archited
Senior Member
There are 22 factors that go into the economics of "build" or "don't build" -- don't be fooled by over simplicity.
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Edmonton Real Estate Market
- Thread starter Daveography
- Start date
BASE
Active Member
One of those wild stats. In first half of 2024 Edmonton saw the most home sales of any market in the country https://edmontonglobal.ca/news/edmonton-leads-in-housing-metrics/
Avenuer
Senior Member
That is actually crazy - surprised we haven't seen similarly wild market appreciation...yet. I am glad I bought when I did, who knows what the competition is like out there now for house purchases.
David A
Senior Member
This is one of the main reasons we are not seeing more construction of multi family downtown and elsewhere right now, SFH prices here are still affordable compared to elsewhere.
Also, several years ago there were people leaving here and fairly high vacancy, which has come down a lot since, but again we are still in a better position than elsewhere.
Platinum107
Senior Member
Wow, I love that by the time I want to buy/rent in a few years, even Edmonton will be expensive and competitive 
Time to look in Winnipeg or Saskatoon!
For real though, I want more multi-family infill but if that only happens because everything gets 25% more expensive, that's gonna be rough for a lot of people.
Time to look in Winnipeg or Saskatoon!For real though, I want more multi-family infill but if that only happens because everything gets 25% more expensive, that's gonna be rough for a lot of people.
policyenthusiast
Active Member
The good news is that Edmonton is one of the only municipalities that has consistently increased housing starts, without a recent drop. A lot of chatter at real estate and development conferences use Edmonton as a case study in city administration.Wow, I love that by the time I want to buy/rent in a few years, even Edmonton will be expensive and competitive
For real though, I want more multi-family infill but if that only happens because everything gets 25% more expensive, that's gonna be rough for a lot of people.
The bad news is that our strategic direction is attracting so much investment and population that it's creating a risk of displacing locals, particularly those in single-family homes.
Platinum107
Senior Member
I don't believe Edmonton's market is ever going to be like Calgary, and that's not necessarily a bad thing. Edmonton is setting itself up for a more natural growth pattern city-wide, and that means better urban form across the city rather than just in downtown and central area nodes.
David A
Senior Member
It may be premature for the political class to give themselves too much credit and pat themselves on the back too hard. It is easier to relax zoning rules in an environment with moderate demand, but when that increases there are more conflicts and issues.
Platinum107
Senior Member
Edmonton has definitely been a trendsetter and I'm so proud of us for that. Going further is going to be important in the near future, though, and I believe Edmonton will look at more forward-thinking policies such as single-egress buildings. They are less expensive to build and have flexible floorplans, which is super important if we wanna see more affordable 3-bedroom units being built.
Only thing is, the province would have to change the building code and idk how likely that is to happen
policyenthusiast
Active Member
You'll probably see that happen soon, BILD Edmonton Metro's advocacy on single-egress buildings has gotten quite a lot of traction.Edmonton has definitely been a trendsetter and I'm so proud of us for that. Going further is going to be important in the near future, though, and I believe Edmonton will look at more forward-thinking policies such as single-egress buildings. They are less expensive to build and have flexible floorplans, which is super important if we wanna see more affordable 3-bedroom units being built.
Only thing is, the province would have to change the building code and idk how likely that is to happen
Changes to the Building Code aren't that uncommon, we just had a change to fire wall requirements between units a couple months ago. That was from BILD Alberta.
kcantor
Senior Member
If rents are non-economic and little continues to be built as a result, your friends and kids might be able afford things but there won’t be anything available for them to rent.
thommyjo
Senior Member
Ideally a lack of building would drop prices for labour and materials if the supply/demand of economics works. But obviously that’s not happened elsewhere. So idk the solution. But rent being 45-65% of the average person’s take home surely isn’t sustainable
David A
Senior Member
The people who move into the more expensive nice newer buildings will create space in decent older buildings for other people to rent at more affordable rates. So new construction is not a bad thing at all, even if the price is higher.
Stevey_G
Active Member
In theory yes; but a man's gotta eat Julien.
Stevey_G
Active Member
It's amazing how immigration without check, and a lack of rules regarding F.D.I. can throw the sustainability of a market out of whack eh?
All signs of a real economy that died around the time of 2008.