Edmonton Real Estate Market

[yeggator]

1. Edmonton
2. Terrace
3. South Delta
4. Saskatoon
5. Lethbridge

5 top towns for real estate investors in 2024

A year of investing pragmatically and strategically means turning from the flash to the proven in Western Investor’s annual pick of the best places to buy real estate in 2024

www.westerninvestor.com

 

[Kosy123]

ZBR coming into effect in January and more multifamily construction starts better help because oh boy we're gonna need it. Calgary's price rise and its social effects is terrifying to see, Calgary is not worth $800,000 lmao

 

[newcomer2023]

Merry Christmas everyone!

How likely is one's rental application got approved if he was invited to view the apartment?

What are the cautions when viewing an apartment?

I saw some apartment on sale in Edmonton that costs somewhere 50K-100K. Is it possible for really this cheap? Any pitfall here?

Many thanks

 

[_urbanite]

Merry Christmas everyone!

How likely is one's rental application got approved if he was invited to view the apartment?

What are the cautions when viewing an apartment?

I saw some apartment on sale in Edmonton that costs somewhere 50K-100K. Is it possible for really this cheap? Any pitfall here?

Many thanks

Viewing an apartment doesn't mean you're more or less likely to have your rental application approved. The landloard/property manager will still check your references, credit ect... After this they'll ask you for the security deposit and to sign a lease if you're application is successful.

Regarding cheap condos, there's usually a good reason why those ones are so cheap. Typically its because either the
1. condo fees are very high
2. the building itself is having problems and needs major work, or
3. the unit itself needs a lot of renos.
The condo could also be in a bad area too

 

[occidentalcapital]

Viewing an apartment doesn't mean you're more or less likely to have your rental application approved. The landloard/property manager will still check your references, credit ect... After this they'll ask you for the security deposit and to sign a lease if you're application is successful.

Regarding cheap condos, there's usually a good reason why those ones are so cheap. Typically its because either the
1. condo fees are very high
2. the building itself is having problems and needs major work, or
3. the unit itself needs a lot of renos.
The condo could also be in a bad area too

Ridiculously cheap condos are pretty much an Edmonton thing but might not last long. I saw condos in Vancouver with way higher condo fees than here, yet much more money. I'd say it's a pretty good deal at the moment in terms of what you get for your dollar, even if an older building it's still 90% (literally) cheaper than anything in other cities.

 

[David A]

Older units are probably going to be cheaper than newer ones in most places. Of course, it is always comparative to the rest of the local market. Perhaps in Vancouver cheaper means less than a million or $750,000..

Yes, higher condo fees can be a deterrent, but I look at it as often being required and prudent to properly maintain an older building. However, I would be a bit leery about the very cheap older ones here. I wonder if it could be because of an expectation of major work being needed and an expected large special assessment.

 

[newcomer2023]

Older units are probably going to be cheaper than newer ones in most places. Of course, it is always comparative to the rest of the local market. Perhaps in Vancouver cheaper means less than a million or $750,000..

Yes, higher condo fees can be a deterrent, but I look at it as often being required and prudent to properly maintain an older building. However, I would be a bit leery about the very cheap older ones here. I wonder if it could be because of an expectation of major work being needed and an expected large special assessment.

I noticed the quite cheap condo has maintenance fee somewhere between $300-400. Is this fee high or low in Edmonton standard?

 

[Gronk!]

I noticed the quite cheap condo has maintenance fee somewhere between $300-400. Is this fee high or low in Edmonton standard?

$300-400 would be on the low side. I dwell in a concrete highrise near downtown that was built in the 1970s, and my maintenance fees are over $500 per month.

 

[IanO]

It's based on unit factors (essentially sqft portion that you own/10000) and is better expressed as $/sqft.

Most typical new builds are going to be in the $0.35/sqft to start based on common area expenses, utilities, reserve fund contributions etc. so $245/month for a 700sqft 1 bdrm.

In a well run building, these fees SHOULD rise at inflation +1%/yr, each year and so this rate will rise and eventually lead to higher face $.

My fees are ~$.060/sqft after 18yrs.

There ways to reduce these by way of special assessments or removing expensive amenities like pools, but typically it leads to an erosion of price as you tend to see with older/larger units in Oliver that often go for $200-250sqft, but have fees in the $1200/month rage.

 

[newcomer2023]

$300-400 would be on the low side. I dwell in a concrete highrise near downtown that was built in the 1970s, and my maintenance fees are over $500 per month.

I noticed that in many cases the maintenance fee includes electricity, heat and water etc (mentioned in the commercial). Does this mean the maintenance fee actually includes utilities bill already?

Sorry I am new to Canada, hence wanna to be more specific and careful.

 

[IanO]

Double check, but that sounds like it is. Many places do not have those included, but some certainly do.

I would just be sure to ask a lot of questions and see it in writing.

 

[Gronk!]

I noticed that in many cases the maintenance fee includes electricity, heat and water etc (mentioned in the commercial). Does this mean the maintenance fee actually includes utilities bill already?

Sorry I am new to Canada, hence wanna to be more specific and careful.

My maintenance fees include heating, water and sewage. I get a separate bill for electricity.

 

[David A]

I noticed that in many cases the maintenance fee includes electricity, heat and water etc (mentioned in the commercial). Does this mean the maintenance fee actually includes utilities bill already?

Sorry I am new to Canada, hence wanna to be more specific and careful.

Yes, some of the places that seem high are including things like electricity, heat and water. Its may be more common with older condo buildings built at a time when everything was often not separately metered.

 

[newcomer2023]

Hi guys, Happy New Year!

I think I am in trouble looking for a rental.

Initially, I messaged landlords being frank that I am now unemployed. I could get some replies from them. However, when I asked further what is their policy of early termination of lease, then I got ghosted. The early termination of lease is because I am looking for employment in the whole Canada.

How can I get a rental while being unemployed? Is this very difficult to do? I appreciate very much for any personal experiences or stories that you heard of. thanks

 

[newcomer2023]

Also, will rental company notify you when your application is refused? Or you simply got ghosted? How much time needed to be contacted after submission of application?