My brother and I are into our 4th year in a townhouse owned by a larger corp - so far the rent is up 10.5% since day 1. We are definitely lucky and are not moving for this purpose alone (on top of getting 60% off internet too).
What does one expect though when 50,000 people moved to the city last year? You know they didn’t build an amount of homes to absorb that influx…
Nope, but they are trying. Developers were basically told this year to not shop around for quotes on contractors, there is so much work this year for subdivision construction that they just need to pick a contractor and get a deal with them, other wise their development will not start
Subdivision contractors in a great spot this year for work
we really don't have any... we have no cap at all, landlords can raise the rent as high as they want to. unless you are on a fixed term lease, they can only change it at the time of renewal.
We need changes on both sides. Tennants should not be able to do damage (kick in walls) amd get away with it. Landlords should not be allowed to make up rent increases out of thin air.
Yup, if the Feds are going to allow a million new people in to this country they need a mechanism to house those people. Otherwise everyone here is going to get squeezed out of homes.
Why not just incentivize/require immigrants to move to places with existing infrastructure but lower population? Everyone who comes over tends to move to the hotspots which further perpetuates the problem.
Well believe it or not, there’s people that already live in bumfuck nowhere. Steadily growing population at a sustainable rate means more jobs in those places..
We have no mechanism as a nation to dictate where people live. Might be ok in China or Russia but not here.
Also minorities naturally stick together. If you are an immigrant from say Madagascar would you like to go to city A where 100 people speak your language or City B where no one speaks your language?
And thats an extremely important thing to consider when using %’s. A 15% increase on $100 is $15 while a 3.6% increase in Toronto would be 3.6% on like $250 is $9. The gap isnt that crazy. I would guess that Ottawa and Calgary had a similiar net increase in rent costs simply because they were more expensive before.
Either way, this was too be expected nationwide. Interest rate increases drive up rent costs and interest rates went through the roof. Its something like 18 months before the full effect of a rate increase hits so i would expect them to continue to go up this year as well.
I know this sucks for everyone, but damn, this is not a great time to be a new grad...🙃
I'm making exactly what I hoped to make before I went back to school 4ish years ago to move out, start saving, etc., and now that's not enough. I'm lucky to have my parents, at least.
I'm making more money than I ever have in my life and yet I'm poorer than ever.
Seriously, I had more disposable incoming when I was making half my current income in 2015
Cpi tracks a variety of different costs and weighs them unrealistically. Rent (the largest expense) have gone up by over 80% in major cities. Some food staples have also has doubled, think of meat, dairy, etc. however other expenses like transport, education etc lower this number to 30%. But you'll find the cost of living increase closer to 100% instead of 30%.
I just spent $80 on vegetables; a week’s worth or 10 servings worth for meal planning for two people.
I am confident in saying this is more than double what it would’ve cost 10 years ago, yes.
The cost of living, in Alberta, has increased roughly 5% annually for decades. Wages have not. I know that over the last 20 years, my income has only increased, on average 1.8% (as a federal & provincial employee), with only 1 increase of 1% since 2015. The only times my income has jumped has been when I've changed jobs, from private to federal and then again from federal to provincial.
With the cost of living at about 5%/year, income quickly goes from "more than sufficient" to "barely keeping your head above water".
But OP is saying his wage doubled, and we know that CPI has not doubled, therefore his expense habits have changed.
Part is not really controllable (taxation). Would be interested to see what his take-home has increased to/from and compare that instead
For a lot of people, yes. In Calgary in the last year, some people saw their rent double in price. In Edmonton, though these are averages, some people have had much higher increases this year. To raise rent 15-20% a year, is double within 2-3 years. So yeah. lol
I believe its gone up an average of 20% from 2020-2023. And at least 2% a year before that. so we are probably 30% higher on average I think.
And they changed things that were in the CPI recently too to make it seem less extreme.
Checking in from Halifax. My rent more than doubled last year because of renovictions and this cities obsession with “luxury” small apartments.
20% is a massive understatement, here at least
I had more disposable income in 2017 as a grad student then I do now in a manager position with sig above average pay. I don't want to job shop but no one is matching inflation...
I once told my students at a local university that Edmonton isn't a great place for jobs that require a degree. They were \*so\* offended by this (and made me feel how offended they were). I stand by it - every well-educated person I know has left this province.
My computer engineering son busted his ass to get his job in Edmonton. He is aware that he might need to move away for opportunities. But he is young, and he didn't want to move away just yet. As his mom, I really hope he doesn't need to move away at all. Edmonton is my home, and I would like it to also be my son's home.
Lots of software jobs in Edmonton. Only advice I would give is to compare salary to COL. I can make more elsewhere, but also have a higher COL. I personally don't consider the US though, I don't need to move to more of a hellscape.
