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Edmonton Real Estate Market

ChazYEG said:
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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Ah that would make a lot of sense! Good for you for knowing what you like and want, helps really narrow options down and allows you to focus on what fits your needs and lifestyle!

Also hoping you find what you you're looking for eventually (those Wadhurst townhomes are beautiful, but yeah that price point is a yikes!). At least home ownership is a possibility for us out here.
 
Munanyo said:
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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Are you me? Exactly what I've been thinking.
 
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It's something when in Edmonton our new rental product you can get 1 or 2 months free and/or other incentives and in other places in Canada now there are multiple bids on rental units at more than double the cost here and people are putting down 4 or 5 months rent down as a deposit to be the successful bidder.
 
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TAS said:
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It's something when in Edmonton our new rental product you can get 1 or 2 months free and/or other incentives and in other places in Canada now there are multiple bids on rental units at more than double the cost here and people are putting down 4 or 5 months rent down as a deposit to be the successful bidder.
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People have a perception that they "could only" live in big 3 cities.... I honestly don't know if we should spill the beans about how great it is to live here because it will end affordability here. I guess it's already happening, with the number of people moving here nowadays.
 
It's undeniable that the big 3 will always have an allure and draw similar to those in the US who move to NYC, Chicago, S.F. etc.

Edmonton offers A LOT for a little and should be proud of what it has in terms of 'big city offerings', but when it seems to be grouping with Winnipeg, Saskatoon and Regina while the Calgary gap grows is not a particularly great thing to be promoting.

Certainly not the be all and end all given the number of other inputs to housing costs, but it does provide one indicator of desirability and demand of a city...
 
IanO said:
It's undeniable that the big 3 will always have an allure and draw similar to those in the US who move to NYC, Chicago, S.F. etc.

Edmonton offers A LOT for a little and should be proud of what it has in terms of 'big city offerings', but when it seems to be grouping with Winnipeg, Saskatoon and Regina while the Calgary gap grows is not a particularly great thing to be promoting.

Certainly not the be all and end all given the number of other inputs to housing costs, but it does provide one indicator of desirability and demand of a city...
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Many people are recognizing that the smaller cities tend to offer better lives anyways. Services, amenities, affordability. These things all contribute to peoples mental health and well being when they are gaining more of them as they go through life.

Living in Van I made about 120k a year in my previous job and it felt like my pension was the only thing holding my future together. It puts stress on people, they end up doing less things, and they don't get ahead.

I'm certain if our job market holds up Edmonton is about to experience a small boom. I just hope it doesn't come at the expense of skyrocketing housing prices considering the prairies are the last vestige of freedom and self determination in this country.
 
Stevey_G said:
Many people are recognizing that the smaller cities tend to offer better lives anyways. Services, amenities, affordability. These things all contribute to peoples mental health and well being when they are gaining more of them as they go through life.

Living in Van I made about 120k a year in my previous job and it felt like my pension was the only thing holding my future together. It puts stress on people, they end up doing less things, and they don't get ahead.

I'm certain if our job market holds up Edmonton is about to experience a small boom. I just hope it doesn't come at the expense of skyrocketing housing prices considering the prairies are the last vestige of freedom and self determination in this country.
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You can make the argument that Edmonton is in the midst of a small boom right now. Just seeing the amount of BC and Ontario plates shows people are flocking here in droves.

Sometimes I get the feeling we're currently in "the calm before the storm". Watching what's happening in Calgary is making me nervous however I know that doesn't necessarily mean that will replicate here. You can't help but feel nervous that it's only a matter of time before we experience a housing shortage and prices start to skyrocket. Edmonton (and as you said the prairies in general) are genuinely some of the last regions in this country that are affordable and we need to do everything possible to ensure we do not become like the other big metros in Canada where prices are out of control. I'll be honest, if prices here get out of hand before I can buy, I'll be packing my stuff and going elsewhere.

And to your point Ian, it does allude to the point Edmonton is not anywhere near as attractive a place to settle down compared to the other major cities in Canada, but having Edmonton experience the craziness in Toronto, Vancouver, Calgary etc. will not be a good thing for us and would probably just discourage families from settling here. I watched what happened to my hometown (Ottawa) and seeing my friends struggle now is brutal.
 
If population growth has continued at a strong pace here I agree eventually there will have to be some upward pressure on properties and rentals. I think Calgary maybe had a bit less inventory to begin with and speculation is playing a big role.
 
tkoe_ said:
Likely not a popular opinion, but Toronto isn't worth that kind of money. There are far better places for less (at least for me!)
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Even more unpopular: Vancouver is just as expensive (if not more) and is worth even less.
TBH, few cities in Canada offer the bang for the buck Edmonton does. Calgary was right there with us until things started going crazy there.
 
ChazYEG said:
Even more unpopular: Vancouver is just as expensive (if not more) and is worth even less.
TBH, few cities in Canada offer the bang for the buck Edmonton does. Calgary was right there with us until things started going crazy there.
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Tough take. If you can find a place for 2200 in Vancouver, and don’t have family/friends in Edmonton, how is this comparable? Maybe over a 20 year horizon it’s different. But thousands of young adults are leaving Edmonton for Vancouver for a reason.

If Edmonton becomes unaffordable, we’re in trouble. Cause we don’t stack up yet if we’re comparing 2500 dollar rentals, jobs, and downtowns.
 
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