News   Apr 03, 2020
From the Editor: A Message to Our Readers
 8.3K     3 
News   Apr 02, 2020
Topping Off March 2020: What's Hot on SkyriseEdmonton
 9.5K     0 
News   Apr 02, 2020
News Roundup for April 2, 2020
 3.1K     0 

Edmonton Real Estate Market

soupcrate said:
I would not fret over long-term affordability of any housing class in Edmonton.

Our market is just far too responsive to demand. We can't sustain a large delta between cost to build and purchase price because someone will just build new units until that delta shrinks to a typical profit margin.

We have robust competition between:
* Developers/builders on unit price.
* Landowners on land costs for infill projects (thanks to ZBR, City Plan, district planning)
* Municipalities on greenfield land cost

There's no room for any party to drive up their profits by constraining supply. Someone else will eat their lunch.
Click to expand...
Calgary has similar features and has seen large price increase. Admittedly Calgary doesn't have as much flexibility in zoning but the other factors are similar.
 
I can’t buy into a situation where prices get out of control anytime soon either. But prices currently are a good bargain in most areas and property types and we have no shortage of options for a large amount of housing units to be built centrally and otherwise. I have two friends with downtown condos who are still a ways off from their units being valued even at what they paid for them.
 
I do recall the early 2000's when prices doubled almost within a year, after many years of little or modest increase.

I don't think we are quite at the point yet, but conditions seem to be being set up for it. So when we get there things may change fairly quickly.
 
David A said:
I do recall the early 2000's when prices doubled almost within a year, after many years of little or modest increase.

I don't think we are quite at the point yet, but conditions seem to be being set up for it. So when we get there things may change fairly quickly.
Click to expand...
Yeah I think it was like between 04-08 prices basically doubled in Edmonton for SFH, and then have been modest growth to relatively flat ever since. Which is why again it feels like it’s only a matter of time before prices really start pushing upward.
 
northlands said:
Yeah I think it was like between 04-08 prices basically doubled in Edmonton for SFH, and then have been modest growth to relatively flat ever since. Which is why again it feels like it’s only a matter of time before prices really start pushing upward.
Click to expand...

My friend sold his small Highlands bungalow (he purchased it for $160k) in one weekend back in 2007 (or 06) - it was listed for $450 and sold for $491k. It has sold twice since then - the highest was for $375k.

I sold my Clareview townhome then too in one weekend for $265k (bought it for $64k 10 years earlier)- it's still the highest any unit in that complex off Victoria Trail has ever sold for. My mortgage was $40k at 7.4% and it took me 9 years to pay it off.

I then bought a new Griesbach home for $500k that took a year to build and by the time it was built, the same model home was selling for about $75k more. But when I sold that house a year later things really dropped off again and I got exactly what I paid for it.

It was an absolutely crazy time in real estate in Edmonton. If I remember correctly, mortgage rates really started to come down at that point, too.
 
Last edited:
TAS said:
My friend sold his small Highlands bungalow (he purchased it for $160k) in one weekend back in 2007 (or 06) - it was listed for $450 and sold for $491k. It has sold twice since then - the highest was for $375k.

I sold my Clareview townhome then too in one weekend for $265k (bought it for $64k 10 years earlier)- it's still the highest any unit in that complex off Victoria Trail has ever sold for. My mortgage was $40k at 7.4% and it took me 9 years to pay it off.

I then bought a new Griesbach home for $500k that took a year to build and by the time it was built, the same model home was selling for about $75k more. But when I sold that house a year later things really dropped off again and I got exactly what I paid for it.

It was an absolutely crazy time in real estate in Edmonton. If I remember correctly, mortgage rates really started to come down at that point, too.
Click to expand...
Yeah that sounds about right. I recall knowing three different family friends who sold their houses in Edmonton between 07-08 and all moved to the lower mainland after they essentially became mortgage free on their properties once the equity doubled in just a few years. They've all since done very well on their BC homes. Some people have all the luck 💀
 
Yes, I know a few people who sold at around the peak, one downsizing and staying in the same area, another moving to rural area outside the city and another to BC.

The person who moved to BC had a beautiful nice size house in a great location here and yet was still able to only afford a cozy two bedroom condo there.
 
Housing starts for 2023. Jan-Dec Source

City..... ...........SFH... Semi Det... Row ... Apartment... Total
Toronto.......... 4721..... 328 .....4860 .....37519 .....47428
Vancouver ......2832 ......914..... 1922.....27576..... 33244
Calgary.......... 5875..... 1674 .....2996..... 9034..... 19579
Montreal........ 1021 .....208 .......342 .....13664 .....15235
Edmonton .......5032 .....948..... 2069..... 5135...... 13184
Ottawa/Gat..... 1858 .....304..... 1727 .....8104...... 11993
Winnipeg........ 1425..... 366..... 468...... 3195........ 5454
 
IanO said:
Housing starts for 2023. Jan-Dec Source

City..... ...........SFH... Semi Det... Row ... Apartment... Total
Toronto.......... 4721..... 328 .....4860 .....37519 .....47428
Vancouver ......2832 ......914..... 1922.....27576..... 33244
Calgary.......... 5875..... 1674 .....2996..... 9034..... 19579
Montreal........ 1021 .....208 .......342 .....13664 .....15235
Edmonton .......5032 .....948..... 2069..... 5135...... 13184
Ottawa/Gat..... 1858 .....304..... 1727 .....8104...... 11993
Winnipeg........ 1425..... 366..... 468...... 3195........ 5454
Click to expand...
Nice pull from the YYC thread Ian……wander much? 😏
 
Cute.

I pulled it from the stats thread on SSP.

But that said, the Calgary market has more impact on my current role than Edmonton and so it is important for me to keep abreast.
 
IanO said:
Cute.

I pulled it from the stats thread on SSP.

But that said, the Calgary market has more impact on my current role than Edmonton and so it is important for me to keep abreast.
Click to expand...

Last I heard this is the Edmonton SRC forum and not the Calgary SRC forum, Canmore Boy, so please take your role to the appropriate forum.
 
Ian you may be the only person I know on any message board that does something as benign as sharing information for others to enjoy and get attacked for it by a handful of other posters who don't like that you used a secondary source.

Thank God these people didn't grade my papers in university lmao.
 
ChazYEG said:
If you're looking for a trouble free tenant for a little while, hit me on a DM (if it's Oliver/DT/Garneau/Old Strathcona)
Click to expand...
Thanks Chaz, I'm really hoping to sell because I intend on buying an SFD afterwards. I had to put a significant amount of renos into the unit and though I believe ya, I can't really risk damaging the place's pristine condition.

Thanks for the thought though!
 
You must log in or register to post here.

Back
Top