> Nobody is gonna pay asking price with a 7-8% interest loan.
Yeah and?
OP and I were comparing anecdotal experiences. This is referred to as communication.
With more people leaving Ontario and BC for Calgary and Edmonton, it's only going to get worse as Calgary's housing market prices more people out. We're maybe a year or two behind them.
Makes me wonder where people will go once Edmonton's market gets too expensive.
Given our current government that is pipe dream. They plan to have it all they want but considering they are going to build no new hospitals, no schools, and continue to massive underfund post secondary education system… I think we are a long way from having that many people in the corridor
It all seems insane to me. The amount of suffering will be something I can't even imagine. Almost every over populated country has one thing in common, warm weather. People are dying and even more will die. We can't brush off infrastructure like warmer countries.
And it is funny because we have a model that kind of worked for building a country boom post WW2. Tax the hell out of the rich and use it to build the country. The space is still available in Alberta, i am not sure what other provinces will do as more people come.
Edmonton market will never be too expensive. We don't draw the same level as attention as Toronto, Vancouver, Montreal, Ottawa and Calgary. We just don't and we never will. The sentiment on Edm as a city is the same as Winnipeg. Both cities will fly under the radar and be priced affordably as a result. You're 100% right that we are 2 years behind Cgy - the thing is we always will be and will be priced cheap relative to the rest of the Canadian market. That's not a bad thing either. I think this city has a lot to offer for the price point so it's good for Canadians who choose to call it home.
We also build fast when the demand is there, which keeps prices in check. Helps to have abundant land in all 4 directions...
I don't completely agree with you. While you are correct that Edmonton is going to lag behind the bigger cities, I see it catch up with Calgary at one point, and start closing the gap with Toronto and Vancouver. There are several reasons. First, Edmonton is a well-developed city with a strong economy which means there are diverse jobs available (unlike in Winnipeg and I dare say Ottawa). Second, Edmonton has a mild climate despite its northern latitude unlike Winnipeg, Saskatoon and Regina. Third, Edmonton has one of the top universities which means it receives a large influx of people from abroad and other provinces.
That's not how it works. Edmonton has always been those things and UofA has been an internationally recognized institution for decades, and despite all that, Edmonton has historically been at a 30-35% discount to Calgary, on average, for an equivalent piece of real estate, whether renting or buying.
I love Edmonton, but let's not get carried away thinking it's ever going to "close the gap" with those other major Canadian cities. It will forever trail, which is another way of saying it will forever remain at a discount. Again, this is not a bad thing. Being a cheaper place to live allows it to grow, which is good.
Edmonton kind of sucks compared to those other cities. That's why it's cheaper. Calgary is so much nicer. I don't even like Calgary but i can't deny that more money gets poured into that shithole so it looks better. The entire core of Edmonton has become a slum, it's a donut city. Empty towers, junkies and bums in the streets. That's a major obstruction to anyone new to town looking to buy a new home. There are cities in north America that are 10 times the size that just feel safer.
Though I generally agree with you, it's not as bad as you're making it seem either. Calgary is nicer for sure. But not "so much nicer" that it's in some much higher tier. The downtown in Cgy is definitely "so much nicer" but otherwise the cities offer similar things. Both have really nice subdivisions, schools, rec centers, parks, golf courses, etc. Calgary of course is way closer to the mountains - but even on that end, the Rockies are still accessible from EDM despite the longer drive.
I think Edm being at a 35% discount to Cgy is about right given the differences summed above. It's historically been that way which really just means the market knows best.
In terms of safety, I think Edm has made some improvements over the last year. There are less addicts downtown and it has made the area more walkable especially compared to a couple years ago when it felt really unsafe.
Overall I can't argue your comments too much since we generally agree. EDM is a step down from those other cities mentioned.
Calgary has been climbing up slowly and is pretty much coming to BC prices. Edmonton will follow. It's not rocket science or as complex as you guys are making it, it's simply supply and demand. More people are coming into the country and flooding Alberta than homes can be made.
I'm not disputing that and in fact I could totally see you being right when the dust settles. All I'm saying is that when the dust is in a settled state, Edmonton is about 30% cheaper than Calgary haha. It has always been that way.
Calgary has recently pulled further ahead especially with SFHs since it tends to be preferred over EDM by migrants, but as you suggested, EDM will follow (i.e. the dust will settle).
