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COVID 19 Impact on Developments & Real Estate, etc. in YEG

cpnfantstk

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I first want to wish all members and their families good health and well being during this difficult time.
This thread is to keep track of the COVID19 virus impact of:
1) Proposed developments.. delays or cancellations of projects.
2) Real Estate price trends both commercial and residential.
3) Company closures ; permanent and temporary
4) Downtown Office Vacancy rates
5) Event cancellations and it's resumption
6) Charities in Need !!
7) Programs for financial assistance.

Feel free to suggest anything else that is pertinent. Thank you.. Stay safe.
 
The impacts have reached far enough to affect SkyriseCities, and sadly editorial content for the Global, Vancouver, Calgary, and Edmonton sites has been put on hold.


The Forums will be staying up and active, though, and I hope you'll all encourage your like-minded urbanist friends to come join us here to keep important conversations going and forge and keep some social bonds though the physical distancing.
 
Will be interesting to see how the city handles rezoning going forward. Increasing density will mean increased tax revenue, something that will be greatly needed in the future. That said, will the demand still be there? The recent article in the journal about 50% of small businesses indicating closure does not bode well. I don't think we will have a clear picture of the impacts that different sectors have on one another for at least several months, if not longer.
 
@westcoastjos Well, we have keep in mind that it isn't just Edmonton suffering in this time. Every city around the world has had many closures of small businesses and even bigger ones. Heck, things here may actually be on the better side compared to the rest of the world or even north America alone.
 
Road use and pedestrian signals adjusted to promote community safety
April 8, 2020

The City of Edmonton will adjust push buttons at pedestrian crossings and allocate some roadways for shared use effective Thursday. These changes will help prevent the spread of COVID-19 and encourage physical distancing while Edmontonians are outside.

Pedestrian signals will become automatic at 56 intersections located in high pedestrian areas and around hospitals to eliminate the need to push buttons at these crossings. The City will post signage to promote the change in these areas. The audible signal for the visually impaired will continue to be activated by pushing the button.

The City is also adjusting two roads in busy and densely populated areas to provide more space to pedestrians and cyclists. These changes will allow for Edmontonians to follow physical distancing requirements while safely enjoying the outdoors.

These areas are:
  • Victoria Promenade (100 Avenue) from 116 Street to 121 Street: the bike lane will be expanded and converted to a shared-use space for people walking and biking
  • Saskatchewan Drive from 105 Street to 109 Street: traffic is reduced to a single lane with the north lane converted to a shared-use space for people walking and biking
Crews will remove snow and sweep these lanes before they open to shared use.

“We all have an important role to play in preventing the spread of COVID-19. By working together to stay apart, whether we’re shopping for essential items or getting exercise outdoors, we can all help to protect our community’s health and safety,” said Darryl Mullen, Acting Director, Traffic Operations. “We know it’s important for Edmontonians to get outside during this time and these adjustments will help them do that while maintaining safe physical distance.”

Edmontonians are reminded to be courteous and aware of others around them while outdoors. This might mean choosing alternate times or routes for walks, passing others in single file and stepping aside to allow others to pass.

For more information:
edmonton.ca/covid-19
 
My suggestion is to not put too much stock into March, April or May's unemployment figures, job losses, housing sales, etc. The circumstances around all of this is an anomaly and all data will be 'outliers' compared to anything that has happened over the past several decades. It is what it is. First and foremost we need to be focused on the health and well being of the public. We need to keep this virus at bay until we can start loosening up restrictions. After that we can then start figuring out how to deal with the economic repercussions. We'll figure out a way to get the economy back on track just like we have for thousands of years.
 
I would only add @cmd uw that there is a very high upper limit to the stimulus that can help the economy recover -- maybe 10 times annual GDP -- but it has to go to the engines that stoke the economy -- small business and individual wage earners -- that combined with an aggressive implementation of infrastructure upgrade -- the exact opposite of what the current UCP government has been professing (one of the zombies that Paul Krugman has debunked quite eloquently). We are betting on the Alberta economy to the tune of a $40MM loan for our own projects.
 
Times are definitely tough. My condo has been vacant for 3 months even with reduced rent and offering of one month's free rent. I'm preparing to go the full Winter without a tenant which is a shame, usually this time every year there's huge interest from the Macewan students.
 

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