What do you think of this project?

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I wonder if the dt/central condo market is picking up? Maybe people are starting to opt to buy again instead of rent with lower interest rates again.
 
thommyjo said:
As is mercury block, hat at 122, and citizen.

I wonder if the demand is softening? Or maybe just end of school year turnover?
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Demand is definitely softening with a lot of supply coming on, let alone the annual student thing.
 
Kosy123 said:
Could just be a case of a lot of rentals coming into the market at the same time period. Or incentives to fill up spaces since the developers want to go ahead with upcoming new projects. If I remember correctly, Mercury Block did their cheap rental incentives for that exact purpose.
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Yes. There has been an exceptional number of new rental units centrally located built these past five years, yet there are only so many in Edmonton who want to live downtown, and moreover, who want to/can afford to pay premium rental pricing in these new builds. Especially when there are lots of other somewhat comparable older units renting for 20-30% cheaper.

Lately I think it's a bit funny how we on this forum hope these buildings rent out quickly, but I'd be shocked if more than a couple regular members here live in any project posted here that's been built in the last five years. I know I sure don't 💀
 
Oliver_William said:
Hello. I can tell you that because Leston bought my condo building to convert to rentals I am looking for a new condo. I have put offers on three places and have been outbid each time with offers going over asking and according to my real estate agent the condo market is quite healthy right now.
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Which building did they buy? I'm curious because a couple people I know also had offers from companies to buy them out of their buildings recently
 
Oliver_William said:
Hello. I can tell you that because Leston bought my condo building to convert to rentals I am looking for a new condo. I have put offers on three places and have been outbid each time with offers going over asking and according to my real estate agent the condo market is quite healthy right now.
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Yes and they aren't building new condos much if at all, now. So anyone who took Economics 101, should know what steady or a bit more demand plus less supply will lead to.
 
northlands said:
Yes. There has been an exceptional number of new rental units centrally located built these past five years, yet there are only so many in Edmonton who want to live downtown, and moreover, who want to/can afford to pay premium rental pricing in these new builds. Especially when there are lots of other somewhat comparable older units renting for 20-30% cheaper.
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That's how it works. New stock comes online and it (in a healthy market) puts downward pressure on older stock. That pressure doesn't exist if there's not enough homes. Lots of new inventory will help. If we were actually serious about this as a nation, the feds would build inexpensive public housing starting in the highest cost areas to dump loads of wildly competitive housing into markets. The market itself won't sort this out.
 
supaflyryguy said:
That's how it works. New stock comes online and it (in a healthy market) puts downward pressure on older stock. That pressure doesn't exist if there's not enough homes. Lots of new inventory will help. If we were actually serious about this as a nation, the feds would build inexpensive public housing starting in the highest cost areas to dump loads of wildly competitive housing into markets. The market itself won't sort this out.
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While it varies from city to city, location to location and by types of housing, in general we are not building enough new housing in Canada now and haven't been for quite a while.
 
I would be in programs that help disperse people amongst different geographic areas of the country rather than having such concentration on 2 or 4 markets.
 
northlands said:
Yes. There has been an exceptional number of new rental units centrally located built these past five years, yet there are only so many in Edmonton who want to live downtown, and moreover, who want to/can afford to pay premium rental pricing in these new builds. Especially when there are lots of other somewhat comparable older units renting for 20-30% cheaper.

Lately I think it's a bit funny how we on this forum hope these buildings rent out quickly, but I'd be shocked if more than a couple regular members here live in any project posted here that's been built in the last five years. I know I sure don't 💀
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I’ve lived in 2 new rentals before buying an infill for us having kids and desiring to have a basement rental to supplement our household income. In most cities, there aren’t a massive number of people who live centrally long term. But it’s quite common for many people in their 20s to live centrally for a season. In Edmonton, that’s been less common, but I think is growing as a trend. And it’s a good thing as it familiarizes people with the core, even if they don’t stay long term.

And as housing prices rise, a lot less people will be jumping from their parents straight into buying their own place at 26/27/28. Instead people will be renting for longer, so the demand will likely grow.
 
If the length of time is longer, some people may also decide to buy a condo instead of renting to get into the real estate market and build equity, especially if prices continue to go up here.
 
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