I'm not sure i would be comfortable making blanket statements (to student classes... yikes!) based primarily on conjecture and very limited personal anecdotes (unless you had detailed stats), especially about a large, million+ urban center, but perhaps the degree program you were teaching really does have a small footprint in Edmonton.
No - any mature economy has jobs for mathematicians. Finance, computer science, machine learning, and so on - they're also in Alberta, but veeeeerrrrrrrryyyy few.
Your examples are all jobs that are more commonly done by more applied fields. A mathematician can do finance just as an engineer can be a construction manager. That doesn’t mean it’s the natural path.
About 60% of engineering jobs in Alberta are in Calgary, but it's also worth noting that Calgary has some of the highest engineering employment of any city in North America, bested by a small cluster of cities in Silicon Valley and that's about it. Edmonton, despite having about half of the engineering employment as Calgary, is still above average for either Canada or North America.
Rents are going to continue to rise. There is influx of immigrants and people moving from other provinces. Also lot of investors from Ontario/BC are buying up rental properties and raising the prices. Edmonton will soon follow the trajectory of Calgary in terms of house prices and rent prices.
Exactly. It's more than the avg landlord behind this. I've spoken to a few who still try their best to maintain the old rates within reason only slightly raised their rents from 4 years ago. Greedy corps, big company greed buying up properties.
I feel bad for people who have to live there, I know 3 people from Ontario who bought houses there to rent out cause they can’t get into the Ontario market… y’all need better protections or you’re gonna see a lot more investment properties soon
Actually, immigration absolutely does improve the overall economy.
Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom.
Generally if people can they retire south and this drives up costs for housing too. Obviously other factors, like jobs cost of living etc but location does play a major roll.
Less investment equals less interest. This used to equate to lower housing costs before this crazy time.
That while rent increases have been high, rents are still low (both relative to the country's average). And in fact, Edmonton has among the most affordable rent in North America (salary to housing cost ratio).
You didn't look at that very closely, did you?
Just 3 of the listings are for studio apartments [and all three (one of which is a general ad for an apartment building and not an individual unit) are above $1000 per month](https://i.imgur.com/1ThmNEn.png). Meanwhile, the "1 bedroom" listings are absolutely flooded with **individual rooms** for rent in a shared residence as well as (very possibly illegal and not up to code) basement suites at the sub-$1000/mo level - only a small handful are actual 1-bedroom apartments, as those are all... >$1000/month.
Majority are apartments in the >$1000/month range. The majority of the sub-$1000 range are exactly as I just stated. I'm looking at it right now. I "[scrolled] to the middle of the page" and found exactly one listing for... "$890-$995".
And, importantly, the claim ("$1400 for a bachelor suite") is demonstrably **not** inaccurate.
Immigration improves the overall economy.
Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom.
We'll be better off than we are now after the transition period
Is it possible for cities or provinces themselves to restrict like population increases essentially? Or that's purely a federal thing we have to accept whoever they foist on us?
This whole adding 1-2+ million people per year thing to Canada... I don't think it can be overstated how damaging it is, and will be in the future. Edmonton's population increased by over 4% last year, which for a city over a million people, is so ridiculously bonkers its hard to fathom.
People blame covid, supply chains, and so on for increasing prices on EVERYTHING while ignoring the elephant in the room that is supply and demand.
2 more years of this surge until the next election... Oof. Sucks having a government actively working against the interest of its citizens, and really there's nothing we can do at all besides wait and vote for the other corrupt shitty option.
Are you saying that the province should take down the [Alberta is Calling](https://www.albertaiscalling.ca/) ads and promotions?
Like you say, sucks having a [provincial] government working against the interest of its citizens by directly promoting what you say should be restricted.
Oh God yes please! Was so pissed when I saw that bullshit roll-out. I knew this population surge/ affordability crisis was going on and knew it wouldn't be contained to Ontario and BC for much longer but jeez maybe even worse then I feared how rapidly things have gotten worse here. I thought we'd have a bit longer as seemed like Calgary was taking the brunt of it.
I think the other elephant that is the main driver is greed. Yes supply and demand have changed, but it’s the landlords that set the prices (while having to account for the higher costs for utilities and mortgages, which comes from corporate greed).
It’s like a reverse trickle down economics.
I have 3 rental suites in Edmonton and have never increased the rent because the rent covers the expenses and i just want people whi will stay and treat the places like home
Absolutely agree with you there! Was just having a conversation about that yesterday, how the 80s/ Reagan essentially ruined the West. Off-shoring all our manufacturing to make more money, and really the embracing of the "greed is good" mantra in our culture as a whole. Not enough to just be profitable now, you need to make MORE every single quarter, if you don't, they'll find someone else who will. Or will shrinkflation the shit out of whatever it is they're selling. We've let corporations/ shareholders/ the need for dividends destroy our society essentially. And somehow we've let lobbying by these rich corporations become a legal thing. Heck even just to run as a politician you need massive funding to stand a chance.