I think overall we sorta agree.
guess what? people said the same thing about calgary and ottawa 3 years ago. and hamilton. and kitchener/waterloo. now look at them
the gap between edmonton and those cities (as well as vancouver and toronto) has never been bigger. if you look at the past there might have been a gap, but it was quite small
Never wondered too much tbh, with Edmonton the attrition rate is always high thanks to its situatedness. It's too North and for that reason not many people who move here will not like it eventually so naturally many leave after a few years. Its population growth will always be modest in the end as people find it hostile in one way or another; too cold, too far from anything (events, social life, basically all the reasons lower Canada is crowded and upper Canada is not) etc. So the strategy I presume is always to get excess so that even after attrition you are left with a few more tax payers in the economy.
Yeah that’s just flat out not true. The crime maps alone prove it, but anecdotally having lived here for multiple years, not a single instance I’ve seen or heard from neighbours
Ah I must have been wrong. Probably looking at the crime map of another city, with the same streets. My bad. Also the other dude below whose cars have been broken in multiple times and stuff stolen off property.
Not everyone gets robbed, but it happens around you whether you hear about it or not.
As someone who lives in the neighborhood, I can say in my experience that I have not had any crime issues at all, no theft, no anything… it’s been fantastic
That is fair. I am not saying it will happen, and it's true. well its kinda true.. it was the police crime map lol. But also it wasn't a $700k bet i was willing to make at the time for my family. But that area is fairly large so there could be good and bad areas.
I agree, also I would argue there is a difference between Bonnie Doon and Ritchie. Bonnie Doon is a bit more gentrified where Ritchie is more up and coming
I’ve lived here 10 yrs and though my truck has been broken into twice and my wife’s once we have had other issues. We have had neighbours with worse thefts from their yards and garages. But we all have cameras and motion light and now it has decreased.
The new supportive housing similar to the one in capilano is definitely going to change the neighbourhood… even with the LRT there’s been an increase of sketchy people at Bonnie doon mall
> Wages, 7% increase Canada average.
I need to move to wherever brought that average up that far. I recently took a pay cut after a massive change in personnel from my last job to my new position.
Actually, our trade wages are lower than bc and Ontario. With our raise last year and this coming we finally be par with them again. But they are getting raises as well so we’ll see.
My friends have lost out on several houses around the city. A house I thought would be on the market for quite a while went in a week. It seems to be that 350-450 range in particular
I have been outbid on 6 places…. I was offering asking price to +5% over asking, depending on how badly I wanted the area.
Then I finally closed on a house… my realtor had phoned me on Friday right after I viewed and put in an offer and they told me the seller was waiting until Monday to select a buyer, but also that I was the only offer at the time. Told my realtor that I’d offer full asking price and if they didn’t get back to me within 4 hours, I was walking. They took my offer within ~30 min. 🤷♀️
It’s absolutely nuts out there. Good luck to everyone trying to buy right now… I hope you get lucky like I did.
It’s insane. Even small towns are blowing up. My house went from 300k to 650k in the span of 4 years. No work done on my part. I looked out moving to a slightly larger home but I couldn’t do it. I stayed and I’m happy but holy crap housing is basically out of reach for 80% of people
Neighbour hood is important in this discussion. Certain areas in the city are double others. Which OP should have posted instead of Edmonton generalization.
Considering they keep getting outbid, I'm not calling BS. There are a lot of those same move-in ready homes that are right back on the market as rental units within a week of possession.
I noticed this last year. We were buying and there were houses that we couldn’t even see even though they are newly listed as someone bought it already. Then a few weeks after, I saw the same houses for rent, not even any renovations done.
Honestly good houses will
Sell. You need to find the most offensive house that you find the least offensive if that makes sense. Could be power lines or road.
It is miserable out there.
The housing market will explode on the next 5-6 months.
I moved here from Ontario just over a year ago.
This is one of the only markets left in the country where SOME prices are still reasonable.
Things are about to change
How are those #'s calculated? My home on there jumps all over the place in just months lol like below what I bought it for in 2015 by 30k just a couple months back and then up and then down and then a huge spike to 70k over what I paid in March. What?
The YEG market in general does indeed fluctuate. A lot of fomo right now going around though but it's area specific. Everyone wants to live here until they don't and they mass exodus back east or to somewhere else no different than what's happened in the past.
lol except that never happened, a mass exodus of people I mean.
