thommyjo
Senior Member
sadly, this is where the market is moving. Prices have jumped a lot the last 6 months. Stuff that was 1900-2200 is now 2200-2600.
still cheaper than Vancouver
(These pics are similar newer, but not luxury buildings)
Falcon Towers | 170m | 44s | Langham Developments | Arc Studio
- Thread starter Daveography
- Start date
still cheaper than Vancouver
(These pics are similar newer, but not luxury buildings)
IanO
Superstar
Those numbers are insane.
David A
Senior Member
Yet somehow cities with rental prices much higher than ours have a lot more people living downtown. The fundamental problem here isn't how much it costs to live downtown, it is how appealing it is.
I suspect they will see how the market reacts and they have over priced, then they will need to adjust accordingly.
David A
Senior Member
Oh sadly I fell they actually get the Edmonton mentality, people care how it looks inside and are fairly oblivious to the exterior. That has been fairly consistent here over decades.
IanO
Superstar
...and perhaps that little detail of the cost of other forms of residential real estate in the city...
Barnaby
Active Member
The rents are competitive for the 2/3 bedroom options. The 1 bedroom pricing is too high, I wonder if it's being priced to push people towards the 2br suites.
scyeg
Active Member
This is exactly it.
ChazYEG
Senior Member
Yes and no.
Most of these cities have their baseline rental prices much, much higher than ours, as well. If renting in places like Westmount, Oliver, Garneau and Old Strathcona is cheaper than DT, and other places are even cheaper, for much more space, in a city that has such a strong SFH culture, you could make Downtown the coolest place on Earth that it wouldn't make a difference.
For $4k you could rent a whole 5 bedroom house, including your expenses in utilities, in fairly upscale neighbourhoods. With $3k you can rent a house and pay utilities in a place like Summerside, with lake access and everything.
These prices simply don't make sense AT ALL for Edmonton.
David A
Senior Member
Yes, a good thing about Edmonton is a lot of people still have a choice, so if owing a SFH on a lake is their preference they are not forced into a cramped condo because of affordability.
I don't know for sure, but I suspect in some larger cities downtown locations may command a premium compared to say renting in a suburban area. I realize this is not where we are at, but then real estate market here is changing, those SFH's are not as affordable as in the past and they may be even less so in the future.
I don't know for sure, but I suspect in some larger cities downtown locations may command a premium compared to say renting in a suburban area. I realize this is not where we are at, but then real estate market here is changing, those SFH's are not as affordable as in the past and they may be even less so in the future.
thommyjo
Senior Member
Vancouver and Toronto can also command such steep prices in the core due to traffic and possibility of car free living in the core. That frees up 500-1000/month for many. Thatās how a lot of young people making under 100k afford to still be in those cities.
Here, a 20min commute can save you 500-700/month in rental cost. Our traffic isnāt bad, and our need for a car is higher. So most prefer to keep a car and commute with lower rents vs paying a premium for downtown. We may be close to traffic/parking downtown tipping in the next 5 years though to start being a bigger headache. My outer henday friends are whining more about commutes.
Here, a 20min commute can save you 500-700/month in rental cost. Our traffic isnāt bad, and our need for a car is higher. So most prefer to keep a car and commute with lower rents vs paying a premium for downtown. We may be close to traffic/parking downtown tipping in the next 5 years though to start being a bigger headache. My outer henday friends are whining more about commutes.
northlands
Senior Member
At first I thought these screenshots were showing Falcon was charging $3400/mo for a 1 bed lolsadly, this is where the market is moving. Prices have jumped a lot the last 6 months. Stuff that was 1900-2200 is now 2200-2600.
still cheaper than Vancouver
(These pics are similar newer, but not luxury buildings)
View attachment 571712View attachment 571713
Honestly though these are pretty par for the course for the core. 2 bed units in Icon and Fox are now even renting for $2k+/mo now (albeit they include most utilities).
David A
Senior Member
Well, if we actually had a better variety of retail stores and services you could walk to downtown, instead of so many empty store fronts, people in the areas be able to get by without a car too.
Instead we have large strip malls on the edge of downtown a bit far to walk to from the core and with so so bus service to them.
Gronk!
Senior Member
Allow me to interrupt yet another "woe is downtown Edmonton" discussion for a moment to share a couple of pics I took during my lunch break.
As you were!
As you were!
KreationYEG
Active Member
**Leaves to check the meaning of āelegantā in an actual real not online dictionary, cause anything online doesnāt match my understanding according to this buildingā¦
David A
Senior Member
Is there a Real Estate dictionary? Because I am fairly sure there is a real estate language that seems similar to English but is somewhat different.
Spacious, affordable and world class amongst other words are not quite what we think they are. Personally, I feel the black stripe/curve is kind of elegant, but this building could have used more elegance IMO.
On the other hand, the building does mostly look like the picture next to the sign proclaiming its elegance.
Spacious, affordable and world class amongst other words are not quite what we think they are. Personally, I feel the black stripe/curve is kind of elegant, but this building could have used more elegance IMO.
On the other hand, the building does mostly look like the picture next to the sign proclaiming its elegance.