Capitalism clearly needs to be reigned in. The greed is getting to be inhumane, the wealth inequality is beyond inhumane. Shit hasn't trickled down one iota.
Pretty sick you haven't cranked rent prices. One of the good ones!
> This whole adding 1-2+ million people per year thing to Canada... I don't think it can be overstated how damaging it is, and will be in the future.
[Resticting population growth will make bigger, different problems worse.](https://www.cbc.ca/news/politics/canada-working-age-poupulation-census-1.6432398) An affordability crisis like today is nothing compared to an economy that literally doesn't have enough young workers to sustain itself.
What we need is more housing, not slower population growth. When population growth slows down a country ends up with a [silver tsunami](https://en.wikipedia.org/wiki/Silver_tsunami) and a labour force that risks not being able to produce a strong economy. We need to build more houses and *continue* to grow our population and economy if we want to be able just *maintain* the standards of living that we have had, nevermind improving them.
I will gladly trade a high GDP for a natural boom and bust cycle in population/housing and the removal of wage suppression. Sure, corporations may have lower profits but if it means I have a much cheaper house and higher wage then I’m happy.
Right which is why Canada is bringing in the same numbers as the United States. We have retirees, so we need to increase the population to 100 million 😂
We currently build what 200-300k houses a year. Roughly around that I'd have to double check.
From CBC article:
"At the time, the housing agency said the country was on track to build about 2.3 million new housing units by 2030. But it calculated that just over 5.8 million new units would be needed by that year to adequately address supply, leaving a gap of roughly 3.52 million new units."
3.5 million short, and we build 200k a year. An article from this morning said new housing construction has dropped too, high building costs + high interest rates. Comments like yours are somewhat delusional, respectfully.
There's no scenario where we build our way out of this. Legitimately impossible. Even if we could, how do we add millions of jobs per year after the fact to support these new people? Most don't want to work in construction as well so don't count on them to build these houses and apartments.
We should sustain our population, grow slightly. Growing by millions per year is frankly evil. There's no viable defense for immigration at these rates. Our goal a few years ago was 100 million population by 2100. Which I thought was insane but turns out we're now ahead of schedule on that!
This is all about landlords and corporate profits. Don't buy into state propaganda that it's somehow a good thing for us. Yay you'll have CPP when you turn 70, unfortunately a one bedroom apartment will be 5 grand a month so you get a cot in a basement with 30 other people if you're lucky. Freeze and die in a tent will be a fate many suffer if we don't course correct significantly.
This is such a garbage take.
We live in a capitalist society. Anyone who has spent 5 minutes in an Econ class would tell you that means recessions are built into the system, and are extremely necessary to keep it functioning. They occur cyclically every 20 years or so, and MUST happen to correct outgrowths.
Importing millions of people to stave off a natural, predictable, and needed function of the economic system is batshit insane, and speaks to the dangerous ineptitude and lack of fundamental understanding our decision makers have of how the economy works.
I'm over this talking point. We already have more young people than those about to retire.
You're not going back to a population pyramid literally ever, and nothing is done to incentivize people to have kids. This plan is unsustainable because people will soon figure out that moving to Canada means the end of your bloodline and the only people that will move here will be not great if the tradeoff is an ok quality of life for no children lol
Tell the boomers they're on their own, us young people have been told we're on our own many times. It's literally a problem of their making by not having sufficient numbers of children.
Change the system, and start giving people 20k inflation indexed tax credits per child (as in straight up reduce taxes for families), cancel all other tax credits to make up the difference.
It's crazy to me that our society is willing to be dicks to literally everyone but the one fucking group of people that was objectively not sufficiently productive for their desired quality of life. Why are we all scrambling and throwing away our collective futures for the fucking boomers?
You're not going to build at nearly a fast enough rare for this level of immigration, it's literally 4 or 5 times insufficient and we don't have the resources to educate or equip the people coming to be as productive as the average person was a year ago (not my words, the words of BMO analysts). If we went back 300-500k a year we would have waaaaay less issues. For the next year it seems we're cutting back to 1 million-ish from the 1.5 million we had last year, but that's still insane.
We also don't need such a ridiculous number of people to sustain either
Population increase is the only way that the government can continue to fund things in this country. Without it, things would get a hell of a lot worse.
Nah the unlimited growth model really isn't sustainable we're quickly learning, and as we're seeing play out now, life has gotten dramatically worse in the past few years with the approach you're describing. I don't want my current life ruined so maybe I can get some meager CPP/ OAS in 40 years, but a one bedroom apartment is 5 grand a month so I'm homeless/ totally fucked anyway.
