Kosy123
Active Member
Yeah I'm not too sure about the situation when it comes to interprovincial migrants and renting, but I can guarantee that most international migrants to the city will be renting first before doing anything.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
MacLac
Senior Member
MacLac
Senior Member
Look what I just found down on Ellerslie and 50th st for Ian’s purpose built rental numbers he can take back to YYC! Between “Edison on 50th” X2 buildings PLUS “Harmony” X 2 buildings……600+ units?
ChazYEG
Senior Member
Anecdotal example of how our real estate market is absolutely crazy (and of how I REALLY don't understand the SFH fetish):
I am searching for condos in either Old Strathcona or west Oliver, and I have a few showings this weekend, for condos ranging between 1700 and 2300 sqft, in prime locations (Victoria Promenade, Saskatchewan Drive and Whyte Ave).
All of them recently renovated, with premium materials and appliances, at least 1 (but mostly 2) titled underground parking stalls. Prices are ranging from $350k to $460k, with cons fees from $600 to $1600 (the last one is inclusive of 24h private security, all utilities: power, heat, water, cable and internet, as well as everything you'd expect on a condo).
I have also been with a friend of mine, who is looking for houses in the Southside, specifically Summerside or The Orchards. Townhomes, ranging between 1400 and 1600 sqft, no basement, with $500 condo fees (and no utilities included) starting at $420k, going up to $480k. Duplexes ranging between 1600 and 1800 soft, with small basements starting at $460k, up to $520k and SFH of similar size (and slightly larger basements) starting at $480k and going all the way up to $560k.
Now, call me crazy, but my brain simply cannot process why someone would pay $480k on a 1600 sqft townhome in the middle of nowhere, over paying $440k on a 2300 sqft condo within 3 blocks of Whyte ave, with city views, on Saskatchewan Dr.
I am searching for condos in either Old Strathcona or west Oliver, and I have a few showings this weekend, for condos ranging between 1700 and 2300 sqft, in prime locations (Victoria Promenade, Saskatchewan Drive and Whyte Ave).
All of them recently renovated, with premium materials and appliances, at least 1 (but mostly 2) titled underground parking stalls. Prices are ranging from $350k to $460k, with cons fees from $600 to $1600 (the last one is inclusive of 24h private security, all utilities: power, heat, water, cable and internet, as well as everything you'd expect on a condo).
I have also been with a friend of mine, who is looking for houses in the Southside, specifically Summerside or The Orchards. Townhomes, ranging between 1400 and 1600 sqft, no basement, with $500 condo fees (and no utilities included) starting at $420k, going up to $480k. Duplexes ranging between 1600 and 1800 soft, with small basements starting at $460k, up to $520k and SFH of similar size (and slightly larger basements) starting at $480k and going all the way up to $560k.
Now, call me crazy, but my brain simply cannot process why someone would pay $480k on a 1600 sqft townhome in the middle of nowhere, over paying $440k on a 2300 sqft condo within 3 blocks of Whyte ave, with city views, on Saskatchewan Dr.
Tbone84
New Member
different strokes for different folks I guess
Barnaby
Active Member
The answer you'll receive is generally the combination of a garage and a yard. I agree with you, and I think that people aren't even entertaining the idea. This could be due to most people being raised in a SFH.
For those of us that want to live in more of an urban setting, consider current prices a blessing. Hopefully there isn't a drastic increase leading to unaffordability. Once zoning changes occur, there should be greater supply of family sized urban housing.
Most suburban people that I speak to can agree that the areas like Garneau, Oliver, Belgravia, McKernan, and Westmount are nice areas *despite* being more central (there is a negative perception of the core when you speak to suburbanites). These are the areas i'd buy in.
For those of us that want to live in more of an urban setting, consider current prices a blessing. Hopefully there isn't a drastic increase leading to unaffordability. Once zoning changes occur, there should be greater supply of family sized urban housing.
Most suburban people that I speak to can agree that the areas like Garneau, Oliver, Belgravia, McKernan, and Westmount are nice areas *despite* being more central (there is a negative perception of the core when you speak to suburbanites). These are the areas i'd buy in.
ChazYEG
Senior Member
I guess that makes sense. I grew up in condos and I have a particular beef with SFH maintenance costs and the hassle they are to maintain (on top of the preference for urban lifestyle). What baffles me is the price delta between the two being so skewed towards SFH. Paying over $100k more for less living space and a yard, and having all of those maintenance costs doesn't seem at all rational, but I guess that's the effect of decades of car-centric, suburban mentality had on our housing market.
Taking advantage of this is the reason why I am speeding up my plan to buy something. Any of these condos, for me, are endgame (as in, I plan on living there through old age), which is absolutely incredible to think that I can get in my early 30s. High end, spacious, centrally located condos are a steal in this city, right now. I will definitely consider buying a second one, next year, if prices don't go up, as an investment property.
This **despite** honestly kills me. But then again, I use the same kind of language to talk about some areas of our suburban neighborhoods (very limited parts of Windermere, Terwillegar and Summerside, for example).
Personally, I'm only looking ar Garneau, Old Strathcona and Oliver, as Belgravia, McKernan and Westmount are not exactly super walkable and are mostly still SFH (with a few condos/apartments and townhomes).
People talk about 15-minute-city, but for me, if I can't run most errands within a 10-min walk AND walk to an LRT station within the same timeframe, I'm not buying a home.
