Barnaby
Active Member
I'll start by saying that an infill rate of 50% is too low of a goal. Sprawl is killing the city.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
thommyjo
Senior Member
I’d be interested on your thoughts if you want to share! I read through the detailed report from council minutes and it was interesting how they’re working to establish baselines and measures.
IanO
Superstar
Baselines and measures are important, but haven't we had many of those established in multiple reports from 10-15-20 years ago?
The naming of those 'big city moves' remind me of a consultants wet dream via yet another public visioning session; I'd like the City to have more practical and pragmatic names for some of these things.
As for 50% by 'pubic or active transit', this is obviously aspirational given the vast sums of money, ever changing priorities and most lacklustre moving of the needle of any major city in Canada over the last 20 years. A few folks who do better math than me have shared figures that reveal even negative or stagnant transit usage if you factor in population growth.
I'm not saying that have the answers, but it continues to feel like these kinds of reports get produced once a decade and do very little in terms of actual change.
Old man skeptic is wading in.
The naming of those 'big city moves' remind me of a consultants wet dream via yet another public visioning session; I'd like the City to have more practical and pragmatic names for some of these things.
As for 50% by 'pubic or active transit', this is obviously aspirational given the vast sums of money, ever changing priorities and most lacklustre moving of the needle of any major city in Canada over the last 20 years. A few folks who do better math than me have shared figures that reveal even negative or stagnant transit usage if you factor in population growth.
I'm not saying that have the answers, but it continues to feel like these kinds of reports get produced once a decade and do very little in terms of actual change.
Old man skeptic is wading in.
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Munanyo
Active Member
That seems to be the trend for people eager to buy a home anywhere in Canada right now - save as much as possible then when rates comes down (or are seriously rumoured to come down shortly) people will be lining up to scoop up places. It might get ugly and the BoC knows that.
Congrats on buying a place! I'm currently in the midst of looking at buying a duplex or townhome (similar price range as you actually) and renting it out for 2 or 3 years until my partner and I are ready to move in. It's not ideal, but sure beats getting priced out one day or paying an extra $100,000 because I waited too long.
David A
Senior Member
Yes, goals have to be more than just aspirational. They have to be achievable and realistic. I think the problem is planners come up with grand nice sounding ideas, but they are not in any way based on reality.
IanO
Superstar
Oliver_William
New Member
Interesting because according to Avison Young Edmonton had two strong quarters of absorption downtown. Here is the link: https://www.avisonyoung.ca/web/edmonton/office-market-report
From the report:
What's the scoop?
Q4 2023 continued upward momentum
In 2023, Edmonton's office market showed improvement, with vacancy rates commencing the year at 19.5% and concluding at 18.6%. Notably, in Q4, positive absorption of 139,584 sf contributed to reducing the city's office vacancy from 19.0% to 18.6%, marking it as the sector's second consecutive quarter with over 100,000 sf of positive absorption. The year ended with a total absorption of 234,641 sf, making it the most absorption seen in Edmonton's office market since 2018. This performance underscores the market's promising trajectory, emphasizing its stability and ascending momentum.
IanO
Superstar
^yup... who do you believe. Both are national and reputable firms.
Oliver_William
New Member
As an eternal optimist about our beautiful city I choose to believe the more positive report.
occidentalcapital
Senior Member
Residential sales up 60% year over year:
edmontonjournal.com
Average price of Edmonton home increases to $407,458: report
The average price of an Edmonton home is now $407,458, a 10.4 per cent increase from February 2023.
edmontonjournal.com
Avenuer
Senior Member
Glad I bought before this potential fury, if Calgary is an example we could be seeing a very hot market here shortly.Residential sales up 60% year over year:
Average price of Edmonton home increases to $407,458: report
The average price of an Edmonton home is now $407,458, a 10.4 per cent increase from February 2023.
IanO
Superstar
^here's hoping... for it will catapult multiple projects forward.
yeggator
Active Member
If interest rates go down (and people are predicting they will), we’ll definitely see a surge in construction activity.
ChazYEG
Senior Member
On the flip side, I am definitely not looking forward to paying 50-70% more on a condo, especially when my income is definitely not expected to grow by this much for many years
IanO
Superstar
Obviously a give and take here, but the reality is that the market needs to restore about 30% of its value to bring things back into balance.