I noticed a lot more condo conversions happening in Edmonton as evident on MLS. I've seen at least 4-5 mostly in the downtown area. Theses are older mid-rise building converted to "Luxury" condos. I wasn't surprised to see this article in the Calgary Herald:
http://www.canada.com/calgaryherald/news/story.html?id=cf1b7017-7087-4ffb-8fb3-2837d62c7b91&k=43552
As prices inflate in Edmonton, we are going to see more and more apartments being converted to condos. Based on the story, landlords must give 6 Months to evict tenants. Based on this, when do we expect this to hit the Edmonton market the way it has in Calgary? How will the government manage affordable housing assuming most of these conversions will affect the affordable housing market?
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i was up in edmonton this week
lots of cranes
why dont you ask rob at the calgary site to post a link
i believe your not recieving much traffic because no one knows that this blog was created
good luck
Affordable housing, what a cuddly, warm, feel good notion.
Exactly, what does affordable mean, and why just renters, like, are they special. Secondly why should an owner forgo any profit whatsoever in a RE transaction that involves conversion, in fact any RE transaction.
The poor will not inherit; nor does society owe them housing.
If you haven't shopped in Edmonton for a home lately, you'll understand that many people who now own their own homes wouldn't be able to afford them at todays prices.
What makes a $200,000 home in 2005 worth $430,000 in February 2007? Greed, speculation, and not enough housing to accomodate the workers we need here in the province.
There is nothing wrong with making a profit in real estate, but the people who serve us coffee at Tim Hortons, bag our groceries, and take care of our children at daycare, are feeling the pinch.
Without availible staff, who are moving away or forced into higher paying jobs just to afford a home, many of these businesses are stretched to the limit. It's easy to sit in our $500,000 homes and look down on other people who haven't been so lucky.
Condo conversions are a good thing because they brings a supply of new housing onto the market. We still need to remember there are people out there who didn't get as lucky as us in this boom.
but if you were lucky enough (as you say) to buy at 200,000 in 2005 dont get to comfy because if they can go up then can they not go down ? remember shell (ft sask) phase 1, 12,000 workers was completed in 2002 , imperiail oil was completed 2005 , there will be no more demand now as to what there was then
Anonymous said: "remember shell (ft sask) phase 1, 12,000 workers was completed in 2002 , imperiail oil was completed 2005 , there will be no more demand now as to what there was then"
I wonder how much residential price inflation in Edmonton is actually due to an increase in demand for housing and how much is due to the general real estate bubble in western Canada. I would hazard a guess that specuvestor spillover from Calgary and Vancouver may have something to do with current prices in Edmonton. I know several people in Vancouver who have purchased investment houses in Edmonton after attending get-rich-in-real-estate seminars in Vancouver. While speculative purchasing in Vancouver has been a negative cash flow exercise for quite some time, Edmonton houses have been more attractive in terms of rents that bear some relation to carrying costs (ie, relatively high rents and much smaller mortgages than Vancouver).
Perhaps residential real estate in Edmonton will drop in price once the specuvestors in Calgary and Vancouver bolt for the doors. As I understand it, Calgary is already slowing down and Vancouver is teetering on the brink of the biggest real-estate crash in Canadian history (following the biggest bubble in Canadian history).
to who ever is running this site
here is your opportunity
calgary site is gone
i just posted your address on a vancouver site
squidly66, good you're here.
There is nothing wrong with making a profit in real estate, but the people who serve us coffee at Tim Hortons, bag our groceries, and take care of our children at daycare, are feeling the pinch.
When I was a kid, most people wouldn't even consider owning more than one home, even if they had the money. "What would be the point?", they would say. Today so many have had their heads turned by the possibility of easy riches ("Flip that house"). Greed makes them to buy more than what they use, creating a temporary upward spiral in demand and prices ... a bubble. It will burst one day (timing is difficult). There will be some bargains for those who serve coffee and bag groceries!
I've started a new blog
albertabubble.blogspot.com
Does anybody have any information on the Grande Prairie real estate market?
Good Evening
I am of the opinion that Robs’ of the Calgary blog last posing is his most informative. It is I an excellent summarization of the consequence of being a borrower of money from the ruling class.
The new road to serfdom.
here
The home and hearth buyer will be the foundation of the next cycle.
.......albertabubble.blogspot.com
how do you make them blue things stormy
Hello Squidly
I've had a request to make a little cheat sheet for those of you that want to put links in your comments so here it is:
link text
This is probably the easiest way for you to add a clickable link to your comment text. You can simply copy the above HTML code and replace my URL (http://vancouvercondo.info) with the URL of the page you want to link to, and replace the words 'link text' with whatever you want the link to say. Just make sure you have the "quotes" around your URL or blogger will complain.
To make text bold use this simple code replacing the words "bold text" with your own:
bold text
creating italic text is very similar:
italic text
stormy we miss you check out the new site
........albertabubble.blogspot.com
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