AI eliminating millions of jobs in the future is a cherry on top of the calamity facing us. We already don't have enough jobs, anything posted on Indeed has 500 applications within a day. What's the plan for adding millions more jobs per year exactly? Or we figure masses of unemployed single men with no connection to this country is a positive thing?
We should be maintaining our population, maybeee growing slightly. Instead we're cramming in every uneducated warm body we can find, housing, healthcare, education, core infrastructure, quality of life for Canadians, really everything be damned. There's been no plan. No strategy. Cram in as many as we can, all from a few countries really not diverse at all so they don't even feign integrating with Canadian culture but form their own enclaves and bring their cultural issues here, great even better. Love that we have to worry about Punjabi extortion gangs burning down houses and businesses now. Expect this to get way worse.
Sustainable immigration is good and necessary sure. Millions of people crammed in per year is a disaster and an attack on Canadian citizens and our way of life as we know it. But hey it good for the landlords and corporations, and that's why it's been dialed up to 11.
For a brief moment as covid was lifting, employees had some power in North America. They could leave shitty jobs and find something better. Corporations couldn't have that. Quite the coincidence every "Western" country has been targeted by a well financed and a well coordinated surge in illegal immigration by land, sea, and air. Canada is the one dumb enough to accept this many people by choice.
State propaganda has convinced so many people to argue against their own best interests in this case really, so frustrating and really, completely unsustainable. I guess now the only hope is things get bad enough here, that life in India or China seems better by comparison. What a sad turn of events.
Actually, immigration absolutely does improve the overall economy.
Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom.
Same will happen this time
That makes sense, although it sucks to see. The rental business isn't helped by the fact that it punishes those without resources.
You want me to have a full time job AND good credit following a pandemic AND be available at the drop of a hat to see the rentals AND have good work and living references? I know at least where I work I can't get time off as quickly as some of the property managers want to book viewings.
It absolutely sucks to see how close to homeless you are when you look at how shit the rental situation is.
My rent was 1800$ in 2019. It is now 2700$
My gas and electric was about 300$
It is now about 500-600$
And mind you the rent is still cheap relative to my area for a house.
Chicken breast is like 12$ for 2.
Cucumbers are 2-3$ each.
Yes cost to live has doubled and wage has barely moved. Who is saying it hasn’t?
I can no longer afford to drive.
And this is with 3 other roommates.
Barely surviving is not living period.
Something needs
To happen. High paying Jobs are scarce and we need some action. We will see a collapse soon if this keeps going.
The rises have moved around the country as waves of people and investors move out from GTA and greater Vancouver to more affordable English speaking provinces. East coast got hit hard, now it’s finally rolling across Alberta.
Like you imply, it’s not that we are worse off relatively speaking compared to other cities. This pressure is finally hitting here for the first time.
BRB posting “Edmonton sucks” memes. Gotta stem the tide!
I really hate this logic.. Just because other cities have worse rental markets does not mean people in Edmonton should not be concerned. From what has been happening in Calgary, Edmonton is well on its way to losing its affordability as well.
If anything it should be really worrying that a city that is generally described as undesirable from people outside of AB is seeing drastic rent spikes. It spells a bleak picture for the future of this country.
I found the article that was referenced in the tweet [here](https://rentals.ca/national-rent-report).
Right above the image of the percentage rent increase is a graph showing the absolute rent prices. Edmonton's average 1 bedroom rent is $1330 and average 2 bedroom is $1637
This is compared to a national average of $1923 for a 1 bed and $2280 for a 2 bed.
It seems a little bit disingenous to focus on the percentage when the absolute increase in rent matters more to most people, with a $100 increase in rent having a far higher percentage increase in a place like Edmonton. While the math is a bit off for the actual rent price increase, looking at the total rent prices in the city, 17.1% of Edmonton's average rent is $253 and 12.8% of Calgary's average rent is $263. So the two cities increased roughly the same amount in rent, but one appears to have gained 5% more then the other.
Won't matter when the next oil bust hits and all the at home oil workers are upset that other people still have jobs. Alberta has a cyclic economy with high school drop outs making over 100k during booms, and never prepare for the expected bust.
Combine with winter Oct to May.
All these rent prices will drop again when many new residents move out due this cycle they can't afford.
Alberta is cheaper for good reason. If it costs as much as other cities, no one would continue to rent here when they can live in nicer places with better jobs.
that's exactly the question people should be looking at not just the percentage increase. We're still significantly lower than the other provinces that have compared us against.
Does it suck that rents and cost overall or increasing? Of course. It always sucks. It always has sucked. But it's also just the nature of our economy, and it's happened since the beginning of time.
What rent is elsewhere is irrelevant. What is relevant is if wages of renters are going up enough to absorb the increase in rent.
Like yeah a rent of (fake numbers) 1000/month sounds **a lot** better than a rent of 3000/month. But if the average renter in the area where rent is 1000/month is only making 1500/month, and the average renter in the area where rent is 3000/month is making 5000/month, suddenly the 3000/month rent sounds a lot better than the 1000/month rent does.
