[cmd uw]

^ 220k net new residents in the past four years and I don't think even 1% of that growth wound up downtown.

You know they also build condos outside of downtown...and even then there is veeeeery little of that product.

 

[cmd uw]

There's always a justification from people on this. Fact remains this is a very bad sign on Edmonton infill.

How so? Aside from Vancouver and Toronto there really hasn't been that much condo product developed in other major markets compared to rental. I will agree that Edmonton seems to be an outlier in this regard and I can't figure out why considering there was a small, but steady, condo market for decades up until about 2014/15 and then it just dropped off a cliff. A lot of this can be tied to affordability and that a large portion of buyers can still afford house (whether its a single, semi or fee simple town). Pricing has to increase more to push more people to look at condo product, similar to what has happened in Calgary over the past 2 years.

 

[David A]

Some of it is Edmonton specific, but demand for condos now is problem elsewhere in Canada very much so too, prices have recently fallen in Toronto by up to 30%. Again, part of our problem was timing, when interest rates were low it led to a condo boom.

However, at that time unfortunately people were either leaving Edmonton or the population was growing more slowly. Lets not forget the big oil price drops in Alberta happened from around 2015 to 2021 which was around the same time interest rates were lower. So we didn't have a condo boom then and of course there is no condo boom now either. If interest rates come down more, there will probably be more demand for condos here and elsewhere.

 

[Wax]

https://www.cbc.ca/news/canada/edmonton/derelict-properties-update-demolition-9.7066563

At the bottom it mentions city admin will look into possibly creating a tax for vacant commercial lots. ( I think im reading that right)

 

[ADob]

Yes, please!

 

[kcantor]

https://www.cbc.ca/news/canada/edmonton/derelict-properties-update-demolition-9.7066563

At the bottom it mentions city admin will look into possibly creating a tax for vacant commercial lots. ( I think im reading that right)

Is a lot approved for surface parking a vacant lot?

If the answer is yes, this will just result in more parking lots even if the approval is for a temporary period in order to reduce the financial hardship of owning it.

Of the is no, this will either generate a nominal amount of additional revenue from those owners who don’t want to sell and can afford the added cost or they will be forced to sell at lower and lower prices in order to generate a sale and the resulting reduction in values will reduce the taxes the city currently receives.

It also needs to be more that the reduction in value would apply for all similar parcels, not just those that sold, so the net to the City will likely be a considerable deficit even with the penalties received as part of the equation.

 

[Oilers99]

Edmonton retailers favour the suburbs, CBRE report finds

A recent CBRE report highlights changes to Edmonton's retail landscape, particularly in downtown with shake ups in building names and occupation.

edmontonjournal.com

 

[Yeggy]

Tell that to all the people that own in fox, ultima, encore, etc.

Comparing a specific property to city wide aggregate numbers like they are the same is flawed.

There are always winners and losers in the broader market, but you knos this and are only acting cute.

 

[Yeggy]

There's always a justification from people on this. Fact remains this is a very bad sign on Edmonton infill.

As we post national record amounts of in fill building and population increases whilst other major cities see population decline.

You are being overly negative and are hard to take seriously.

 

[Yeggy]

No it is an Edmonton specific problem, when you have an influx of new residents and no new projects and prices decline. Ultima, Fox, Encore were all presold prior to the influx of new people. Westrich did not do another condo tower and Langham converted Falcon from condo to rental. I'm not sure how much more data people need to see, numbers do not pencil in Edmonton the way people think they do. Furthermore, downtown rental buildings have been very sluggish on absorption and new projects are not being green lit.

except there have been new projects green lit and arent we about to see new student housing start to be built?

I have no idea whats up with your bias towards rentals/renters.

 

[Oilers99]

Comparing a specific property to city wide aggregate numbers like they are the same is flawed.

There are always winners and losers in the broader market, but you knos this and are only acting cute.

How am I acting cute? I picked the last for sale condo projects in downtown Edmonton?

 

[Oilers99]

except there have been new projects green lit and arent we about to see new student housing start to be built?

I have no idea whats up with your bias towards rentals/renters.

I have no bias toward renters, a healthy market has condo projects as well. But I said we don’t have any new downtown rental projects either?

 

[Oilers99]

As we post national record amounts of in fill building and population increases whilst other major cities see population decline.

You are being overly negative and are hard to take seriously.

Okay don’t take me seriously, the development community is showing what I am saying.