[archited]

 

[David A]

COVID and the oil price collapse did hit Alberta and Edmonton hard. While the effects are still lingering, I think it would be a mistake to focus on the past too much, especially unusual or one time events, to forecast the future.

It might not be evident to everyone yet, but I think a strong recovery will be happening.

 

[archited]

^^^^ I think it is quite evident to all but a few.

 

[IanO]

^there is momentum building and stars aligning, but the central condo market (although improving) is still lagging.

 

[_urbanite]

Edmonton could be headed toward housing supply shortage, real estate industry leaders warn

Based on this article, we should see a rebound in the condo market. Not all immigrants will be in a position to buy SFH's, so at some point new condo demand will increase, especially if new SFH prices continue to climb like they have. Out of province buyers will be priced out of that market too at some point

I predict in the later half of 2023 we will see at least some smaller scale developments get announced.

 

[archited]

^there is momentum building and stars aligning, but the central condo market (although improving) is still lagging.

Let's mark this as the point in time when "the shift" begins -- not quite there yet, still lagging -- but definitely moving in the direction of "when the shift hits the fan"!

 

[David A]

This from today's news in the Edmonton Journal:

Edmonton real estate resales fall after months of high demand

Slowing sales and more inventory coming on sees the market leaning toward balanced conditions.

edmontonjournal.com

"Apartment condominiums saw the fastest pace of sales increases, growing by 27 per cent, year over year. In turn, the average price reached about $237,000 in April. That’s up about three per cent from the same month last year."

There is inventory to work through, but increasing interest rates will shift demand to back to condominiums. It is already more pronounced happening in other Canadian cities, but the same trend is starting here.

 

[IanO]

Year over year is a bit of a grain of salt right now... but good to see.

 

[jason403]

I figured this one would be occupied around now. Any word if occupancy has begun, or is about to shortly?

 

[IanO]

Their most recent communique spoke about tours of units, so I have to think very soon.

 

[_urbanite]

Lol that parkade will never become a green space.

AHS had plans to refurbish it last I heard. If it's ever demolished, it will likely be sold as a multi-family development site

 

[IanO]

I believe they were refurbishing it or did a few years ago now.

No green space hahaha.

 

[Stevey_G]

. Sales guy claimed it might become a green space one day.

 

[KreationYEG]

 

[northlands]

Lol that parkade will never become a green space.

AHS had plans to refurbish it last I heard. If it's ever demolished, it will likely be sold as a multi-family development site

That would be real surprising IMO. There isn’t much going on at the General besides hospice and dialysis and I can’t see there being any expanded programming going to happen there given the age of the facility. There’s ample parking out front and I’ve never seen that parkade more than 1/3 full. I’d say there’s a better business case for tearing it down and just paving it flat.