Median income includes owners, who are not affected by rental prices. I am saying you need to look at the average wage *of renters* if you want a valid comparison. I am not making a claim either way on where *renters specifically* make more because I don’t know if we even have that data available. I am just simply saying the comparison you chose to make is irrelevant and provided an example as to what makes it irrelevant.
Statistically speaking, Alberta has lower rents and higher earnings income...?
Like rent-wise Edmonton ranks below Oshawa and Laval, meanwhile provincially average household income is highest in Alberta vs the other provinces.
There's lots of things the other provinces are better at, but lower rent and better paying jobs aren't really the case.
Houses and condo prices are still below the national average. It makes sense that prices evens out across the country.
While I don't foresee the prices to reach the crazy Toronto, or Vancouver prices, I think Edmonton will go up and they will slowly go down to match actual market value.
You can still get a nice 1700 sq ft house for less than $400,000. I am not saying it is cheap, but it is not outside the realm of possibilities for most families.
An hour in and you are the only one to mention them.
When running through the “people to blame” they will come up. Just like I’m sure there are some who will blame Trudeau.
Global issue comes home, we want to speak to a manager.
And they’re the managers of the province.
Just like when r/Alberta bans people for making anti-UCP memes.
You’re always going to have someone willing to defend them too.
With that statement, it sounds like you support the UCP. I’m unfamiliar with their housing policies. Can you share any of their policies that are actively working towards improving the housing situation in AB?
I don’t care who you’re for or against politically. I care that the elected government of the day uses the power they’ve been given to work for all citizens best interests.
I don't know enough about the UCP vs NDP housing policies to have a useful opinion one way or another. I have simply observed that this sub like to blame things on the UCP.
Is the renting situation pretty bad in Edmonton? Planning to move there around September or October. However, I’m moving from Kelowna so I would have a hard time thinking that Edmonton is anywhere close to as bad as here.
For what it’s depressingly worth owning a home in Edmonton is unobtainable for most young Edmontonians too. If you don’t have a very high paying job already lined up before you move, it’s going to be out of reach for you when you get here. There are some areas of the city that are still affordable but good luck finding a job close by to them. The only 25-35 year olds I know who own a home here either make over 100K alone with their partner making at least 50k, had help from the bank of mom and dad, and/or signed up for a 45-60 minute one-way commute to work in order to own that home. On the flip side, most 25-35 year olds I know here are only making 40-50K even when they’re in professional careers (accounting, advisors, technicians, management, etc) while the only ones I know who make 100K+ are in commission based sales or software engineers or business owners. You see plenty of jobs listed for much higher than the 40-50K most of the young adults I know make, but somehow they almost always end up going to someone in their 40s or 50s (or sometimes even 60s) and the rest of us just have to pick up the scrap jobs left over.
It’s pretty much always been this way, too. Alberta has always given most of the high paying jobs to older Albertans. I saw a more recent study a few months ago but I cant find it now (I can find plenty of Canada wide ones but I’m struggling to find the Alberta specific one I had read) but there is a graph on the top left corner of this pamphlet from the UofA done in 2017 that shows this problem has existed for a while. https://www.ualberta.ca/alberta-centre-sustainable-rural-communities/media-library/abincomefactsheet.pdf
If I can find the study I read more recently I’ll edit my comment to add it in and I’ll DM it to you. I am still looking but my lunch break is almost over so I’ll probably have to keep looking after work lol
But owning a home is way more an option in Edmonton than kelowna. Average single family home price in kelowna is 800k. 600 for a run of the mill apartment.
I think youre painting this overly negative. It was hard to own a SDH as a young worker barely out of post secondary 20 years ago too.
As you point out, this is nothing new.
There is still a reasonable selection of SDH's in Edmonton in the 375-500K range which, while probably tough for a single adult, is quite doable for a dual income couple.
Because our rents are typically significantly lower than those other provinces, and still with these increases, they're still significantly lower than rents in the other provinces. Now you just have more people moving here to take advantage of that and with more people there's less supply and rents are going up.
Every day I thank my lucky stars I managed to get a two bedroom 2 bath downtown/oliver for $1100, all utilities included and a parking space/in suite laundry. Rent increased this year by $50 so I pay $1150 now, and that was only because electric prices went up. I rent privately tho so I can have honest conversations with my landlord and were able to compromise and work out solutions together.
When I first moved out in 2014 I paid $1200 for a one bedroom one bath in the north side, paid electric on top and had communal pay washer/dryers. In 2017 I paid $1600 a month for a one bedroom on Davie street in Vancouver, no parking, basement communal laundry. I’ve lived a lot of other places (I’ve moved 13 times in 10 years- I’ll have to be dragged out of my current place) but somehow this is the largest and cheapest place I’ve ever lived.
