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Edmonton Real Estate Market

From Postmedia...
  • It rains a lot in Vancouver. That's not news, you say? You'd be right, but what you might not know about precipitation in one of the biggest cities in the country is what impact it has on all of us. As Jake Edmiston explains, Canada’s busiest port essentially stops loading grain ships whenever it rains there — which is about 165 days a year — and that's not what they do elsewhere. The resulting backup leads to extra fees, late penalties and higher prices.
A good reminder that things are not so perfect elsewhere. Personally, I couldn't stand all that rain. On that note, isn't there an old song about how it never rains in southern California? I might have take a break there again.
 
You're missing the reality of market differentiation. The new product continues to command higher rent. The old stock (of which we have in abundance) will keep feeling the pressure.

Talk to any developer who is providing top tier ($2.50/ft +) and that market is tricky due to the amount of average product available at $1.75-2.00+.

This DIRECTLY impacts their ability to deliver buildings like Augustana, CX, MacLaren etc.
 
Talk to any developer who is providing top tier ($2.50/ft +) and that market is tricky due to the amount of average product available at $1.75-2.00+.

This DIRECTLY impacts their ability to deliver buildings like Augustana, CX, MacLaren etc.
I don't doubt that they suggested that but sometimes we have to question whether they are delivering product that can actually command those prices.
 
Talk to any developer who is providing top tier ($2.50/ft +) and that market is tricky due to the amount of average product available at $1.75-2.00+.

This DIRECTLY impacts their ability to deliver buildings like Augustana, CX, MacLaren etc.
When you suggest "desirability, demand and reputation" dictate Edmonton should strive to be more like Vancouver or Toronto, their affordability crises are in part due to insufficient supply. Developers in Edmonton would overall be given less access to redevelopment opportunities if there was a concerted effort to drive up market rates.

IMHO, livability and affordability are not mutually exclusive and there are much better places in the world to emulate than Vancouver and Toronto, which have screwed an entire generation in terms of affordability.
 
2022's living wage data (ranked highest to lowest)

  • Canmore: $32.75;
  • Fort McMurray: $22.50;
  • Calgary: $22.40;
  • St. Albert: $22.40;
  • Cochrane: $22.35;
  • Rocky Mountain House: $21.85;
  • Edmonton: $21.40;
  • Drumheller: $21.20;
  • Spruce Grove: $20.70;
  • Stony Plain: $20.40;
  • Lethbridge: $20.30;
  • Drayton Valley: $19.65;
  • Grande Prairie: $19.65;
  • Red Deer: $19.65; and
  • Medicine Hat: $17.50.
 
Scott Figler
• 2nd
Research Director at JLL
1d

The built environment is constantly evolving to accommodate shifts in how people use space. As office markets adjust to the new hybrid reality it makes sense for functionally obsolescent buildings to be re-imagined. Much has been made of office-to-res conversions in downtown Calgary, but this is a national trend. Over 3m square feet of office across Canada has already been converted or is scheduled to be converted to other uses.

1668528101722

 
It was a steep price, but such a unique offering that I have to think someone bit.
 
This article is from Montreal, but the chart at the end includes Edmonton. It is unreal how out of whack rent (and housing costs - but that has been a problem longer) has got in some markets.

For instance, the difference between Vancouver and Edmonton is now over $20,000 per year!

 
This article is from Montreal, but the chart at the end includes Edmonton. It is unreal how out of whack rent (and housing costs - but that has been a problem longer) has got in some markets.

For instance, the difference between Vancouver and Edmonton is now over $20,000 per year!

I don't understand how people live in these other cities on the same salary?
 
Often one less car, if one at all which is $300-1000/month.

Smaller/more efficient use of space.

The lifestyle factor of living in a 'big city' is very attractive to many of us and so you travel or buy a little less.
 
Often one less car, if one at all which is $300-1000/month.

Smaller/more efficient use of space.

The lifestyle factor of living in a 'big city' is very attractive to many of us and so you travel or buy a little less.

Agreed. I just mean the delta is becoming significantly more extreme in recent years.
 
Often one less car, if one at all which is $300-1000/month.

Smaller/more efficient use of space.

The lifestyle factor of living in a 'big city' is very attractive to many of us and so you travel or buy a little less.
Yes, smaller spaces. Also, probably a lot of people have roommates, not many winter vacations or much dining out,. little or no savings and maybe a second part time job.

Personally, I don't think its a great trade off to live in a self proclaimed world class city if you have to scrimp and scrape like that to get by. We have it pretty good here and sometimes forget that.
 

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