David A
Senior Member
Because they love shovelling snow in the winter, like to mow a postage stamp size front lawn in the summer and have the time to do this because they don't travel much?
ChazYEG
Senior Member
In a very suburban, car-centric area. I should know, since I have to drive by these every single time I have to go grocery shopping (needless to say, I am extremely miserable since moving down to Summerside, but hopefully it'll only be for a few more months).
I do like the developments going on in The Orchards, around 25st SW and 66 Ave. They're building a bunch of very densely packed townhomes (purpose-built rentals and for ownership, as well as condos and apartments, in pretty much all of the surroundings of the commercial area where the new Co-Op is being built. By what I could count, it'll be around 1500+ units within a 10 minute walk of the commercial area, with a bunch of MUPs and bike infrastructure (including more bike racks in the commercial area than we see in most of our central areas), connecting it all the way up to the Summerside beach club. I know it's nor nearly as dense as central neighbourhoods, but all-in-all, it's very dense for a suburban development.
MacLac
Senior Member
It’ll beef up our numbers! La Reve just north of Beaumont is putting up some cool looking townhomes……
Kosy123
Active Member
Edmonton's housing set to gain momentum: Royal LePage report
The report suggests the average price of a home in Canada will increase seven per cent in the fourth quarter of 2023, down from 8.5 per cent.
edmontonjournal.com
Here's their market survey forecast: https://marketing.rlpnetwork.com/Communications/Royal_LePage_Q3_2023_Market_Survey_Forecast.pdf
kcantor
Senior Member
or we actually enjoy those mundane tasks like shoveling the snow and mowing a postage stamp size front lawn (although in my case it’s a back lawn). it’s pretty much the only exercise i get, it gets me outside, i can do it as often as i choose whenever i want and i don’t have to go elsewhere to do it. there’s no membership or user fees and when we want to travel, our neighbours do ours and we do theirs in return.
Friendmonton
Active Member
Summarized my viewpoint perfectly. The fact you can get an affordable condo in those areas with all of those amenities (and soon to be amenities (i.e Oliver LRT)) is pretty unique in Canada. Different strokes, yes, but if that's the lifestyle you like and want, few areas are better in the whole country/price.
occidentalcapital
Senior Member
Boardwalk REIT highlights historical levels of demand in Edmonton:
"We continue to see exceptional demand for high-quality and affordable rental homes. Our communities remain near-full across the country with same property occupancy reaching 98.9% within our portfolio as of October 1. We are seeing historical levels of demand in Edmonton, our largest market, where occupancy has reached 98.3%. Alberta continues to attract large inflows of new Residents from both international and interprovincial sources."
www.prnewswire.com
"We continue to see exceptional demand for high-quality and affordable rental homes. Our communities remain near-full across the country with same property occupancy reaching 98.9% within our portfolio as of October 1. We are seeing historical levels of demand in Edmonton, our largest market, where occupancy has reached 98.3%. Alberta continues to attract large inflows of new Residents from both international and interprovincial sources."
BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF RELEASE OF ITS 2023 THIRD QUARTER FINANCIAL RESULTS
/PRNewswire/ - Boardwalk Real Estate Investment Trust - (TSX: BEI.UN) Boardwalk REIT ("Boardwalk", "the Trust", "We") is providing a brief operational update...
www.prnewswire.com
MacLac
Senior Member
DT Vancouver last weekend - a few observations:
1.) stayed DT for Fri and Sat nights - DT was DEAD at night including Granville, except Robson was packed….makes sense…restaurant hub.
2.) the 6 highrises condo towers in our plain view over looking Stanley park - 5/6 had ZERO lights on all weekend. Coincidence that their owners were all out of town at the same time? not likely. Or should I say “ghost owners.”
3.) Hotel on West Hastings was a small fortune and appeared to be very very slow. Retail around the core….easily 30% were empty storefronts.
4.) Homeless Zombies were invading WEST Hastings now….uh oh!
5.) Brand new, what appeared to be the tallest tower in YVR was completely empty. Is ongoing tenant fit ups occurring? West Hastings and Thurlow I think?
6.) Joe Fortes - anyone been? I’ve been meaning to take my non-seafood eating family members there for years. It appeared to very slow both nights - is it’s reputation still good?
I don’t pretend to be a YVR expert, although I am at their airport at least 4 times/month. I have no bias on this city, just observations.
1.) stayed DT for Fri and Sat nights - DT was DEAD at night including Granville, except Robson was packed….makes sense…restaurant hub.
2.) the 6 highrises condo towers in our plain view over looking Stanley park - 5/6 had ZERO lights on all weekend. Coincidence that their owners were all out of town at the same time? not likely. Or should I say “ghost owners.”
3.) Hotel on West Hastings was a small fortune and appeared to be very very slow. Retail around the core….easily 30% were empty storefronts.
4.) Homeless Zombies were invading WEST Hastings now….uh oh!
5.) Brand new, what appeared to be the tallest tower in YVR was completely empty. Is ongoing tenant fit ups occurring? West Hastings and Thurlow I think?
6.) Joe Fortes - anyone been? I’ve been meaning to take my non-seafood eating family members there for years. It appeared to very slow both nights - is it’s reputation still good?
I don’t pretend to be a YVR expert, although I am at their airport at least 4 times/month. I have no bias on this city, just observations.