What do you think of this project?

  • Total voters
    69
IanO said:
We need single fam to increase by about 15-20% more to see much condo action as the delta is too small and we are too cheap of a city for housing at the moment; a blessing and a curse.
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At the rate things are going, good luck.

That won't happen any time soon here, unfortunately.
 
yeggator said:
Speaking as a 20-something who doesn't own real estate: Excuse me, "unfortunately"? 😒
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I live out in one of those sprawling subdivisions. It's what my wife and I wanted and we are happy to have that option.

But I also want to see our downtown thrive too.

I may have misread IanO's post but by single family did you mean houses out in places like Cavanagh or Trumpeter? Or did you mean downtown?
 
yeggator said:
Speaking as a 20-something who doesn't own real estate: Excuse me, "unfortunately"? 😒
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It does seem like a common claim here is something along the lines of "we won't see a lot of new construction (e.g. of nice buildings) until rents and/or prices go up by a certain about (e.g. 20%)." This would be very unfortunate if true, because it would imply that we can't have both affordability and high quality construction. It does leave me wondering how hard that trade-off is. I'm sure economics are part of why Edmonton has so much shoddy construction, but I also have the vague sense that part of it is cultural.

A good balance might involve high rents/prices in more desirable neighborhoods + a wide availability of cheaper stock in other neighborhoods, but I don't know if we'll be able to manage that.
 
Kosy123 said:
If every higher priced multi-unit rental that’s been recently built downtown is doing well, I think it’s safe to say there’s a pretty significant demand to live downtown. ,
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With this and Stationlands doing well, I’m cautiously optimistic for our downtown. The Parks isn’t doing bad either I think?
 
Garceyues said:
With this and Stationlands doing well, I’m cautiously optimistic for our downtown. The Parks isn’t doing bad either I think?
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It isn’t, it’s probably going to take longer than the other ones but it’s got like 300+ units, it’s a chonky tower. Idk every single time we think it’s going to take a bit longer to fill up, the market proves us wrong (thankfully).
 
Great news about this tower filling up fairly quickly. Now for the CRUs 👌

August should be a major lease up month for The Parks for all the incoming MacEwan and Norquest students. I'd be curious to see their leasing stats... still very very few lights on in the evening visible from the east side.
 
northlands said:
Great news about this tower filling up fairly quickly. Now for the CRUs 👌

August should be a major lease up month for The Parks for all the incoming MacEwan and Norquest students. I'd be curious to see their leasing stats... still very very few lights on in the evening visible from the east side.
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I know some UofA students who have been considering both the Parks and the Falcon given the proximity to the LRT.
 
David A said:
I really doubt how condos are faring in Toronto where prices are still around 4 times higher than here will have much impact on Edmonton and unlike Calgary very few condo's have been built centrally or elsewhere here in the last 5 years.
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It has a huge impact cause many of the new projects in Calgary are 25-50% investors buying the units. And a good chunk of those are people out east.

But as their condo market has fallen off a cliff, people will be in big trouble as term renewals come up due to plummeting values. Or all the pre-con stuff coming online at 20% less than pre sale value. A lot of investors will be in survival mode, not, “let’s buy new condos in prairie markets”.

And without the outside investor money, I don’t think you can sell 200+ unit buildings here.
 
Investors (especially the rich foreign kind) are almost single-handedly responsible for driving prices through the roof in key North American cities (and several elsewhere as well). "Billionaire's Row" in NYC has almost tipped that city into the unrecoverable stage from an affordable housing standpoint. To a lesser extent, but still damaging to livability standards, the same has happened in Toronto and Vancouver. It is my hope that they stay away from Edmonton altogether. The "big chill" factor is working positively for Edmonton in this case. The phenomenon does nothing for densification; just the opposite in fact.
 
thommyjo said:
It has a huge impact cause many of the new projects in Calgary are 25-50% investors buying the units. And a good chunk of those are people out east.

But as their condo market has fallen off a cliff, people will be in big trouble as term renewals come up due to plummeting values. Or all the pre-con stuff coming online at 20% less than pre sale value. A lot of investors will be in survival mode, not, “let’s buy new condos in prairie markets”.

And without the outside investor money, I don’t think you can sell 200+ unit buildings here.
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Whatever is happening in Toronto or Calgary, I'm not aware of any such 200 unit condo buildings planned or happening here now.
 
David A said:
Whatever is happening in Toronto or Calgary, I'm not aware of any such 200 unit condo buildings planned or happening here now.
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That’s my point. No one will propose condos here because they won’t hit the presale numbers they need. Part of the reason is local hesitation to condos, but another is a lack of out of province investor interest due to condo gluts elsewhere.

The 8plexes though? Lots of BC/ON investors getting in on those due to shorter timelines and better returns.
 
I don't think Edmonton was ever geared towards building condo's for investors as Toronto (and to a much lesser extent) Calgary was.

So what I was trying to say is whatever is happening with that there is really irrelevant here. It neither makes condo development more or less likely here.
 
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