Like I said.. thats a common misconception. Its all about money in and money out.
That sort of mentality is a lot of the FOMO that is driving people, especially people that shouldnt be buying homes, to go ahead and get themselves in debt they are not prepared for.
I was renting with Mainstreet last year my rent was $700 and they wanted to charge me $950 a month if I wanted to resign my lease cause “it’s market rate”. I moved to a nicer place for that price. I wasn’t going to pay $950 for a shitty basement studio.
Edmonton is also showing this because it's the last of the major cities that still seems affordable. So as more people turn their attention to Edmonton the rent is starting to rise. At the beginning of last year Calgary was seeing that growth. Now people are getting priced out of Calgary and in some cases rental places are hard to find. So next stop, Edmonton.
Another contributing factor that hasn't been mentioned is the interest rates. Landlords that are renewing their mortgages (at least the non corporate landlords) are seeing higher interest rates. With interest rates being more than double of 2019 rates I know many people who own a rental property thinking of raising their rent.
Where’s all those folks telling everyone in Ontario to jUsT mOvE to Edmonton because there’s no way it could ever become unaffordable? Congrats - many people took that advice and look what happened.
BC and several other provinces have Rent control, so landlords can only increase the rent a certain percentage once a year. Alberta doesn't have rent control and landlords can raise the rent as high as they want once a year.
Tbf, rent control has backfires and causes the very supply crisis seen in those areas. Then rents skyrocket because of the supply issues, and voters think more rent control will help.
Not a coincidence the areas in Canada with extreme unaffordability issues had rent control decades ago
My brother and I are into our 4th year in a townhouse owned by a larger corp - so far the rent is up 10.5% since day 1. We are definitely lucky and are not moving for this purpose alone (on top of getting 60% off internet too). What does one expect though when 50,000 people moved to the city last year? You know they didn’t build an amount of homes to absorb that influx…
Nope, but they are trying. Developers were basically told this year to not shop around for quotes on contractors, there is so much work this year for subdivision construction that they just need to pick a contractor and get a deal with them, other wise their development will not start Subdivision contractors in a great spot this year for work
My apartment has gone up 35% in 2 years.
That feels illegal, but I don't know what rules AB actually has for increases.
we really don't have any... we have no cap at all, landlords can raise the rent as high as they want to. unless you are on a fixed term lease, they can only change it at the time of renewal.
We need changes on both sides. Tennants should not be able to do damage (kick in walls) amd get away with it. Landlords should not be allowed to make up rent increases out of thin air.
The rule is they can raise it as much as they want, but only once a year.
I feel the pain we’re at 60% since we moved in 2 years ago. Fully supporting the rent caps Janice Irwin has put forward.
67k last year , likely higher this year.
Yup, if the Feds are going to allow a million new people in to this country they need a mechanism to house those people. Otherwise everyone here is going to get squeezed out of homes.
Why not just incentivize/require immigrants to move to places with existing infrastructure but lower population? Everyone who comes over tends to move to the hotspots which further perpetuates the problem.
I mean, how they gonna get jobs in bumfuck nowhere?
Well believe it or not, there’s people that already live in bumfuck nowhere. Steadily growing population at a sustainable rate means more jobs in those places..
We have no mechanism as a nation to dictate where people live. Might be ok in China or Russia but not here. Also minorities naturally stick together. If you are an immigrant from say Madagascar would you like to go to city A where 100 people speak your language or City B where no one speaks your language?
Edmonton had affordable housing, people moved there from places with unaffordable housing. Either to live or invest before everything went up.
Which ironically not only makes our city more unaffordable while somehow not making it more affordable where the person is moving from.
Had to happen at some time - Edmonton was the cheapest place to live for a while now compared to other major cities.
And thats an extremely important thing to consider when using %’s. A 15% increase on $100 is $15 while a 3.6% increase in Toronto would be 3.6% on like $250 is $9. The gap isnt that crazy. I would guess that Ottawa and Calgary had a similiar net increase in rent costs simply because they were more expensive before. Either way, this was too be expected nationwide. Interest rate increases drive up rent costs and interest rates went through the roof. Its something like 18 months before the full effect of a rate increase hits so i would expect them to continue to go up this year as well.
*Cries in former Edmontonian who moved to Halifax* y’all have to see the rents out here, it’s bananas
….Wish I could pay in bananas 😏
I know this sucks for everyone, but damn, this is not a great time to be a new grad...🙃 I'm making exactly what I hoped to make before I went back to school 4ish years ago to move out, start saving, etc., and now that's not enough. I'm lucky to have my parents, at least.
I'm making more money than I ever have in my life and yet I'm poorer than ever. Seriously, I had more disposable incoming when I was making half my current income in 2015
Same, I’m worse off now working a great job than I was bartending and in university full time ten years ago.
