I'm excited that Edmonton is finally turning into a city with world class buildings and prices. Based on prices in Sky Condos, a two bedroom should rent for $3,500 to $5,000+ a month. And parking is $75,000 a space, which is about Toronto prices. I've also heard rumours of a new building being planned downtown where a parking spot will be $100,000, and even higher prices than SKY condo!Posted by Tom on Thursday, August 17th, 2017 at 8:08pm
Not sure what world class means, but by your reference...
Edmonton is world class, except world class wages, world class infrastructure(..high level bridge, and potholes), world class weather(roads are ice 25% of the year, 8mo cold), and world class industries(Do we have any big Auto, IT, Banking, etc?).
World class rents and $100,000 parking lots cannot be paid until all above is world class.
Well, debt is always there to use.
Mike, you're always so negative about Edmonton. We definitely have world class wages. We're way above Toronto or even Manhattan. Just Google Manhattan average income. It'seems $66k, versus $91K in Edmonton. Even factoring in the exchange rate, we're richer than people in Manhattan on average.
Even without those industries you mention and with the cold, we still have world class wages, which demand world class condos.
I made more 20 years ago then I do now doing the same job. Wages have fallen huge, big time.Posted by arfmoocat on Thursday, August 17th, 2017 at 10:27pm
Arfmoocat, most of us have seen out incomes soar. 13% income growth year over year in Edmonton: http://www.cbc.ca/news/canada/calgary/median-incomes-calgary-edmonton-2015-data-1.4132633
I know my income has gone up a lot in the last year, as has the income of most everyone (except management, which has had a pay freeze) in my field (government).
Re: Here’s some interesting predictions on Edmonton and Calgary’s real estate markets.
Unless Calgary and Edmonton are turned into retirement communities residential real estate prices will continue to fall every year.
Are you still renting?Posted by wsn on Friday, August 18th, 2017 at 7:16am
Prices are rocketing...
Buy now or miss the boat !!!
That's right GM , he should choose to be a realtor like you , wsn and 123kid .Posted by Andrii on Saturday, August 19th, 2017 at 4:10am
You chose the wrong occupation.
We don't have big auto, and that's a good thing.
I am still waiting for all those idealogues who deal with 'isms' all day (both from the right, the left, the ANTIFA, the neoconservatives and neoliberals, and those who support the NDP and the UCP) who either called for the demise of the real estate markets or the down fall of our economy (eg. Garth Turner).
Where are you as the prices of LAND continues to rise in the YEG urban core?
I want to hear your rhetoric and isms about how business or labour HAS been duly affected our provincial economy here in YEG. (I will admit, Calgarians have taken a hit but not as bad as these business idealogues had assumed.... and I am pro business, pro capital)
All your tea leaf reading, prophetic statements re your expertise for analyzing real estate/land values in the Central Business Districts of Canada's urban cores.... I want to hear from you prophets...
You yourself made some ism and tea leaf statements. No need to pretend to be some centrist, some sort of prophet.Posted by Mike on Saturday, August 19th, 2017 at 7:35am
Thank you Arfmoocat for sharing your comment. It gives me some consolation knowing that I am not the only looser living in Edmonton whose income did not soar 13% year over year. I hold a permanent job with the major stakeholder in the oil and gas industry and in the last three years my salary was not only frozen but a couple years ago all employees had a rollback of wages by 5%-10% which was never recovered. I have been reading this blog for a while and noticed that some of the responses to those who are not in the agreement of the rosy future of Edmonton's real estate are intimidating so it leads me to the conclusion that Andrii is not far off. If that's so, I wish we could get some good advice and tips from such professionals on this blog.Posted by Reggie on Sunday, August 20th, 2017 at 2:30am
She's management though, which I don't understand the appeal of. They always get treated the worst, and can't get OT liked unionized staff. I'm unionized, and I get 2X my base salary when I work extra.Posted by Tom on Monday, August 21st, 2017 at 4:18am
The rest must all be real estate agents except me and you. Edmonton real estate is headed a lot lower as single family homes are starting to free-fall in price just like the condos and townhouses did the past two and a half years.Posted by Tony on Monday, August 21st, 2017 at 4:41am
You are right Reggie. things haven't been rosy lately.
Wife works with AHS - non-union- and salary is frozen for last 5 years, with I am sure 5% cut as UCP rolls in. Union guys still got their fixed raises. Non-union, nana.
Incomes soaring 13%, not for many in Edmonton.
It's called career progression. Many people aspire to move up in an organisation through management layers.Posted by Stu on Wednesday, August 23rd, 2017 at 7:54am