Edmonton Real Estate Market

[Munanyo]

Most economists were in agreement after the Bank of Canada decided to hold rates yesterday that its very likely we'll start to see interest rates fall in June. That's a lot sooner then the the original prediction of rates going down in the fall.

Guess it's time for me to start browsing the market before the madness begins.

 

[IanO]

100 basis points by fall many believe...

*release the hounds!*

 

[David A]

MSN

 

[David A]

$1 million still buys a luxury home in Edmonton

 

[BASE]

Wonder what kind of increase we need to see to get a downtown condo project going. Seems like everything has been purpose built rental lately.

 

[Gronk!]

Not really related to Edmonton, but Mundare is the only town in Alberta to make the list

These Canadian cities are selling property for as low as $1 to get you to move there

Here's a look at Canadian towns, cities and even entire provinces that have offered incentives to entice future residents, ranging from grants to land listed for only $1.

www.ctvnews.ca

 

[IanO]

Wonder what kind of increase we need to see to get a downtown condo project going. Seems like everything has been purpose built rental lately.

25-30%

PBR also has A LOT of support from CMHC and the feds right now to incentivize it. Then add in interest rate increases over the last 24months that pushed many out of the condo market and there you have it.

 

[Gus Haynes]

What is "PBR"?

 

[IanO]

'purpose built rental'

I would have also accepted 'really shitty beer'

 

[archited]

How about Professional Bull Rodeo/Rider? Or Purpose Built Retail? Or Play Ball Robert? Or Put Back Recklessly? Or Paint Ball Recreation?

 

[thommyjo]

Obviously a give and take here, but the reality is that the market needs to restore about 30% of its value to bring things back into balance.

Wondering your thoughts on our pricing vs Calgary’s. Obviously things have changed this last year, but I find our condos to actually be more expensive on average than calgarys. A 2bdrm, brand new build in Calgary might be 350-400k, and a crappier version of it in fox towers is 420k here. Why is that the case? How has Calgary built so many projects with 2bdrms priced under 450k when most of our new ones on 103-104st sell for 450+ for a 2bdrm

 

[IanO]

Price is less revealing than $/sqft and in my experience Calgary's units tend to be smaller, but better looking.

FYI - You can get 2 + 2 in Fox for $310k... yes THREE HUNDRED AND TEN THOUSAND DOLLARS. WTF

https://www.realtor.ca/real-estate/26325014/706-10410-102-av-nw-edmonton-downtownedmo

There are plenty of 2+2 in newer buildings for $275-350k.

 

[thommyjo]

Price is less revealing than $/sqft and in my experience Calgary's units tend to be smaller, but better looking.

FYI - You can get 2 + 2 in Fox for $310k... yes THREE HUNDRED AND TEN THOUSAND DOLLARS. WTF

https://www.realtor.ca/real-estate/26325014/706-10410-102-av-nw-edmonton-downtownedmo

There are plenty of 2+2 in newer buildings for $275-350k.

Definitely some cheapo deals now in those.

But the pricing for ultima and encore vs new projects in east village and beltline have always confused me.

How are developers in Calgary able to make money selling a bunch of new stock in the 250-550 range and yet our prices aren’t far off and yet we see almost nothing built. Makes me wonder if there’s just a level of bullishness there that props stuff up more.

 

[David A]

When house prices go up beyond a certain level, condos become the option for more people. Here that has not happened yet.

 

[archited]

Most buyers just want a reasonable price for accommodation no matter the type. Do you think that buyers are really waiting for prices to go up in Edmonton; more likely they are waiting for prices to go down in the rest of the country? Economic dictates, as I have said before, is more of an academic study -- one factor in a host of possibilities -- to focus on one segment as a barometer for all 21 or 22 of the other factors is a fools game. There are new systems coming onto the market (e.g. CLT for one) that promise reductions in cost -- those that can implement new systems (and I have only named one out of several dozen) will see their prominence rise in the market!