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Edmonton Real Estate Market

David A said:
I hope it all works out. I am not in the real estate industry, why I bring this up is I had delayed buying in that early 2000's period because there seemed to be in no hurry and it wasn't the right time for me.

Well, the market changed quicker than I expected and then when I wanted to, I couldn't buy anymore. Fortunately, I got another chance years later, but I have learned from that experience.

Edmonton has been kind to buyers for a long time, but don't count on that lasting forever.
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Glad everything ended up working out for you. No one can predict the real estate industry and a lot of people can (and will) get hung out to dry at a moments notice.

It's just not the time given our personal situation, as much as I would love to own (even a townhome TBH) and not pay down someone else's mortgage. I am slightly on edge however and at the first sign of things changing, if we absolutely had to, we've discussed and would go in on a place so as not be be left out. High interest rates have created a hot rental market, but cooled down the housing market across the board, which has bought us time if anything.
 
www.westerninvestor.com

Edmonton industrial market sees flight to quality

Older, obsolete space faces demolition as tenants opt for new digs
www.westerninvestor.com www.westerninvestor.com

"The market has close to 3 million square feet under construction, of which more than 1.6 million square feet are set for completion by the end of this year. This is on top of the 1.4 million square feet delivered during the first half of the year."
 
This is encouraging and very good news for housing delivery across Alberta.
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Gronk! said:

What is NIMBYism and how is it affecting how much housing is getting built?​

Residents' associations want to 'moderate' development but experts say it impedes growth

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Of course, people often want their neighbourhoods or areas to stay the same, as it was the existing area that attracted them or kept them there.

I recall a twinge of sadness some years ago when several older homes across the street were torn down and condo buildings were built. It didn't help me feel beter that they were far from affordable, so I expect I will never be living in them. I didn't live in one of the older homes, but I suspect some of those people that did (some were rentals) were displaced and had to move elsewhere probably to an area not as desirable.

I guess the world moves on, I can handle it and the area being a bit busier, but I wish those condos were more for the existing residents of the area.
 
not the sort of trend line that will see anyone being priced out of the condo market for the foreseeable future, except possibly by mortgage rates. i would hazard a guess that there are more owners who are underwater in this market than those who have made money in the last 15 years.
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You are right, few people are being priced out here yet. I have thought about it and the reaction of prices here to rising interest rates is actually the sign of a relatively healthy market, as opposed to some other cities where supply freezes up and lots of people don't wants to move because their mortgage rates will go up. A few percentage points change matters a lot more on $1.5 million than $400,000.
 
The market certainly isn't reflecting it yet and I just don't see an impending crisis. Maybe if rates dropped substantially unexpectedly that could be a different story.

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realtorsofedmonton.com

July Housing Statistics: Residential Property Sales See Improvement From July 2022 - REALTORS® Association of Edmonton

Edmonton, August 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2023 hit 2,323, increasing 14.9% compared to July 2022, but dropped […]
realtorsofedmonton.com realtorsofedmonton.com
 
BASE said:
The market certainly isn't reflecting it yet and I just don't see an impending crisis. Maybe if rates dropped substantially unexpectedly that could be a different story.

View attachment 498747
realtorsofedmonton.com

July Housing Statistics: Residential Property Sales See Improvement From July 2022 - REALTORS® Association of Edmonton

Edmonton, August 2, 2023: Total residential unit sales in the Greater Edmonton Area (GEA) real estate market for July 2023 hit 2,323, increasing 14.9% compared to July 2022, but dropped […]
realtorsofedmonton.com realtorsofedmonton.com
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This is reflecting a few things:

We have an oversupply of SFH
Prices went up, especially during the pandemic, as supply dwindled (especially in 2020, when there was a flock to the suburbs).
The fact that supply has caught up, alongside the rise in interest rates, is pushing prices down
Our condo stock is either very old and very bad or very suburban

Educated guess: we'll see prices increase substantially within 12 to 18 months, especially for SFH. We're not likely to see prices go substantially up for condos in the foreseeable future.

Personally, I don't have a good read on the townhouse market, as it is not something I've ever dedicated any attention. Feel free to pitch in.
 
I've been keeping a close eye on the market for SFH's and townhouses and things are definitely steady. Prices haven't gone up much but anything well priced seem to still be moving pretty fast. Rents are definitely creeping up though but that should not be surprising given the amount of BC and Ontario plates you see on the road here nowadays.

Ideally I would love to buy my first place in 3 years time (once my partner wraps up her schooling and gets settled into her career) however if the market were to get overheated at some point between now and then, I'm seriously considering going in anyway as not to get priced out entirely. Holding my breath for now.
 
Munanyo said:
I've been keeping a close eye on the market for SFH's and townhouses and things are definitely steady. Prices haven't gone up much but anything well priced seem to still be moving pretty fast. Rents are definitely creeping up though but that should not be surprising given the amount of BC and Ontario plates you see on the road here nowadays.

Ideally I would love to buy my first place in 3 years time (once my partner wraps up her schooling and gets settled into her career) however if the market were to get overheated at some point between now and then, I'm seriously considering going in anyway as not to get priced out entirely. Holding my breath for now.
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I feel the fear of getting priced out. I am currently planning on buying my first place with the next 18 months, but can probably push it to be within 12, if there are signs of market overheating.
Granted, I am looking for a condo, or a townhome in a more urban area (Garneau/Oliver/Grandin, to be more specific). not SFH (anyone who has seen my posts here knows of my particular distaste for SFH), so I'll probably be better off than someone looking for SFH.
 
ChazYEG said:
I feel the fear of getting priced out. I am currently planning on buying my first place with the next 18 months, but can probably push it to be within 12, if there are signs of market overheating.
Granted, I am looking for a condo, or a townhome in a more urban area (Garneau/Oliver/Grandin, to be more specific). not SFH (anyone who has seen my posts here knows of my particular distaste for SFH), so I'll probably be better off than someone looking for SFH.
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Goodluck in your search! I really hope that we both can buy when we actually feel ready and not forced to out of fear. At least your timeline is a lot shorter than mine! I'm definitely preparing in the meantime though so I won't be caught off guard if I do need to buy something ASAP.

Those are all solid areas/locations. I'd love a small SFH however all the urban areas (like the ones you mentioned) are already quite pricey and anything cheap seems to require extensive renovations. A townhome is perfect, however a LOT of townhomes here seem to come with maintenance fees and I avoid those like the plague.
 
Munanyo said:
A townhome is perfect, however a LOT of townhomes here seem to come with maintenance fees and I avoid those like the plague.
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This is exactly where we differ. I have a moral allergy to DIY, and I absolutely loath manual labour, so anything involving maintenance and upkeep is torture for me. I'll happily pay the maintenance fees to have someone mow my lawn, shove my snow and provide general maintenance and upkeep.

Nevertheless, thank you! I hope you find something you like and can afford (I know what I would like to buy, to the exact address, but I can't afford any of the Cantiro's Wadhurst townhomes, and won't for a good decade, hahaha), when the times is right.
 
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