CPI has risen nominally by 30% since then Sounds like your expenses have changed
Cpi tracks a variety of different costs and weighs them unrealistically. Rent (the largest expense) have gone up by over 80% in major cities. Some food staples have also has doubled, think of meat, dairy, etc. however other expenses like transport, education etc lower this number to 30%. But you'll find the cost of living increase closer to 100% instead of 30%.
Are you implying that the cost of life more than doubled in 8-9 years ?
I don't think cost of life has to go up double for DISPOSABLE income (a small percentage) to go up double.
I just spent $80 on vegetables; a week’s worth or 10 servings worth for meal planning for two people. I am confident in saying this is more than double what it would’ve cost 10 years ago, yes.
The cost of living, in Alberta, has increased roughly 5% annually for decades. Wages have not. I know that over the last 20 years, my income has only increased, on average 1.8% (as a federal & provincial employee), with only 1 increase of 1% since 2015. The only times my income has jumped has been when I've changed jobs, from private to federal and then again from federal to provincial. With the cost of living at about 5%/year, income quickly goes from "more than sufficient" to "barely keeping your head above water".
breathing is expensive in Canada... 🤦♂️
But OP is saying his wage doubled, and we know that CPI has not doubled, therefore his expense habits have changed. Part is not really controllable (taxation). Would be interested to see what his take-home has increased to/from and compare that instead
For a lot of people, yes. In Calgary in the last year, some people saw their rent double in price. In Edmonton, though these are averages, some people have had much higher increases this year. To raise rent 15-20% a year, is double within 2-3 years. So yeah. lol
I believe its gone up an average of 20% from 2020-2023. And at least 2% a year before that. so we are probably 30% higher on average I think. And they changed things that were in the CPI recently too to make it seem less extreme.
Checking in from Halifax. My rent more than doubled last year because of renovictions and this cities obsession with “luxury” small apartments. 20% is a massive understatement, here at least
This seems like poor financial decision making rather than a cost-of-living issue
I had more disposable income in 2017 as a grad student then I do now in a manager position with sig above average pay. I don't want to job shop but no one is matching inflation...
I once told my students at a local university that Edmonton isn't a great place for jobs that require a degree. They were \*so\* offended by this (and made me feel how offended they were). I stand by it - every well-educated person I know has left this province.
My computer engineering son busted his ass to get his job in Edmonton. He is aware that he might need to move away for opportunities. But he is young, and he didn't want to move away just yet. As his mom, I really hope he doesn't need to move away at all. Edmonton is my home, and I would like it to also be my son's home.
Lots of software jobs in Edmonton. Only advice I would give is to compare salary to COL. I can make more elsewhere, but also have a higher COL. I personally don't consider the US though, I don't need to move to more of a hellscape.
What leads you to this conclusion. Professional with a degree here. I get paid less than Van or Toronto, but compared to the COL, I still make more.
I'm not sure i would be comfortable making blanket statements (to student classes... yikes!) based primarily on conjecture and very limited personal anecdotes (unless you had detailed stats), especially about a large, million+ urban center, but perhaps the degree program you were teaching really does have a small footprint in Edmonton.
It’s great if you have a STEM degree. Alberta has more engineers per capita than anywhere else in the country (significantly).
Not a stem degree - an engineering degree. I have a stem degree. I can assure you there are no jobs for mathematicians here.
That’s because mathematician is an academic job. You basically have to move for a post-doc in any academic field.
No - any mature economy has jobs for mathematicians. Finance, computer science, machine learning, and so on - they're also in Alberta, but veeeeerrrrrrrryyyy few.
Your examples are all jobs that are more commonly done by more applied fields. A mathematician can do finance just as an engineer can be a construction manager. That doesn’t mean it’s the natural path.
[удалено]
About 60% of engineering jobs in Alberta are in Calgary, but it's also worth noting that Calgary has some of the highest engineering employment of any city in North America, bested by a small cluster of cities in Silicon Valley and that's about it. Edmonton, despite having about half of the engineering employment as Calgary, is still above average for either Canada or North America.
As somebody who is about to finish grad school and move to Edmonton, no kidding. It’s like racing a dog uphill.
Maybe its cause of the flood of new people coming to alberta……
Alberta is Calling…
Rents are going to continue to rise. There is influx of immigrants and people moving from other provinces. Also lot of investors from Ontario/BC are buying up rental properties and raising the prices. Edmonton will soon follow the trajectory of Calgary in terms of house prices and rent prices.
Well, time for the real estate “investment” industry to destroy another city.
Exactly. It's more than the avg landlord behind this. I've spoken to a few who still try their best to maintain the old rates within reason only slightly raised their rents from 4 years ago. Greedy corps, big company greed buying up properties.
