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Edmonton Real Estate Market

Some places. Things seem pretty quiet on the condo front downtown selling my place. Lots of looks, only one potential offer that they backed out of due to financing.

Still a long ways to go I think. I wish I could hold another year for the park but I'm buying a house in BC and need to consolidate my life.
 
I just bought a duplex after getting outbid on a couple of other places. I honestly got super lucky - the owners of the home I bought initially were asking waaaaaay too much which turned off a lot of people and when they brought the price down my realtor and I jumped on it right away. Was able to bring the price down even further and the place is turnkey ready, incredibly well taken care of and in a great area. I straight up got super lucky with timing and was on the ball from the start.

The $350k-$450k range (of towns, duplexes and SFH's) is VERY hot right now. Even the $500-$600k market is doing great. However, one thing I noticed having just gone through the process is that a lot of owners are getting greedy and their asking prices are often way to excessive even with our abnormally hot market. Some are looking at Calgary and seeing the prices there and think we can replicate that, but our market is just not there right now (and hopefully will not be anytime soon). Market is still affordable and doable for people who have their ducks in order.
 
https://reactnews.com/article/industrial-rising-takeaways-from-the-edmonton-real-estate-forum/

The way Edmonton has evolved over the years should be embraced rather than changed, according to one panelist, and it starts with accepting the core for what it is.

Unlike most cities, which see their downtowns as the must-be place for commerce and entertainment, Edmonton’s growth has been on its outskirts. That has created a doughnut effect, with downtown as the hole in the middle.

But the city must shrug off suggestions its downtown needs to be like Toronto or Vancouver and continue to do its own thing, Rohit Gupta of Rohit Group of Cos. said.

Gupta urged the audience to continue growth around the city rather than worrying about whether the downtown is as vibrant as other centres.

“Let’s just be different, who cares?” he said. “Keep Edmonton weird.”
Click to expand...

I'm sorry but I can't help but fully disagree with this, especially since developers aren't saddled with the infrastructure debt/maintenance of these areas. I get that Rohit is mostly a suburban developer (which means they're invested in continued suburban growth) but this is still an extremely disappointing viewpoint to be had and I wish that we don't follow this at all as a template.

Keep Edmonton weird doesn't mean continuing suburban sprawl :/
 
Gus Haynes said:
A developer saying "Keep Edmonton Weird" while championing soulless suburban auto-centric development is one of the most laughable things I've read in a long time, and I've seen some howlers from the property development industry.
Click to expand...
But isn't it kind of accurate? I mean, it goes against current prevailing thought regarding development patterns, etc. That alone should qualify as weird. The principle of doing our own thing and being proud of it does resonate. (Even if the execution is something people could disagree about).
 
occidentalcapital said:
But isn't it kind of accurate?
Click to expand...
I would think no? At least in the North American context, suburbs have outpaced urban areas in terms of growth in the past several decades by a wide margin. (Pew, TD, Smart Prosperity) There's nothing particularly "weird" about what the Edmonton development industry is doing.
 
Kosy123 said:
https://reactnews.com/article/industrial-rising-takeaways-from-the-edmonton-real-estate-forum/



I'm sorry but I can't help but fully disagree with this, especially since developers aren't saddled with the infrastructure debt/maintenance of these areas. I get that Rohit is mostly a suburban developer (which means they're invested in continued suburban growth) but this is still an extremely disappointing viewpoint to be had and I wish that we don't follow this at all as a template.

Keep Edmonton weird doesn't mean continuing suburban sprawl :/
Click to expand...
This is so annoying. Bro. Look at the perceptions of our city…. Look at our tax bases….look at local businesses struggling.

No one is trying to make us Toronto. But empty plots of land all over downtown isn’t working either.

I’m fine if we pivot our downtown/quarters to try to make it more like Oliver/Strathcona, accepting that the density and commercial towers just won’t ever meet demand. But we can’t “forget downtown”.

Let’s plant a ton more trees, get a ton of 5 over 1s and townhomes going. And let that be Edmontons unique approach, a more green, quieter, residential, and pleasant core vs the concrete/glass/busyness of most downtowns.
 
thommyjo said:
I’m fine if we pivot our downtown/quarters to try to make it more like Oliver/Strathcona, accepting that the density and commercial towers just won’t ever meet demand. But we can’t “forget downtown”.

Let’s plant a ton more trees, get a ton of 5 over 1s and townhomes going. And let that be Edmontons unique approach, a more green, quieter, residential, and pleasant core vs the concrete/glass/busyness of most downtowns.
Click to expand...
I can get behind that.
 
thommyjo said:
This is so annoying. Bro. Look at the perceptions of our city…. Look at our tax bases….look at local businesses struggling.

No one is trying to make us Toronto. But empty plots of land all over downtown isn’t working either.

I’m fine if we pivot our downtown/quarters to try to make it more like Oliver/Strathcona, accepting that the density and commercial towers just won’t ever meet demand. But we can’t “forget downtown”.

Let’s plant a ton more trees, get a ton of 5 over 1s and townhomes going. And let that be Edmontons unique approach, a more green, quieter, residential, and pleasant core vs the concrete/glass/busyness of most downtowns.
Click to expand...
Over the years, they have planted a lots of trees downtown. Many have died from neglect or vandalism and some of the successful ones have been torn out when the next bright idea to redevelop something came about.
 
IMG_1908.png

Not sure what a “run of buildings just on the cusp of making sense,” means? Does this mean NEW construction OR sales of pre-existing?
 
Took this data from the YYC site - the April housing starts across Canada.
Edmonton has highest number of townhomes of any city.
We're also the only major city that has SFH as its highest segment of new housing being built. I think I've heard concerns from some in development industry that Edmonton shouldn't be limiting SFH but clearly in April it's the place in Canada where the most are being approved - and does that help us meet some of the goals we have as a city (density, environmental and financial sustainability, getting to 50% active transportation/transit as mode share)?

Screenshot_20240516_084648_Chrome.jpg
 
Once again, wtf is going on in Ottawa and Montreal to have such lower numbers.

I'd probably argue a significant chunk of our rowhomes are infills as well, on top of them being built in the suburbs. I'm starting to see infills just pop up everywhere now.
 
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