IanO
Superstar
Pretty sure they use it now and have been for some time, this is just making it legal?
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- Thread starter Daveography
- Start date
policyenthusiast
Senior Member
A few updates. A rent-to-own company from Ontario is coming to Edmonton, with plans to buy a large amount of our affordable homes and then sell them at a premium through a rent-to-own model. Appreciation of 5% annually is added regardless of market shifts.
A private equity fund (I think it's called Twenty8 capital) is buying up majority interests in Edmonton condo corporations which are struggling to maintain fiscal health. They can use the majority interest to force the remaining owners to sell, even at a loss. They can also dissolve the condo corporation (after liquidating the held capital) and turn it into rentals. This is mostly happening with low-rises and in Downtown, from capital being redirected out of Toronto and Vancouver, and into Edmonton and Winnipeg.
Downtown's overall market is still in a decline (or more optimistically, stable), as of Q3.
Mark my words, in 3 years we will lament the loss of the current prices you see in Edmonton's market. Many more Edmonton residents will be tenants of Ontario landlords, and it will be much harder to own a home in the City as a young professional. I am concerned, and I don't expect any legislation will come forward to stop the change on the horizon.
A private equity fund (I think it's called Twenty8 capital) is buying up majority interests in Edmonton condo corporations which are struggling to maintain fiscal health. They can use the majority interest to force the remaining owners to sell, even at a loss. They can also dissolve the condo corporation (after liquidating the held capital) and turn it into rentals. This is mostly happening with low-rises and in Downtown, from capital being redirected out of Toronto and Vancouver, and into Edmonton and Winnipeg.
Downtown's overall market is still in a decline (or more optimistically, stable), as of Q3.
Mark my words, in 3 years we will lament the loss of the current prices you see in Edmonton's market. Many more Edmonton residents will be tenants of Ontario landlords, and it will be much harder to own a home in the City as a young professional. I am concerned, and I don't expect any legislation will come forward to stop the change on the horizon.
policyenthusiast
Senior Member
And one more thing I forgot to note - this was a record sales year for Downtown. This doesn't count off-market sales, like condo corporation buyouts. Change is coming fast, we're talking months rather than years to see major market shifts.
VaultBoy
Active Member
Do we know what happening with the lots on both ends of the new park?
David A
Senior Member
When compared to most other places prices for condos in particular do seem out of line here, so it would not be a surprise if someone from elsewhere picks up on this first.
I feel people here are just so used to how things are and because they have been this way for a long time now, there is no sense of urgency and even an expectation they will remain the same.
However, they are they way they are partly because of unique local factors and more general economic ones that can and will change at some point.
ChazYEG
Senior Member
Between Jasper Ave and 102 Ave, Westrich has a building proposed on 106 St, so there's only one lot available, just south of it. On 108 St there one building approved for the east side (forgot the developer) just north of The Parks, west side of the road is all Westrich (Lotus and Lilac).
On Jasper Ave, The Parks tower 2 is the only thing we have proposed so far. The lot beside Boston Pizza is unlikely to get developed anytime soon. On 102 Ave, we probably won't see anything proposed or built until the LRT construction advances further, as no one will open a new building with that still under contruction.
archited
Senior Member
On 106th street Westrich owns the southernmost lot across the street from the park and Autograph owns the property north of it (106 Street + 102nd Avenue). Both have development concepts in the works. With the time lag between Concept development, Permit review stages and construction all in effect, any new project in the area would now match the completion time for VLW -- so the time is ideal for new concept development.
degrandprix
Active Member
I think VaultBoy was referring to the small park that Norquest just built on 109 street. I think it opened just before the snow so no one really knows its there!
VaultBoy
Active Member
MacLac
Senior Member
Exactly, what are the Major DP's for both lots.....only Ian knows the answers.....
IanO
Superstar
I do not. But both are development sites for Norquest per their long-term plan.
archited
Senior Member
There has been nothing in terms of tangible architecture brought forth for the 2 sites on either side of the park. There have been some "use" concepts but they have not been defined in architectural terms. @StoneCutter099 is the person I would defer to in terms of valid updates re all things NorQuest.
_urbanite
Senior Member
This is who I mentioned was behind the recent acquisition of Hillside Estates on 104 street a few weeks back. Not going to go too much into details, but some shady **** went on there.
These guys are clowns
ADob
Active Member
Is that even legal? Don't owners have protection from that type of scheme?
bodsbods9090
Senior Member
The UCP will look the other way and somehow use the NWC to help Twenty8 Capital out...