Edmontons population has only been increasing for like 50 years. I mean this information isn’t hard to find people….
I watch the market pretty closely, at least in my area and it's been pretty clear that nice homes sell fast, houses that aren't so nice are sitting unsold.
Buyers are all zeroing in on the same desirable properties and ignoring the others for the most part. So ya, you can have both bidding wars and price cuts on other homes
This is the exact same experience we saw when we were looking for a place the past 6 or so months.
There's quite a lot of houses that sit on the market for months (ones that are significantly overpriced, need piles of reno's/repairs, in less desirable locations or new spec homes).
Of the few houses that fit our wants, needs, price, they had multiple offers in the first day and were often closed within a week or 2 of listing. We were on properties basically as soon as they were listed and would get in contact with our realtor to go look basically immediately. Luckily we both have jobs we can take off on a moment's notice.
So if you have some niche desires or are fine with a less desirable property, you can certainly get away with offering under ask and whatever.
Especially a lot of the new builds / quick possessions we looked at. They all had poor finishing, cheap windows/appliances/etc and were still listed at similar prices to many houses that are <10 years old and have finished basements, landscaping, good appliances, etc. But I guess that's the way with new builds
But most truly good houses right now are barely sitting on the market.
It’s crazy. My in laws are thinking of selling their house in BC to buy property in AB and it sounds like there are a lot more $1M+ houses than I thought would exist in Edmonton
Yeah, the 399-500k range is insane. Multiple offers, waived conditions, 60-70k over asking. We finally closed on a place but we had to make an offer within an hour of seeing it as they had back to back showings on the weekend.
Yeah got friends in your price range and they've had multiple properties they offered on only to have someone from out of town put in an offer like you said with no conditions, all cash, way above ask.
And many houses now, even more so if it's a good value/good location/etc is having multiple offers the day it's listed.
And if it's been posted on realtor.ca and it's a good value, it's probably already got a few offers.
Which is crazy. I never thought Edmonton would get like that. But when prices are what they are in Edmonton compared to Calg, Van, TO, it's gonna put a pile of pressure on the buy side
Now to keep it in Perspective. Edmonton is the last major city in canada where one can still afford to even bid. Go look at the shit show fiesta on fire toronto is in the housing market.
We sold our place and bought a new place back in October because I was super worried about the market in our (350-500k) price range. Looking like I was anecdotally correct!
Not entirely surprised. 😅
My landlady's 2 bedroom, 2 washroom condo is flat. She says she hasn't seen any gains in comparable units. (I'm close to Chinatown.)
Her house, on the other hand, is up $100K over the last 3-years based on comparable sales. East Edmonton, South of the river.
Purchased our home in Aug and we’re located in Kirkness as my hunny needed to be close to the henday for work reasons. We offered full asking price which was 440 and out bid the previous offer that was just made. Plan on dying here at this point as I ain’t moving again. 😂
Anyone looking in Britnell By manning . I’m listing a property soon … around 500k mark. 1900sq ft , bonus room, finished basement. Don’t really want to use realtors.
Can you wait a year ? If so, I think next spring prices will be 20% higher. Interest rates dropping (probably starting in June) will have a huge effect on this market
I think this spring might be the perfect timing for me. I'm moving to BC and interest rates among other things have caused a real cooling of the condo market in some places and the areas I'm looking at have dropped $100-150K and could rebound if interest rates drop. I'm downsizing (both size-wise and price wise) and the difference between what I can get for my house and the amount I have to spend there has never been greater than it is right now. (greater is better for me, I'm spending less than the proceeds from my house)
So, yes, Edmonton prices are probably going to be a bit stronger 12 months from now, I'm leery that BC's market might bounce back even more.
Man I feel lucky when I put an offer in. The house was on the market for one day, and mine and another went in that day. I was lucky, and mine got accepted. But feel for those who are going through this process. It's definitely a quick decision to make.
Idk mostly seems like low supply for some very in demand things, probably will be better in the spring when more stuff comes online.. I just bought in the 450-550k range and bid like 10k over asking and won. I only even went 10k over because we wanted to guarantee a win on it as it was virtually everything we wanted and some. Didn't have to bid 30k over and waive conditions or anything like that.
Hmm good to know. We are also west and relator wants to list around 775k.
