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Edmonton Real Estate Market

Somewhat... for it seems to be the forgotten market and very little investment interest which helps preserve affordability, but also speaks to the market/city.
 
The extreme commoditization of housing has negatively impacted many markets and so that is a positive for those wanting to buy and reside in Edmonton, but the lack of interest, awareness (of the market), expectation and influx of capital has a negative impact on many aspects of the market as well.

One has but to look at the central mid/high-rise multifamily sector to see that it was almost stagnant and needed to be subsidized to push projects forward.

Is that healthy for a market the size of Edmonton?
 
Damn!
Screen Shot 2022-11-07 at 11.36.16 AM.png

 
occidentalcapital said:
Wow, 3.8m SF of absorption. Is that a record?
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The report says it is a record.

Absorption is at a record high of 3.8 million square feet mainly due to the new supply added to the market, including the 2.9 million square foot Amazon building in Acheson and the 548,124 square foot Apex Business Park Building 3 in Northwest Edmonton.
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IanO said:
Damn!
View attachment 437641
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More context on the craziness, esp for Leduc/Nisku market--vacancy has decreased from over 7% in Q1 2021 to 4.5% currently.

www.linkedin.com

AICRE Commercial on LinkedIn: #vacancy #economy #industrialrealestate

Q3 Leduc & Nisku Wrap Up Vacancy continues to drop on a monthly basis through Edmonton's Industrial Markets - Leduc/Nisku now at 4.5% vacancy and more...
www.linkedin.com www.linkedin.com
 
archited said:
From the article

relates to a steady growth without up and down variegation as compared to Toronto and other Canadian markets. Good for Edmonton!
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I think so too. The overheated markets are correcting and that will cause a lot of pain. There are a lot of people in the prime home buying years who are shut out of those markets and looking at other places where they can afford a house or decent condo. Some are coming here, which is ok, but I hope not too many, or that could just export their affordability problems.
 
David A said:
I think so too. The overheated markets are correcting and that will cause a lot of pain. There are a lot of people in the prime home buying years who are shut out of those markets and looking at other places where they can afford a house or decent condo. Some are coming here, which is ok, but I hope not too many, or that could just export their affordability problems.
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Really torn on this as a young person.

On one hand I think we as a country need to keep building up B-Tier cities like Edmonton so all the economic growth, population, and immigration isn't concentrated in Metro Toronto and Vancouver. I also think it's a good thing for a united Canada if there's more provincial migration and people have more ability to live, work and know people across the country. For all the other issues, Americans are a lot more mobile than Canadians and have a few mid-tier cities like Atlanta that have really good opportunities without needing to live in LA or NYC.

On the other hand, I was born here and (at least now) gotta live here. For all the rough edges, Edmonton's big saving grace is it's cheap...real cheap. It's already one of the cheapest large cities in Canada there isn't anywhere comparable left to run to. If Edmonton becomes a unaffordable hellscape, I might as well be poor in Vancouver, at least the weather is nice.
 
IanO said:
Lessons/ideas/parallels from Winnipeg.

www.winnipegfreepress.com

Oct 2022: City’s record of urban planning an exercise in after-the-fact rationalization

Earl Levin had big plans for downtown Winnipeg.
www.winnipegfreepress.com www.winnipegfreepress.com
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I didn't want to put my e-mail in, so I couldn't access this article, but I suspect I can guess from the title it is a lengthy critique of the municipal government. Not having ever lived in Winnipeg, I have no idea how valid it is.
What I can say is I have read stinging critiques of almost every major municipal government in Canada from Toronto to Vancouver and various others in between and elsewhere. Often it is due to a political or philosophical or other differences in opinion between the writer and whomever is in charge of the city (the administration and/or the elected officials) at the time.

They often predict doom and a bleak future and are not always right. Sometimes the governments change, sometimes the critics are wrong, sometimes circumstances change. Often it is a bit of all of these. I'm not sure we have enough in common with Winnipeg, which went from being a great business and economic center to a lesser one (in part due to the great expansion of Alberta). to draw too much from their experience. They certainly don't have as resource dependent economy as us nor boom or bust cycles like here.

I do think with the two largest cities in Canada having become prohibitively unaffordable for many, the next largest group of cities (including us) will benefit greatly over the next decade or longer, which going back to my earlier paragraph is the circumstances changing (in our favour). Big picture, years ago Winnipeg's circumstances at one time changed to be not in their favour. I am not sure that was really due to any mistakes their local government made. It had more to do with oil being found in Leduc, not Portage la Prairie.
 
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