Urban living in Edmonton

[Mikemike]

And the few townhouses we have don't do it well. Almost all of them are a narrow strip sideways on a corner lot with just 10' of back yard, and most of them the whole front yard is a driveway that's too steel to play on or even use as a patio.

We've got friends in Toronto who have a downtown rowhouse that's easily as narrow as anything here (guessing 16-18') but built on a lot that's closer to 100' deep than 50. So they have a little front garden, a back yard that's 20-25' deep and an oversized single garage on the lane.

That's what I hope most of Blatchford and now Northlands can be full of, but it's too late for downtown.

[feepa]

^ I have one of those new homes with a rear-lane, and yes, there isn't much room like your old 50-90's huge backyards, but kids have lots of room to play still. Room for a sandbox, swings, etc. if those are so desired, but lots of park space and playgrounds near by - proper space for kids to enjoy, much more than the reflecting pool at the ledge.

[240glt]

Edmonton in general is very family friendly. Downtown not so much but really I don't see why it needs to be. Families are not clamoring to move down there and you get much more space and value in any other neighborhood really. If people want to do it great. I've got friends raising kids in apartments in the west end in Vancouver. But most of my friends who've had kids have long abandoned their urbanist ideals for more practical living arrangements. I certainly don't want to see the city investing a bunch of time and effort trying to convince people to do something that they have no intention of doing

[Coldrsx]

What most seem to be oblivious to is that designing an inclusive, i.e. family friendly, Downtown is good for everyone.

[Regina Boi]

Hi guys!

I will be moving to Edmonton next month and will begin the process of finding a condo to purchase. I was wondering if I could get some help from you all???

Long story short, I hate the thought of throwing money away on rent each month, but I also will not have a lot of money to spend. Ultimately, I would love to stay under $180,000 for a 1 bed.

I want to stay away from buying a car if possible for the time being, so an area with good transit to downtown is very important. I would also like to live in an area where there is the potential for decent appreciation. I see there are so many condos on the market right now. Are there any good up and coming neighbourhoods that I should be focusing on? If at all possible, I would love to live in a more urban area rather than the suburbs.

Thanks for the help!!

[Mikemike]

Where will you be working? That's the most important factor if you want to avoid car expenses.
Do you want LRT only or not mind buses? What about a longer walk to avoid transit?
Are there any other places you expect to visit often??

[Coldrsx]

I would honestly rent somewhere in McKay Avenue, Grandin or Oliver. Old Strathcona has a lot of walkup rentals with great amenities nearby.

That said and as mentioned above, working/learning where?

[feepa]

throwing money away for a rental might be worth, especially if short term. Consider the legal fees and realtor fees involved in buying and potentially selling later.

[240glt]

Originally Posted by feepa

throwing money away for a rental might be worth, especially if short term. Consider the legal fees and realtor fees involved in buying and potentially selling later.

Also considering the softening real estate market that is expected to continue, especially in the condominium market, renting might be a better idea if they're not sure they'll be in the same place for a fairly long period of time.

[Regina Boi]

Originally Posted by 240glt

Also considering the softening real estate market that is expected to continue, especially in the condominium market, renting might be a better idea if they're not sure they'll be in the same place for a fairly long period of time.

Wow, so the market is still moving downward? I don't live in Canada right now, but from what I heard, the Alberta Economy is on the rebound and has had great job numbers recently. I also heard that edmonton held out much better than Calgary during the recession.

[240glt]

Originally Posted by Regina Boi

Wow, so the market is still moving downward? I don't live in Canada right now, but from what I heard, the Alberta Economy is on the rebound and has had great job numbers recently. I also heard that edmonton held out much better than Calgary during the recession.

Market is quite soft for a number of reasons, number one being number of units on the market which is very high compared to number of buyers, especially for condos. Also rising interest rates and the new mortgage stress test rules are affecting the market as well. Yes Edmonton's economy is doing well still but is not strong enough to encourage rising prices at the moment. We've got two properties for sale right now, my realtor specializes in central/ downtown condos and infills typically and he's indicating that it'll still be slog for the next while. Again if you're planning on buying a home to live in and you're going to be there for a while there are some really good deals to be had at the moment especially from vendors who really need to move their property. but if you're not sure about how long you'll be in the place or if you are hoping for some quick upside it may be better to think about renting for a while until the direction of the market becomes more clear.