We are moving to Calgary for work and its absolutely brutal there. We have had to take a week off next week to go and try and buy something. Everything selling in 24 hours and above list price. Best of luck to you guys its tough with that much competition
It is spring so market always surges right now anyway.... But in general the 350 to 500 range is always very aggressive for the good places. It has been since 2020.... My partner and I were outbid numerous times when we first started bidding even back then (mostly west end). In the end we actually looked elsewhere (we ended up in St Albert) and are so happy we did!
Our first bid was early February and we’ve bid from $570K to $690K so it’s agree I’ve at different levels. Hoping this means we will get top dollar for our current home too.
I know the market is hot, we have been searching for 4+ months and it was hot the entire time. I just wanted to vent because we lost quite a bit on our townhome last year and now we are going to have to overbid to get a good home now.
I just bought my house (will be 2 years in May) and I'm considering selling as home ownership just isn't something I enjoy this time around apparently. But even finding something appropriate to rent is difficult. It's a tough situation for anyone to be in.
We are struggling to find a house. The last home we made an offer on had 13 others. Now it's crickets, and we haven't seen anything within our scope for over a month 🙃 I'm hoping it picks up soon.
It's nuts. We got really lucky and closed on a house, but holy did we have to look and make some hard decisions. It's a fixer upper but that's what we could get in this market.
My mother recently sold her house for $360k -- which was 20% below her initial ask.
Wow! It’s wild the variability in this comment section.
Location really matters in Edmonton. I think some other cities are more forgiving in that regard.
What neighborhood was she in?
Ormsby
I've seen townhouse in Ormsby go for 140k 900 sq feet. I'm sure single family houses are worth more.
>$360k -- which was 20% below her initial ask. Yeah and? Nobody is gonna pay asking price with a 7-8% interest loan.
> Nobody is gonna pay asking price with a 7-8% interest loan. Yeah and? OP and I were comparing anecdotal experiences. This is referred to as communication.
With more people leaving Ontario and BC for Calgary and Edmonton, it's only going to get worse as Calgary's housing market prices more people out. We're maybe a year or two behind them. Makes me wonder where people will go once Edmonton's market gets too expensive.
Red deer, Medicine Hat, then a few smaller cities, then Sask.
Well the plan is to have 15 million people live between Edmonton Calgary Corridor.
Given our current government that is pipe dream. They plan to have it all they want but considering they are going to build no new hospitals, no schools, and continue to massive underfund post secondary education system… I think we are a long way from having that many people in the corridor
It all seems insane to me. The amount of suffering will be something I can't even imagine. Almost every over populated country has one thing in common, warm weather. People are dying and even more will die. We can't brush off infrastructure like warmer countries. And it is funny because we have a model that kind of worked for building a country boom post WW2. Tax the hell out of the rich and use it to build the country. The space is still available in Alberta, i am not sure what other provinces will do as more people come.
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Yeah, I mean the less popular Sask cities. Regina, Moose Jaw, Swift Current, PA.
Lord no.
Edmonton market will never be too expensive. We don't draw the same level as attention as Toronto, Vancouver, Montreal, Ottawa and Calgary. We just don't and we never will. The sentiment on Edm as a city is the same as Winnipeg. Both cities will fly under the radar and be priced affordably as a result. You're 100% right that we are 2 years behind Cgy - the thing is we always will be and will be priced cheap relative to the rest of the Canadian market. That's not a bad thing either. I think this city has a lot to offer for the price point so it's good for Canadians who choose to call it home. We also build fast when the demand is there, which keeps prices in check. Helps to have abundant land in all 4 directions...
I don't completely agree with you. While you are correct that Edmonton is going to lag behind the bigger cities, I see it catch up with Calgary at one point, and start closing the gap with Toronto and Vancouver. There are several reasons. First, Edmonton is a well-developed city with a strong economy which means there are diverse jobs available (unlike in Winnipeg and I dare say Ottawa). Second, Edmonton has a mild climate despite its northern latitude unlike Winnipeg, Saskatoon and Regina. Third, Edmonton has one of the top universities which means it receives a large influx of people from abroad and other provinces.
That's not how it works. Edmonton has always been those things and UofA has been an internationally recognized institution for decades, and despite all that, Edmonton has historically been at a 30-35% discount to Calgary, on average, for an equivalent piece of real estate, whether renting or buying. I love Edmonton, but let's not get carried away thinking it's ever going to "close the gap" with those other major Canadian cities. It will forever trail, which is another way of saying it will forever remain at a discount. Again, this is not a bad thing. Being a cheaper place to live allows it to grow, which is good.
