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Edmonton Real Estate Market

https://myemail.constantcontact.com...rmits.html?soid=1127191170163&aid=p1yRf-_5Q4w

a03862e3-2964-43c1-a6fc-156cefd8331e.png


We might see this turbocharged if the BoC actually drops rates by 50 bps next week. Hopefully that jolt finally gets some multifamily developments in the core started or sped up, especially downtown.
 
Kosy123 said:
https://myemail.constantcontact.com...rmits.html?soid=1127191170163&aid=p1yRf-_5Q4w

a03862e3-2964-43c1-a6fc-156cefd8331e.png


We might see this turbocharged if the BoC actually drops rates by 50 bps next week. Hopefully that jolt finally gets some multifamily developments in the core started or sped up, especially downtown.
Click to expand...
Automated development permits have sped up the P&D office, but multi-family development permits are still taking an average of half a year to get approved. That's before considering the time for admin work, construction, and time on market.

Still, any interest rate drop or reduction in debt servicing expenses is good for (almost) everyone.
 
From Taproot:

The City of Edmonton is on track to set an all-time record for housing starts and residential building permits, with housing starts up 48% and approved permits up 62% so far in 2024 compared to the same period in 2023. Apartments, row houses, mixed-use houses, secondary suites, and backyard houses make up 68% of Edmonton’s total permitted residential units so far this year, which is about 21% higher than a decade ago. Edmonton accounts for 6% of housing starts in Canada so far this year, while making up just 2.5% of the country’s population.
 
Kosy123 said:
https://myemail.constantcontact.com...rmits.html?soid=1127191170163&aid=p1yRf-_5Q4w

a03862e3-2964-43c1-a6fc-156cefd8331e.png


We might see this turbocharged if the BoC actually drops rates by 50 bps next week. Hopefully that jolt finally gets some multifamily developments in the core started or sped up, especially downtown.
Click to expand...
Sharply rising rates have been put forth a number of times as a major reason for there not being many larger multi family developments in the core, so if that is the case then interest rates coming down should help a lot.
 
David A said:
Sharply rising rates have been put forth a number of times as a major reason for there not being many larger multi family developments in the core, so if that is the case then interest rates coming down should help a lot.
Click to expand...
Yup! I remember reading that on here too, and during the downtown housing grant discussions when it got brought up to council as well. Here's hoping because we need new developments to speculate on this forum.
 
Between borrowing rates going down (again next week), rents going up and population forecasts looking good, the math now makes good sense and it's time for developers to get off the pot and start proceeding with some signature projects in our dt! 🙏

Note: I have no data to make this claim. I just want it to be true.
 
TAS said:
Between borrowing rates going down (again next week), rents going up and population forecasts looking good, the math now makes good sense and it's time for developers to get off the pot and start proceeding with some signature projects in our dt! 🙏

Note: I have no data to make this claim. I just want it to be true.
Click to expand...
1729201206810.png

Note: This chart has not been peer-reviewed.
 
TAS said:
Between borrowing rates going down (again next week), rents going up and population forecasts looking good, the math now makes good sense and it's time for developers to get off the pot and start proceeding with some signature projects in our dt! 🙏

Note: I have no data to make this claim. I just want it to be true.
Click to expand...
🤞 🤞
 
Unfortunately, rents are still 15-25% low and construction costs too high to see more than a couple concrete high-rise in the foreseeable future.
 
IanO said:
Unfortunately, rents are still 15-25% low and construction costs too high to see more than a couple concrete high-rise in the foreseeable future.
Click to expand...

I hope we don't see any high rises then. Having people have to pay another 25% on top of what rents are currently means many people will be paying a lot more than 30% of their income just on rent if we want them to choose dt. And what are the developers of many of these towers providing to their residents for the 450-700 sqft of priviledged space? A lot of empty retail bays, that's what.

Let's get those wood framed dt condos coming. Or maybe the suburbs are looking better.
 
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TAS said:
I hope we don't see any high rises then. Having people have to pay another 25% on top of what rents are currently means many people will be paying a lot more than 30% of their income just on rent if we want them to choose dt. And what are the developers of many of these towers providing to their residents for the 450-700 sqft of priviledged space? A lot of empty retail bays, that's what.

Let's get those wood framed dt condos coming. Or maybe the suburbs are looking better.
Click to expand...

It would put us on par with Calgary.
 
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