Downtown Real Estate

[David A]

Poorly informed then and the reason they get more closer to the edge is that those are the 1970s-80s towers that snagged all of the prime spots and are now in their major lifecycle renewal moments which may worry some, but are a natural part of any building now or in the future. As such prices reflect that and are often a bargain.

Most of the buildings in the prime spots, but not all, are also nicer and not surprisingly probably have nicer amenities and are better maintained. Hence the level of condo fees.

You want very low condo fees, get a lower floor unit in a new building overlooking a grocery store parking lot near the edge of the city.

 

[SarcasticMarmot]

Do you buy a car and not budget for gas, oil changes, new tires and car washes?

Exactly, people balk when I share what my condo fees are but then I compare them to their cost of utilities, insurance, maintenance, and home repairs and its usually fairly close. The condo fees are usually a little higher than their costs on a comparable SFH, but then I don't have to do yard work, home maintenance, or shovel snow when its -30 and that is 100% worth it to me.

 

[roe_]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

 

[Gronk!]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

To quote @SarcasticMarmot "I don't have to do yard work, home maintenance, or shovel snow when its -30 and that is 100% worth it to me."

 

[Barnaby]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

Centrally located houses virtually all run you around $500k minimum. Condos are much cheaper unless you're comparing brand new condos to older homes.

 

[David A]

Why would someone buy a small car, when they can get a big truck? Why would someone go to eat at a fast food place when they could go to a fancy restaurant?

Why would someone wear a T Shirt when they can wear a nice shirt or blouse? Why!! Oh why? Probably because not everyone wants exactly the same thing as you.

 

[roe_]

I'm not saying that no one wants a centrally located condo, but the market speaks and people in Edmonton generally prefer houses and generally they can afford them. I'm sure many condo-dwellers in DT Toronto would kill to be able to afford a house. The difference in Edmonton is that many people can still afford them.

 

[IanO]

Maybe. You'd be surprised how many people want a no maintenance, walk-away for trips and urban experience.

But to your point, it is a selling feature of Edmonton.

 

[David A]

Yes, less maintenance, more freedom to travel, a number of decent restaurants, bars and entertainment venues nearby and great views are some of the reasons why someone would buy a centrally located condo.

Now, I'm not saying no one wants a house in the suburbs ...

 

[Coprolite]

Yes, less maintenance, more freedom to travel, a number of decent restaurants, bars and entertainment venues nearby and great views are some of the reasons why someone would buy a centrally located condo.

Now, I'm not saying no one wants a house in the suburbs ...

But some of us definitely do not want a house in the suburbs except possibly for target practice.

 

[Munanyo]

Yes, that is one of the two Achilles heels of downtown Edmonton that people so often seem to want to ignore. We need to attract more businesses and jobs downtown. Almost every other major city in the country understands this, Edmonton never has.

The second problem is a more recent one - the dearth of retail downtown. What is the attractiveness of living downtown when you have to drive to a suburban strip mall on the edge of downtown for most things?

This right here is what I've been saying for a long time - how can we reasonably expect any young professional(s) to want to live central if there's few well-paying white collar jobs in the core and there's very little retail?

Calgary seems to do well and go out of their way in at least trying to attract new businesses and corporations to relocate to their city. It's almost like certain organizations here can't be bothered to make some noise and get some corporations to settle here or at least make some serious attempts in attracting businesses here. As much as the city should do better in attracting residents to the core, we will never have a bustling and exciting downtown if we don't get more well paying jobs back here. Attracting business and residents goes hand-in-hand and I just don't see how downtown will gain much momentum (other than the odd spurt here and there) to truly change for the better and finally make downtown a destination instead if a place people try their utmost to avoid.

 

[IanO]

When Regina, Winnipeg and even Lethbridge have better retail offerings...

 

[roe_]

I shouldn't be surprised, but it is incredible how easily some people confuse a desire with reality. Wanting the city to have strong urban neighbourhoods that are walkable and provide citizens with choice is a great desire (and one that I happen to support). The reality, however, is that there is not enough demand currently for this type of development in Edmonton for large scale change to take place. It's improving, but I'd say that is mostly because core neighbourhoods have been getting more expensive than they have in the past.

Acknowledging the specific situation in Edmonton isn't a knock on the city or a suggestion that things won't ever change. It is simply a recognition that the market here is not likely going to support a lot of downtown condo development until the price of houses rises to a point where people need to look for cheaper options. Most people will, if given the choice, buy houses. You can dislike that fact, but it is still true.

 

[David A]

Well when we look at a number of both larger and smaller places that have more vibrant downtown's the good questions arise, why can't we and what do we need to do better or different to improve it.

So probably there are some particular things specific to Edmonton and the current time that relate to how things are now. The last few years have been particularly disruptive and difficult but going forward will probably be better.

There is not a lot of demand for new condos downtown now, but there is some demand for new rental building. In any event, I don't think the current situation is permanent will never change.

Lastly, there also does have to be some desire to change and improve on the status quo. Nothing worthwhile has ever been accomplished without first the desire to accomplish it.

 

[Platinum107]

Why would someone buy a condo in Edmonton when you can get an entire house not that much further away? Condos will remain a tough sell until the price of houses rises more.

I'm not saying that no one wants a centrally located condo, but the market speaks and people in Edmonton generally prefer houses and generally they can afford them. I'm sure many condo-dwellers in DT Toronto would kill to be able to afford a house. The difference in Edmonton is that many people can still afford them.

Traditionally sure, the single-family house has been the gold standard. There's no denying it's still probably the end goal for the majority of people, but as a Gen Z zoomer, I can confidently say that this is changing and rapidly among the upcoming cohort of owners of renters. Many people around my age are either a) indifferent to the idea of owning a house or b) actively don't want to for various reasons. The huge cost of time and money for maintenance and care, feeling the need to buy more stuff just to fill the space, and the lack of options for transit/expectation of car ownership may not be super appealing to take on for some people, myself included.

Like I said, houses are still big and will be in the future for sure, but changes are very much on the horizon.