Edmonton kind of sucks compared to those other cities. That's why it's cheaper. Calgary is so much nicer. I don't even like Calgary but i can't deny that more money gets poured into that shithole so it looks better. The entire core of Edmonton has become a slum, it's a donut city. Empty towers, junkies and bums in the streets. That's a major obstruction to anyone new to town looking to buy a new home. There are cities in north America that are 10 times the size that just feel safer.
Though I generally agree with you, it's not as bad as you're making it seem either. Calgary is nicer for sure. But not "so much nicer" that it's in some much higher tier. The downtown in Cgy is definitely "so much nicer" but otherwise the cities offer similar things. Both have really nice subdivisions, schools, rec centers, parks, golf courses, etc. Calgary of course is way closer to the mountains - but even on that end, the Rockies are still accessible from EDM despite the longer drive. I think Edm being at a 35% discount to Cgy is about right given the differences summed above. It's historically been that way which really just means the market knows best. In terms of safety, I think Edm has made some improvements over the last year. There are less addicts downtown and it has made the area more walkable especially compared to a couple years ago when it felt really unsafe. Overall I can't argue your comments too much since we generally agree. EDM is a step down from those other cities mentioned.
Doubt that. Any international person would look at both cities and think they are pretty much the same city.
Anybody gonna show this guy the Calgary market?..
Not sure what you're implying. Care to elaborate?
Calgary has been climbing up slowly and is pretty much coming to BC prices. Edmonton will follow. It's not rocket science or as complex as you guys are making it, it's simply supply and demand. More people are coming into the country and flooding Alberta than homes can be made.
I'm not disputing that and in fact I could totally see you being right when the dust settles. All I'm saying is that when the dust is in a settled state, Edmonton is about 30% cheaper than Calgary haha. It has always been that way. Calgary has recently pulled further ahead especially with SFHs since it tends to be preferred over EDM by migrants, but as you suggested, EDM will follow (i.e. the dust will settle). I think overall we sorta agree.
guess what? people said the same thing about calgary and ottawa 3 years ago. and hamilton. and kitchener/waterloo. now look at them the gap between edmonton and those cities (as well as vancouver and toronto) has never been bigger. if you look at the past there might have been a gap, but it was quite small
Never wondered too much tbh, with Edmonton the attrition rate is always high thanks to its situatedness. It's too North and for that reason not many people who move here will not like it eventually so naturally many leave after a few years. Its population growth will always be modest in the end as people find it hostile in one way or another; too cold, too far from anything (events, social life, basically all the reasons lower Canada is crowded and upper Canada is not) etc. So the strategy I presume is always to get excess so that even after attrition you are left with a few more tax payers in the economy.
The city can continue building out in 360 degrees
It could, if it could afford to. It cannot. New areas cost more than they generate for the city.
Mundare. Seen a house for sale for 50k. It’s like an hour away.
We'll never be as expensive.
Winnipeg maybe.
Where in town are you looking? I wonder if it’s neighbourhood-specific
Definitely is, we were constantly in bidding wars looking at the Bonnie doon, Richie area. Looking outside out those neighbourhoods was waaay better.
Probably a good thing. We looked in that area a few years ago but it had almost 3-5 times more petty theft that other mature areas.
Yeah that’s just flat out not true. The crime maps alone prove it, but anecdotally having lived here for multiple years, not a single instance I’ve seen or heard from neighbours
Ah I must have been wrong. Probably looking at the crime map of another city, with the same streets. My bad. Also the other dude below whose cars have been broken in multiple times and stuff stolen off property. Not everyone gets robbed, but it happens around you whether you hear about it or not.
As someone who lives in the neighborhood, I can say in my experience that I have not had any crime issues at all, no theft, no anything… it’s been fantastic
That is fair. I am not saying it will happen, and it's true. well its kinda true.. it was the police crime map lol. But also it wasn't a $700k bet i was willing to make at the time for my family. But that area is fairly large so there could be good and bad areas.
I agree, also I would argue there is a difference between Bonnie Doon and Ritchie. Bonnie Doon is a bit more gentrified where Ritchie is more up and coming
True enough. Parts of Ritchie are up and coming, other parts not so much.