[SHOFEAR]

Originally Posted by Regina Boi

Wow, so the market is still moving downward? I don't live in Canada right now, but from what I heard, the Alberta Economy is on the rebound and has had great job numbers recently. I also heard that edmonton held out much better than Calgary during the recession.

I sold my condo earlier this summer and took a 100 grand hit from when i bought in 2008.

Condo market is messed up. I wouldn't touch it with a ten foot pole. IMO lots of new rental projects have taken out a lot of the casual investors looking a buying a place or two as an investment property and driven down costs. Urban condo's are a rounding error within the Edmonton region when it comes to absorption and as a result are highly volatile.


Mature neighborhoods are overvalued with investors driving up prices for small infill (although, it appears that there is a huge surplus of these for sale and i'm guessing this will crash hard).

My thoughts are the safest real estate in Edmonton is that serviced late 70's to now.

[s211]

Originally Posted by SHOFEAR

I sold my condo earlier this summer and took a 100 grand hit from when i bought in 2008.

Ouch. I'm sorry to hear that. Did you purchase another place in Edmonton? I ask only from the perspective of selling at a lower price and yet then buying back into a cheaper market, so as to reduce the feeling of a net loss?

[SHOFEAR]

Originally Posted by s211

Ouch. I'm sorry to hear that. Did you purchase another place in Edmonton? I ask only from the perspective of selling at a lower price and yet then buying back into a cheaper market, so as to reduce the feeling of a net loss?

Yeah, I bought in older riverbend. Sell low, buy low...that’s true....but urban high rises are a niche market at best....what’s new and trendy one year gets outdated pretty quick. New product, new amenities, new more efficient layouts, stuff gets outdated quick...Add on buying new and paying gst...it’s a quick way to lose money fast.

[feepa]

the SFH market took no where near the hit the condo market did, so the 'buying back into the same market' idea is kinda mute

[Coldrsx]

...depends on who you ask.

I know folks who bought houses during the bidding wars/peak and overpaid by 5-6 figs as well. Granted, that market is generally more stable.

[240glt]

Originally Posted by feepa

the SFH market took no where near the hit the condo market did, so the 'buying back into the same market' idea is kinda mute

I think both the market for SFH and condos started softening up at the same time but the dive condos have taken has been far more protracted, and compounded with a growing oversupply, we're just starting to see the results of that. I think SHOFEAR made a couple of valid points, when no one is building rental apartments, small time investors look to the condo market for investment properties, but with the significant amount of rental buildings built in the city recently those investors are not snapping up condo units to the degree they were, especially as the rental vacancy rate continues to rise. Also noted is that high end properties seem to be taking the brunt of it, and it appears as though there is a growing glut of high priced infill housing on the market. The infill down the street from us is listed for $830k and has been sitting for eight months. In the two areas we're selling property, older homes and duplexes are selling far faster than the growing number of infills in those areas. People seem to be tempering their expectations as they re-evaluate the amount of debt they're looking to take on and making compromises in the type of properties they're buying.

[Coldrsx]

My highly sophisticated poll.

After the addition of Ice District's grocery store, what is next most important to you to make Downtown more complete/livable.


@ianoyeg

[big W]

Originally Posted by SHOFEAR

I sold my condo earlier this summer and took a 100 grand hit from when i bought in 2008.

Condo market is messed up. I wouldn't touch it with a ten foot pole. IMO lots of new rental projects have taken out a lot of the casual investors looking a buying a place or two as an investment property and driven down costs. Urban condo's are a rounding error within the Edmonton region when it comes to absorption and as a result are highly volatile.


Mature neighborhoods are overvalued with investors driving up prices for small infill (although, it appears that there is a huge surplus of these for sale and i'm guessing this will crash hard).

My thoughts are the safest real estate in Edmonton is that serviced late 70's to now.

Well you are a few steps ahead of me. I have held out downtown for awhile but now in the process of moving out of downtown. Will probably keep both condos as rentals and looking into newer neighbourhoods near elllerslie myself.

[Harrison]

Originally Posted by Coldrsx

My highly sophisticated poll.

After the addition of Ice District's grocery store, what is next most important to you to make Downtown more complete/livable.


@ianoyeg

Is the new grocery store a sure thing or only a rumor?