Tom, what your stating makes sense to capture the future demand for the Edmonton downtown region. However I was actually referring to the more Suburban condo builds, such as what we are seeing in the St.Albert area...
I personally feel that a huge amount of greed & expectation for growth into perpetuity has fueled this speculative construction.
When you look at the price of SFH reasonably priced which have more or less held their value, versus the condo market. Maybe the consumers are sending a message.... Maybe the condo condo fad is out, and the real demand is more affordable SFH's.
Wow, Tons of inventory on the Market for sure. With stats like this, makes you wonder why we still see Condos sprouting up everywhere.
Also makes you wonder if we will start to see more generous lot sizes, such as it was in the 90's after the last Realestate melt in Alberta.
Nick, you're right that there are about 10 new highrises either under construction or planner to start in the next 12-18 months around downtown. However, these will take several years to build. The developers aren't building for now, they're building for the next boom several years from now. Think of it this way; with Edmonton's population growing at around 2% a year, that means 20,000 new units are required to house them every year. That is the business plan currently being used by developers downtown for the 10,000 or so condos currently planned or under construction in downtown/Oliver each year.
The suburban condos are another story. I don't know who buys those ans wants to live so far away from amenities, world class restaurants, jobs, etc.
Agreed. This is evident with Sky Condos. They have only sold a third of the units, and if you look on Comm Free, people are starting to sell units already at large losses.
I don't know why someone would buy a box in the sky at outrageous prices so they can take 20 minutes to get from their car to their room.
And if you don't have more then outrageous money that box in the sky won't even have a view.
WCS is selling at around US$12.50/bbl. If this keeps up, I wonder how much longer people will keep moving to Edmonton and buying houses and condos?Posted by Bill on Sunday, November 25th, 2018 at 2:26am
The only view you'll get from the wonderful Sky Condo's are the drug addicted folks living below on the streets.Posted by GM on Monday, November 26th, 2018 at 4:28am
What type of losses are you referring to?Posted by eee on Wednesday, November 28th, 2018 at 8:44pm