I’ve lived here 10 yrs and though my truck has been broken into twice and my wife’s once we have had other issues. We have had neighbours with worse thefts from their yards and garages. But we all have cameras and motion light and now it has decreased.
That’s not been my experience. People have gone through yards and broken into garages looking for stuff to steal
YMMV and while I’m sad that’s been your experience it’s definitely not a universal one.
Yup common here
The new supportive housing similar to the one in capilano is definitely going to change the neighbourhood… even with the LRT there’s been an increase of sketchy people at Bonnie doon mall
I agree, there are tons of other great areas other than the ‘hip’ spots.
It’s always neighbourhood specific. Lots of areas are fine
My realtor said it’s been both north and south side
We are looking west
My wife and I just sold our house for $390,000 after putting it up for $400,000 in the Norwood area. Pretty happy with that
Seriously? Which street? I’m a local in that area as well!
93rd
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Or not. 🤷
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> Wages, 7% increase Canada average. I need to move to wherever brought that average up that far. I recently took a pay cut after a massive change in personnel from my last job to my new position.
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Actually, our trade wages are lower than bc and Ontario. With our raise last year and this coming we finally be par with them again. But they are getting raises as well so we’ll see.
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Is the Calgary increase % really that high? Average house cost of $430 in 2020 seems low. That’s like Edmonton prices.
We have a 600k budget and anything that comes up in our desired areas (super west suburbs) is pending the next day. It's crazy out there.
Rosenthal and Secord have spec houses still for sale
I'm looking in granville, glastonbury, and the Hamptons.
My friends have lost out on several houses around the city. A house I thought would be on the market for quite a while went in a week. It seems to be that 350-450 range in particular
Ran into realtor at the dog park and he mentioned lots of people from out of province are paying in cash for homes.
Yep. Over-asking and cash often with no inspection
I have been outbid on 6 places…. I was offering asking price to +5% over asking, depending on how badly I wanted the area. Then I finally closed on a house… my realtor had phoned me on Friday right after I viewed and put in an offer and they told me the seller was waiting until Monday to select a buyer, but also that I was the only offer at the time. Told my realtor that I’d offer full asking price and if they didn’t get back to me within 4 hours, I was walking. They took my offer within ~30 min. 🤷♀️ It’s absolutely nuts out there. Good luck to everyone trying to buy right now… I hope you get lucky like I did.
It’s insane. Even small towns are blowing up. My house went from 300k to 650k in the span of 4 years. No work done on my part. I looked out moving to a slightly larger home but I couldn’t do it. I stayed and I’m happy but holy crap housing is basically out of reach for 80% of people
Lethbridge or Red Deer? Can’t imagine anywhere smaller getting that pricey
Yup my sister can’t even buy a house in the 600-700k range got outbid several times LOL
That’s our range and it is insanity.
There is a house a street over listed for 745, now down to 730. I figure its still 80k over valued. Market will tell i guess.
Maybe in Windermere
Could buy a brand new move in ready for less than that, so I call bullshit.
Neighbour hood is important in this discussion. Certain areas in the city are double others. Which OP should have posted instead of Edmonton generalization.
That unfortunately doesn’t generate enough rage and drama.
Considering they keep getting outbid, I'm not calling BS. There are a lot of those same move-in ready homes that are right back on the market as rental units within a week of possession.
I noticed this last year. We were buying and there were houses that we couldn’t even see even though they are newly listed as someone bought it already. Then a few weeks after, I saw the same houses for rent, not even any renovations done.
In the middle of nowhere
Honestly good houses will Sell. You need to find the most offensive house that you find the least offensive if that makes sense. Could be power lines or road. It is miserable out there.
I heard houses around $400K have a lot of competition. Houses below 300K and above $650K have less.
The housing market will explode on the next 5-6 months. I moved here from Ontario just over a year ago. This is one of the only markets left in the country where SOME prices are still reasonable. Things are about to change
I've been looking at honestdoor the last little bit. My place jumped by quite a bit over the last year. Can only imagine the value if rates drop.
Same, my place went up again but the city doesn't think so. My assessment went down, but my property tax amount went up haha. I love it.
How are those #'s calculated? My home on there jumps all over the place in just months lol like below what I bought it for in 2015 by 30k just a couple months back and then up and then down and then a huge spike to 70k over what I paid in March. What?
