^there has been no new tower for residential construction erected in the dt core in the last several years.
A tug-of-war over downtown development saw city council and advocates for property developers trade stances over the best way to spur home construction in Edmonton's core.
www.ctvnews.ca
Puneeta McBryan, chief executive officer of Edmonton's Downtown Business Association, told the executive committee while tens of thousands of new units are being built across the city, there have been no housing starts downtown in the last two years.
"If we don’t do anything to make sure that residential development happens, we are building a donut city," McBryan said, adding that while construction costs in Edmonton are about the same as those in Calgary and Victoria, rents on finished housing in the latter two cities "are double or, in some cases, triple."
"The math simply doesn’t work right now for downtown Edmonton," she said. "The land is too expensive, the property taxes are too high, and then building costs and everything else."
Kalen Anderson, the director of the Urban Development Institute - Edmonton Metro, which lobbies governments on behalf of the land development industry, said the city's downtown is struggling mostly due to increasing commercial vacancy rates as well as "a lack of private sector financial viability to support new residential development."
also:
https://www.chrc-ccdp.gc.ca/resourc...ed-unaffordable-rents-evictions-and-long-term