policyenthusiast
Senior Member
Here's hoping. There is a shortage of residents Downtown, but not really a shortage of housing. Days on market for DT sales are among the highest in the city - if not the highest full-stop.
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Downtown Real Estate
- Thread starter Daveography
- Start date
David A
Senior Member
Lets not forget there is a very different mix of housing downtown vs. suburban areas, mainly high rise condo's vs. single family housing, so they are totally different markets.
There actually seems to be healthy demand for the a lot of the new housing added recently downtown which is rentals, this tells me it is not all about downtown but more about condo vs. single family housing.
There actually seems to be healthy demand for the a lot of the new housing added recently downtown which is rentals, this tells me it is not all about downtown but more about condo vs. single family housing.
IanO
Superstar
Opinion: Oilers playoffs run shows potential of downtown Edmonton
Investing in downtown isn’t a zero-sum game: it’s a win for every neighbourhood.
edmontonjournal.com
David A
Senior Member
This is great, but the fate of our downtown should not rest on how well a local sports team does and if this is the case this is an indictment of our current civic leadership.Opinion: Oilers playoffs run shows potential of downtown Edmonton
Investing in downtown isn’t a zero-sum game: it’s a win for every neighbourhood.
It is nice to see more vibrancy right now, but we also need that in the other 11 months of the year too.
Edmcowboy11
Senior Member
I wish there were a lot more smaller AFFORDABLE CRUs all around the downtown core.
policyenthusiast
Senior Member
AirBNB regulations are coming in the fall, which will require owners to be on the premises when renting out the property, and banning short-term rentals for more than 90 days out of the year. IMO this is bad news for Downtown, since having the owner of a condo in it while you rent it for a week or whatever sounds... questionable.
Could cause a spike in Downtown condo supply, which is already taking around 4 months on average to sell. Some condo corporations also allow short term rentals because tenants aren't choosing the building, and this way their condo fee collection isn't jeopardized.
I don't know. It seems like trading one problem (loud neighbours sometimes) for a bunch of new ones.
Could cause a spike in Downtown condo supply, which is already taking around 4 months on average to sell. Some condo corporations also allow short term rentals because tenants aren't choosing the building, and this way their condo fee collection isn't jeopardized.
I don't know. It seems like trading one problem (loud neighbours sometimes) for a bunch of new ones.
David A
Senior Member
The new CRUs while nicer are not as affordable, older ones are often less expensive. Unfortunately we seem to have torn down some of the older buildings and sometimes just turned them into parking lots.
Oilguy
Active Member
Not quesrtioning but wondering the source for this? Want to learn more.
_urbanite
Senior Member
Good! Those owners can find long-term tenants if they can't or don't want to sell
The more options for people looking to rent, the better.
The owners with problem properties and AirBnB brought this on themselves.
policyenthusiast
Senior Member
Unfortunately I can't give a ton of content (mostly just speaking with City contacts), but here's the notice of motion from April 2024:
https://pub-edmonton.escribemeetings.com/filestream.ashx?DocumentId=222922
Update - found the Items Due row from UPE:
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buildings
Active Member
Many condo corporation bylaws prohibit boarders and roomers (room-mates is a different thing). That effectively bans a condo from being used as a BnB or similar concern. I know ours does as one owner secretly tried a few years ago to offer their unit out through AirBnB and was stopped immediately after their very first rent-out; the renters burned hallway carpets with cigarettes and spray painted graffiti in a stairway.
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policyenthusiast
Senior Member
Yep, condo boards already have the authority to make these calls. I'm curious why the City is getting this involved past the business permitting side of things.
_urbanite
Senior Member
A catch-all city-wide bylaw is still needed for the buildings that don't have bylaws, but also (and especially) for neighbourhoods with single family homes that have had various issues with vacant homes being used as AirBnBs/short-term rentals
IanO
Superstar
The City outlines the business license requirements and often has riders.
David A
Senior Member
I believe these rules elsewhere were mainly in response to very unaffordable and limited housing.
The situation here seems quite different, but sometimes governments are like lemmings and mindlessly just jump on whatever is the current fashionable bandwagon.
Its easy for them to make up new rules and they are not the ones that have to deal with the hassle and problems they create.