[policyenthusiast]

On the residential side, 2024 seems to have ended well for home owners and sellers in Edmonton.

Average price for a home in Edmonton area climbs to $540K in 2024

The average price of a detached home in and around Edmonton rose to $540,000 in December marking a 10.6 per cent overall increase in 2024.

edmontonjournal.com

19.8% YOY increase in condo values. Calgary prices, here we come.

 

[TAS]

19.8% YOY increase in condo values. Calgary prices, here we come.

Does that mean the increase in property taxes that a growing number of home owners will be paying has as much or more to do with the increasing value of their homes?

 

[policyenthusiast]

Does that mean the increase in property taxes that a growing number of home owners will be paying has as much or more to do with the increasing value of their homes?

Depends on if the MLS home price changes will be reflected by tax assessments... I think.

It's hard to understand what you mean by this sentence.

 

[Barnaby]

Central Edmonton SFHs are ridiculously underpriced in some areas. I expect areas like Highlands, Parkdale, and McCauley to be popular with young families.

The numbers also work exceptionally well for higher density infills.

 

[policyenthusiast]

Central Edmonton SFHs are ridiculously underpriced in some areas. I expect areas like Highlands, Parkdale, and McCauley to be popular with young families.

The numbers also work exceptionally well for higher density infills.

I think that's on the docket, but one obstacle is that there is buyer hesitation because no one is entirely sure how the Valley Line LRT will affect property values. I've seen homes near new LRT stops selling at 75-100k below normal market value. Regardless of all the factors holding down SFH prices in some of the less-spoken-of neighborhoods, the price turnaround can happen fast.

Oliver used to be one of the most affordable neighborhoods, now you can seldom find a 2-bedroom condo listing under $250,000. That change happened in less than 2 years.

 

[David A]

I think that's on the docket, but one obstacle is that there is buyer hesitation because no one is entirely sure how the Valley Line LRT will affect property values. I've seen homes near new LRT stops selling at 75-100k below normal market value. Regardless of all the factors holding down SFH prices in some of the less-spoken-of neighborhoods, the price turnaround can happen fast.

Oliver used to be one of the most affordable neighborhoods, now you can seldom find a 2-bedroom condo listing under $250,000. That change happened in less than 2 years.

Yes, it can happen quickly. I think people had been warned over the last year this could happen, but prices had been fairly stagnant here for quite a while so some didn't believe this would happen.

Although it is still relatively affordable here compared to most other big cities in Canada. Apparently you can now get a couple of parking spots in a Vancouver condo for $250,000.

Two parking spots listed for $250,000 in downtown Vancouver (PHOTOS) | Urbanized

A cool quarter million dollars can get you this spacious two-car garage in a downtown Vancouver apartment building.

dailyhive.com

 

[Gronk!]

Semantics around subsidies won't stop city, developers from building homes

While Edmonton's mayor says home builders are getting too many handouts and that it needs to change as the city grows, the main advocate for the industry finds the position "baffling" and says developers don't see any subsidies. But both sides say they share a common goal.

edmonton.ctvnews.ca

 

[Barnaby]

Semantics around subsidies won't stop city, developers from building homes

While Edmonton's mayor says home builders are getting too many handouts and that it needs to change as the city grows, the main advocate for the industry finds the position "baffling" and says developers don't see any subsidies. But both sides say they share a common goal.

edmonton.ctvnews.ca

Kalen Anderson is being incredibly disingenuous. There is zero chance she doesn't know exactly what the City means in reference to subsidizing sprawl. Development fees in new areas absolutely need to be higher. And there is a sustainability argument toward having sprawl penalty fees that remove costs to developers helping with infill/substantial completion.

This crap isn't financially sustainable.

I will take my shots at Janz, but he's completely correct when it comes to sprawl, building code, and zoning reform (land use deregulation).

 

[TAS]

Kalen Anderson is being incredibly disingenuous. There is zero chance she doesn't know exactly what the City means in reference to subsidizing sprawl. Development fees in new areas absolutely need to be higher. And there is a sustainability argument toward having sprawl penalty fees that remove costs to developers helping with infill/substantial completion.

This crap isn't financially sustainable.

I will take my shots at Janz, but he's completely correct when it comes to sprawl, building code, and zoning reform (land use deregulation).

As well, Kalen Anderson said:

--- "The development industry is not looking for subsidies from the government, nor have we ever been seeking that outcome," Anderson said. ---

Umm, wasn't Anderson in city council chambers in 2024 asking the city to provide $100/sqft subsidies to developers for office conversions and new dt towers?

Or am I misterpreting what that was?

 

[IanO]

I'm fine with incentives so long as the ROI is demonstrated.

 

[Barnaby]

I'm fine with incentives so long as the ROI is demonstrated.

Yes. Infill development has a net positive ROI.

Unit development fees in the CBD should be $0, the difference in cost can be eaten by increasing fees in new areas that are adding to sprawl.