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Edmonton Real Estate Market

IanO

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Depends on your support networks, cultural associations etc.

Incomes tend to be lower overall, but the amount of folks who earn HHIs of 100k plus is significant.
 

David A

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While the percentage of high income earners is higher in some major financial and business centers, the 1% crowd is still not large. It is not how most people in these cities live.

While it is true we don't have as many higher income earners here, Edmonton's average income levels compare quite favourably to Toronto and I believe are higher than Vancouver's.

Of course, wealthier people can live comfortably in many more expensive places, but for the vast majority of those not as well off, it is increasingly uncomfortable which is a big reason why people are leaving those more expensive cities for other places.
 

northlands

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*it’s the shear number of high earning households who enjoy an urban lifestyle. Toronto, Vancouver, lesser extent Calgary all enjoy lots of high paying white collar jobs. Lots of corporate headquarters and attractors of higher end talent in tech, finance, etc in each. But also lots of folks earning little who have either been there forever before things went crazy, or who really to be part of the urban experience regardless of whether they’re making minimum wage while sharing a 2 br apartment with six people.

Edmonton has a lot of government workers doing OK, a lot of blue collar folks doing pretty damn good, and a surprising amount of random owners of businesses that are some sort of vendor for construction/oilfield/plant maintenance in either service/supply. That guy who runs his own small trucking outfit, or runs a hose supply complain, or a <10 employee mechanical service gig in Fort Mac can all be potentially clearing upwards of half a mill plus easily… ya see it time and time again. Especially in the oilfield.
 

David A

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We are not a show off city, as much as some places. So the wealth here tends to be a bit quieter. I've noticed some people in the private white collar sector here and elsewhere can be a bit disparaging of government and blue collar workers.

In my business I know someone who worked for the provincial government for years (steadily rose to a fairly senior, well paid position), has now retired with a comfortable pension and owns several rental properties. I can think of several other similar examples including some blue collar and white collar people here to. Unlike some other places, you don't need to be a millionaire to enjoy a good life.

Sadly, if you are now starting out in a city where rent takes over 50% of your income, you probably can not get to this point ever. I think more people in places like that are coming to the realization, better to go elsewhere.
 

David A

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People who make a lot of money and spend most or all of it are often showy. They are not wealthy.

People who successfully accumulate assets certainly don't invest most of it in depreciable assets like vehicles, whether it be luxury cars or jacked up pickup trucks.
 

IanO

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Zoocasa_City_Prices_Infographic-1010x2048.png

Zoocasa_Prices_Accross_Can_Infographic-848x1536.png

 

northlands

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Ontario... woof. That's ugly but certainly a much needed price correction back to some semblance of reality.
 

soupcrate

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Ontario... woof. That's ugly but certainly a much needed price correction back to some semblance of reality.
Unfortunately driven entirely by interest rate hikes rather than any change in market fundamentals, meaning carrying costs and rents are still surpassing all time highs.

Entirely self inflicted by nonsensical restrictions on density. The municipal governments and planning departments in the GTA are honestly despicable.
 

kcantor

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^
i'm not sure what you mean by "ridiculous swings"?
edmontoncalgary
11,781​
7%
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4%
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6%
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8%
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7%
16,599​
9%
19,496​
12%
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9%
20,863​
13%
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11%
11,967​
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22,157​
11%
15,850​
10%
22,447​
12%
13,010​
8%
13,863​
7%
16,608​
10%
19,436​
10%
23,778​
14%
20,215​
10%
8,732​
5%
20,005​
10%
164,525​
195,003​
 

soupcrate

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^
i'm not sure what you mean by "ridiculous swings"?
I mean 12k -> 20k then 20k -> 12k then 24k -> 9k. And for the past few years, it looks like housing starts peak in October then plummet in November.
1671170133468.png


These are supposed to be seasonally adjusted and annualized numbers. What gives?
 

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