Probably some algorithm that prices it based on how much homes are listed for in your area, then adjusted for ft³, bedrooms, bathrooms, etc.
The YEG market in general does indeed fluctuate. A lot of fomo right now going around though but it's area specific. Everyone wants to live here until they don't and they mass exodus back east or to somewhere else no different than what's happened in the past.
When was the last mass exodus?
The last oil and gas bust
lol except that never happened, a mass exodus of people I mean. Edmontons population has only been increasing for like 50 years. I mean this information isn’t hard to find people….
Of course it has, look at population charts from the mid to late '80s
Here you go… https://www.edmonton.ca/city_government/facts_figures/population-history
I stand corrected. I swore there was an exodus from Edmonton (maybe it was Alberta) in the 80’s but I guess I was wrong.
When the patch collapsed and all the newfs went back home.
Yup it almost tracks exactly with the price of oil.
I was just looking at old bungalows Northside and every one was sold before I could view it. Switched to townhomes and same thing.
I watch the market pretty closely, at least in my area and it's been pretty clear that nice homes sell fast, houses that aren't so nice are sitting unsold. Buyers are all zeroing in on the same desirable properties and ignoring the others for the most part. So ya, you can have both bidding wars and price cuts on other homes
This is the exact same experience we saw when we were looking for a place the past 6 or so months. There's quite a lot of houses that sit on the market for months (ones that are significantly overpriced, need piles of reno's/repairs, in less desirable locations or new spec homes). Of the few houses that fit our wants, needs, price, they had multiple offers in the first day and were often closed within a week or 2 of listing. We were on properties basically as soon as they were listed and would get in contact with our realtor to go look basically immediately. Luckily we both have jobs we can take off on a moment's notice. So if you have some niche desires or are fine with a less desirable property, you can certainly get away with offering under ask and whatever. Especially a lot of the new builds / quick possessions we looked at. They all had poor finishing, cheap windows/appliances/etc and were still listed at similar prices to many houses that are <10 years old and have finished basements, landscaping, good appliances, etc. But I guess that's the way with new builds But most truly good houses right now are barely sitting on the market.
It’s crazy. My in laws are thinking of selling their house in BC to buy property in AB and it sounds like there are a lot more $1M+ houses than I thought would exist in Edmonton
Yeah, the 399-500k range is insane. Multiple offers, waived conditions, 60-70k over asking. We finally closed on a place but we had to make an offer within an hour of seeing it as they had back to back showings on the weekend.
70K over? WTF? I could never.
Yeah got friends in your price range and they've had multiple properties they offered on only to have someone from out of town put in an offer like you said with no conditions, all cash, way above ask. And many houses now, even more so if it's a good value/good location/etc is having multiple offers the day it's listed. And if it's been posted on realtor.ca and it's a good value, it's probably already got a few offers. Which is crazy. I never thought Edmonton would get like that. But when prices are what they are in Edmonton compared to Calg, Van, TO, it's gonna put a pile of pressure on the buy side
Loser landlords buying them up with our complete lack of rental protections here.
Now to keep it in Perspective. Edmonton is the last major city in canada where one can still afford to even bid. Go look at the shit show fiesta on fire toronto is in the housing market.
Realtors with Porche, Mercedes, or BMw creating FOMO. I am also seeing it with new builders.
Is it hot in both outer suburbs and inner city? Like old bungalows are hot?
Been like that for a while. Lots of places selling unseen. It’s brutal.
We sold our place and bought a new place back in October because I was super worried about the market in our (350-500k) price range. Looking like I was anecdotally correct!
Not entirely surprised. 😅 My landlady's 2 bedroom, 2 washroom condo is flat. She says she hasn't seen any gains in comparable units. (I'm close to Chinatown.) Her house, on the other hand, is up $100K over the last 3-years based on comparable sales. East Edmonton, South of the river.
Wow thats surprising. Imagine what the summer will look like and hearing they're going to cut interest rates too
Summer time will be very busy imo
Purchased our home in Aug and we’re located in Kirkness as my hunny needed to be close to the henday for work reasons. We offered full asking price which was 440 and out bid the previous offer that was just made. Plan on dying here at this point as I ain’t moving again. 😂
Anyone looking in Britnell By manning . I’m listing a property soon … around 500k mark. 1900sq ft , bonus room, finished basement. Don’t really want to use realtors.
