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Edmonton Real Estate Market

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1 million sq ft of industrial to be developed- article says will proceed on spec

 
1 million sq ft of industrial to be developed- article says will proceed on spec

Where is Ledcor moving their pipe fab and mod yard operations to then I wonder? Their heavy industrial and pipe fab divisions have sure seemed real busy the past couple years and have made that company an insane amount of money.
 
What’s the TL DW?
The industrial RE agents were just spouting cliche blue-collar conservative talking points and the office RE folks were in denial about WFH as office vacancies rise.

The multifamily guy with Remax was worth listening to though. Multifamily is looking up with a new program by the CMHC offering cheap, high leverage loans (90% LTV, 50 year amortizations, lower interest rates by 1-2%). The rental universe in Edmonton expanded about 10%, mostly from new construction in the deep south and Downtown.

Office to residential conversions aren't going to get much traction. Construction prices are too high and there is just so much available land ready to be built on. Calgary, by comparison, is much more restrictive with permitting density so the conversions are more feasible there.
 
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Highlights from the latest Rental Market Report​

  • The vacancy rate for purpose-built rental apartments decreased in 2022, while the demand for rental housing increased.
  • Demand for rental housing outpaced the increase in supply in 2022, leading to a lower national vacancy rate compared to 2021.
  • Higher net migration, increased homeownership costs and students returning to on-campus learning drove increased demand for rental housing.
  • Rental affordability continues to pose a significant challenge across the country. There is a lack of affordable rental housing, especially for the lowest 20% of income earners.
  • New analysis indicates that there was a significant gap between the average rent for 2-bedroom units that turned over to a new tenant and ones that did not.
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Interesting podcast/chat about Edmonton vs. Vancouver real estate market for investors.

Neat seeing this. I had Ranon as a TA years ago lol
 
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The prices in London are crazy. I kind of get Hamilton as part of the GTA still but London? I’d rather move to a dozen other cities personally before paying 700k for an old fixer upper there.
 

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