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Downtown Real Estate

TAS said:
If you rent out your condo for a period of time and then sell it at a loss of $75,000 compared to what you paid for it, for example, can you not write off the loss against your income?
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Depends on how your purchase was structured and what you want to claim the loss against.
 
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BASE said:
I would have thought prices would be improving if rents are increasing but I guess there aren't a glut of buyers looking to purchase for the purpose of renting at this time.
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Very, very few young people do the condo ownership -> house ownership pipeline anymore here, which was pretty common 10-15 years ago.

Renting is a small risk adjusted premium for locational flexibility and asset liquidity. Why be like the poor sods from the generation above you who are stuck with negative equity on an asset they've spent over a decade paying for?
 
$2B+ in public and private investment injected downtown between the arena, ice district including a grocery store, Valley Line South LRT and newly upcoming Valley Line West, Alex Decoteau park and the new and upcoming Warehouse park........and property values are down. And when property values are down, property tax collected is down.

Edmonton is truly a unicorn.

Out of all the above investments that have aimed to improve downtown and its livability I still truly believe that the one and biggest factor impacting downtown residential is the lack of professional job growth and companies in the core. There is a very strong correlation between people wanting to live and work downtown. You want more demand for rental and condo? Then you need to give people a reason to live downtown. Festivals and cleanliness are nice to haves, but the number one factor in choosing to live downtown in a lot of bigger cities is working downtown.
 
The rental buildings are doing a very good job at targeting the demographic that would otherwise buy condominiums.

This has reached the point where the only units I've been looking at to purchase have ended up being Gene Dub loft conversions.

I like the idea of having future flexibility of being able to move into the second Parks tower, or the Shift. If I buy anything, I lose that flexibility.

The opportunity cost of a downpayment at my age is also massive. Buying would mathematically cause me to be poorer at retirement due to my home size preferences.
 
Bingo. The downpayment burden and interest rates (hoping we see that drop tomorrow) have led to an implosion of the condo market in central Edmonton and thereby prices. We have seen revenue properties come back onto the market due to interest rates as well, although upward rent pressure has compensated somewhat.
 
Currently there are almost 3300 condos for sale in the GTA with sales down 67% from last year. Prices are down an average 3% but if you really want to sell only 17% of those are being sold there some deep discounts people are having to apply at a huge loss.
 
Barnaby said:
The rental buildings are doing a very good job at targeting the demographic that would otherwise buy condominiums.

This has reached the point where the only units I've been looking at to purchase have ended up being Gene Dub loft conversions.

I like the idea of having future flexibility of being able to move into the second Parks tower, or the Shift. If I buy anything, I lose that flexibility.

The opportunity cost of a downpayment at my age is also massive. Buying would mathematically cause me to be poorer at retirement due to my home size preferences.
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Current high interest rates and uncertainty are also probably dissuading a number of people from buying condos. If interest rates come down and rents continue to go up it could become more attractive.
 
edmontonjournal.com

Two-way traffic on Walterdale Bridge eyed to ease congestion with Edmonton bridge closures and repairs

Edmonton may alter the Walterdale Bridge for two-way traffic because of downtown bridge closures. Low Level Bridge south won't be renewed.
edmontonjournal.com edmontonjournal.com

City staff estimated all the construction could add as much as 15 to 30 minutes to trips from the suburbs into the core for morning and evening peaks, said a memo sent to city council May 31.
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Well there's an incentive to live in downtown lol
 
David A said:
Current high interest rates and uncertainty are also probably dissuading a number of people from buying condos. If interest rates come down and rents continue to go up it could become more attractive.
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Yeah. I know the market for condos in Edmonton has been rough for a while now, but I have to imagine that there may be a few potential buyers on the sidelines waiting for a some more BOC rate cuts, which should continue (hopefully) over the next 12 months. If I were a buyer, I know I'd probably prefer to wait right now.
 
^here's hoping and what I am waiting on, but a 25 basis point drop is not going to materially change things.
 
Cushman & Wakefield Edmonton

Cushman & Wakefield Edmonton is pleased to have represented a group of investors, including Yardstick Technologies Inc., in acquiring Energy Square, 10550 Jasper Avenue. Energy Square is a 13-storey 130,000 SF. Office building located in Downtown Edmonton.

The building has been significantly renovated, including a convenient entrance off Jasper Avenue with new lobby, seating area, security, brand new fitness centre and conference centre, outdoor patio, secure bike storage, and the new Bar Oro Caffé & Roastery located on the main floor. As part of sale negotiations, CWE also assisted in securing three major leases to bring the property up to 95% leased upon closing.

1721239381208
 
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