was a small, but steady, condo market for decades up until about 2014/15 and then it just dropped off a cliff. A lot of this can be tied to affordability and that a large portion of buyers can still afford house (whether its a single, semi or fee simple town). Pricing has to increase more to push more people to look at condo product, similar to what has happened in Calgary over the past 2 years.
David A
Senior Member
Some of it is Edmonton specific, but demand for condos now is problem elsewhere in Canada very much so too, prices have recently fallen in Toronto by up to 30%. Again, part of our problem was timing, when interest rates were low it led to a condo boom.
However, at that time unfortunately people were either leaving Edmonton or the population was growing more slowly. Lets not forget the big oil price drops in Alberta happened from around 2015 to 2021 which was around the same time interest rates were lower. So we didn't have a condo boom then and of course there is no condo boom now either. If interest rates come down more, there will probably be more demand for condos here and elsewhere.
However, at that time unfortunately people were either leaving Edmonton or the population was growing more slowly. Lets not forget the big oil price drops in Alberta happened from around 2015 to 2021 which was around the same time interest rates were lower. So we didn't have a condo boom then and of course there is no condo boom now either. If interest rates come down more, there will probably be more demand for condos here and elsewhere.