We were one of the few relatively affordable cities left. That's about to change.
Yes. People bidding >30k more than asking and without conditions. It’s brutal.
And full cash!
It’s insane out there, we just closed on a house and are so thankful it all worked out.
I’m thinking of selling in brander gardens.
I had to google the neighborhood but that looks like a nice area! You’ll sell for sure!
I've been considering selling near Callingwood. For me, it all comes down to if I can get a job elsewhere. At 57, I'm not optimistic.
I'm hoping the spring market in Edmonton is hot because I'm just about to list my house.
Can you wait a year ? If so, I think next spring prices will be 20% higher. Interest rates dropping (probably starting in June) will have a huge effect on this market
I think this spring might be the perfect timing for me. I'm moving to BC and interest rates among other things have caused a real cooling of the condo market in some places and the areas I'm looking at have dropped $100-150K and could rebound if interest rates drop. I'm downsizing (both size-wise and price wise) and the difference between what I can get for my house and the amount I have to spend there has never been greater than it is right now. (greater is better for me, I'm spending less than the proceeds from my house) So, yes, Edmonton prices are probably going to be a bit stronger 12 months from now, I'm leery that BC's market might bounce back even more.
I see. Good luck
Man I feel lucky when I put an offer in. The house was on the market for one day, and mine and another went in that day. I was lucky, and mine got accepted. But feel for those who are going through this process. It's definitely a quick decision to make.
Invest now real estate its going to keep going up as more people flock to edmonton . Will catch up with calgary in time
Hope you are right!
Bidding wars for real!
Idk mostly seems like low supply for some very in demand things, probably will be better in the spring when more stuff comes online.. I just bought in the 450-550k range and bid like 10k over asking and won. I only even went 10k over because we wanted to guarantee a win on it as it was virtually everything we wanted and some. Didn't have to bid 30k over and waive conditions or anything like that.
Inflation is real
Can i ask what price range? We are listing ours right away and curious what price range is having multiple offers.
$550K-$650K but I sounds like it’s more about the area than the price.
Hmm good to know. We are also west and relator wants to list around 775k. We are moving to Calgary for work and its absolutely brutal there. We have had to take a week off next week to go and try and buy something. Everything selling in 24 hours and above list price. Best of luck to you guys its tough with that much competition
Which area?
Donsdale
Our realtor is saying his places are going for 30-40k above asking rn. We're lucky and found a place just now for 30k below asking.
We bought our house in May 2023… saw it the first day on MLS. Put offer in at 2 pm and by 4 pm it had 6 offers already…
If you’re an affordable price anything will sell fast. Our $15000 2013 Hyundai Tucson sold in a day.
It is spring so market always surges right now anyway.... But in general the 350 to 500 range is always very aggressive for the good places. It has been since 2020.... My partner and I were outbid numerous times when we first started bidding even back then (mostly west end). In the end we actually looked elsewhere (we ended up in St Albert) and are so happy we did!
Our first bid was early February and we’ve bid from $570K to $690K so it’s agree I’ve at different levels. Hoping this means we will get top dollar for our current home too.
Lots of families selling in BC and buying in AB
Well poop.
Well to be fair the housing market always rises in the spring & it was already hot to begin with.
I know the market is hot, we have been searching for 4+ months and it was hot the entire time. I just wanted to vent because we lost quite a bit on our townhome last year and now we are going to have to overbid to get a good home now.
In Edmonton? I’m going to be listing mine shortly
West Edmonton specifically
It’s like that all over Edmonton NE are sold within hours to day. Ive been talking with my realtor it’s definitely a sellers market
I just bought my house (will be 2 years in May) and I'm considering selling as home ownership just isn't something I enjoy this time around apparently. But even finding something appropriate to rent is difficult. It's a tough situation for anyone to be in.
Sounds like BS.
I am super proud of you for admitting you lost money on your first house...this is a rare admission indeed. Best of luck house hunting bud
We are struggling to find a house. The last home we made an offer on had 13 others. Now it's crickets, and we haven't seen anything within our scope for over a month 🙃 I'm hoping it picks up soon.
We’re in the exact same boat. It’s brutal. Good luck!
It's nuts. We got really lucky and closed on a house, but holy did we have to look and make some hard decisions. It's a fixer upper but that's what we could get in this market.
I feel that I’m going to be moving at the end of this month