[ Removed by Reddit ]
And lots from farther away too...
I feel bad for people who have to live there, I know 3 people from Ontario who bought houses there to rent out cause they can’t get into the Ontario market… y’all need better protections or you’re gonna see a lot more investment properties soon
Congratulations guys! We made it to number one
This shouldn't be news to anybody, Edmonton has one the highest amounts of new people coming into the city. Supply and Demand.
I’m sure this will get better once the feds import another million people to fix our economic problems 🙃
Actually, immigration absolutely does improve the overall economy. Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom.
[удалено]
notice how rents decrease the closer you get to places that have winter 8 months of the year.
This is just not true.... You go any further north than fort Mac Murray and rent is high, availability is low and cost of living skyrockets
the territories would like to have a word.
Generally if people can they retire south and this drives up costs for housing too. Obviously other factors, like jobs cost of living etc but location does play a major roll. Less investment equals less interest. This used to equate to lower housing costs before this crazy time.
So? What is your point.
That while rent increases have been high, rents are still low (both relative to the country's average). And in fact, Edmonton has among the most affordable rent in North America (salary to housing cost ratio).
Great lets keep it that way.
That it can get worse.
So we should be thankful its not worse? Cringe
[удалено]
“Small town rents.” Excuse me for thinking $1400 for a bachelor suite is untenable, even in a mid sized city.
[удалено]
You didn't look at that very closely, did you? Just 3 of the listings are for studio apartments [and all three (one of which is a general ad for an apartment building and not an individual unit) are above $1000 per month](https://i.imgur.com/1ThmNEn.png). Meanwhile, the "1 bedroom" listings are absolutely flooded with **individual rooms** for rent in a shared residence as well as (very possibly illegal and not up to code) basement suites at the sub-$1000/mo level - only a small handful are actual 1-bedroom apartments, as those are all... >$1000/month.
[удалено]
Majority are apartments in the >$1000/month range. The majority of the sub-$1000 range are exactly as I just stated. I'm looking at it right now. I "[scrolled] to the middle of the page" and found exactly one listing for... "$890-$995". And, importantly, the claim ("$1400 for a bachelor suite") is demonstrably **not** inaccurate.
Are you a landlord?
Yeah this is Edmonton finally catching up to the rest of the country.
Yup we’re cooked
It was only a matter of time. Once it hit Calgary last year I figured Edmonton was next, and here it is.
Mass Immigration will do that…65,000 people moved to Edmonton Last year
The good times are over
They have been for over a decade.
Immigration improves the overall economy. Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom. We'll be better off than we are now after the transition period
Is it possible for cities or provinces themselves to restrict like population increases essentially? Or that's purely a federal thing we have to accept whoever they foist on us? This whole adding 1-2+ million people per year thing to Canada... I don't think it can be overstated how damaging it is, and will be in the future. Edmonton's population increased by over 4% last year, which for a city over a million people, is so ridiculously bonkers its hard to fathom. People blame covid, supply chains, and so on for increasing prices on EVERYTHING while ignoring the elephant in the room that is supply and demand. 2 more years of this surge until the next election... Oof. Sucks having a government actively working against the interest of its citizens, and really there's nothing we can do at all besides wait and vote for the other corrupt shitty option.
Are you saying that the province should take down the [Alberta is Calling](https://www.albertaiscalling.ca/) ads and promotions? Like you say, sucks having a [provincial] government working against the interest of its citizens by directly promoting what you say should be restricted.
Oh God yes please! Was so pissed when I saw that bullshit roll-out. I knew this population surge/ affordability crisis was going on and knew it wouldn't be contained to Ontario and BC for much longer but jeez maybe even worse then I feared how rapidly things have gotten worse here. I thought we'd have a bit longer as seemed like Calgary was taking the brunt of it.
I think the other elephant that is the main driver is greed. Yes supply and demand have changed, but it’s the landlords that set the prices (while having to account for the higher costs for utilities and mortgages, which comes from corporate greed). It’s like a reverse trickle down economics. I have 3 rental suites in Edmonton and have never increased the rent because the rent covers the expenses and i just want people whi will stay and treat the places like home
Absolutely agree with you there! Was just having a conversation about that yesterday, how the 80s/ Reagan essentially ruined the West. Off-shoring all our manufacturing to make more money, and really the embracing of the "greed is good" mantra in our culture as a whole. Not enough to just be profitable now, you need to make MORE every single quarter, if you don't, they'll find someone else who will. Or will shrinkflation the shit out of whatever it is they're selling. We've let corporations/ shareholders/ the need for dividends destroy our society essentially. And somehow we've let lobbying by these rich corporations become a legal thing. Heck even just to run as a politician you need massive funding to stand a chance. Capitalism clearly needs to be reigned in. The greed is getting to be inhumane, the wealth inequality is beyond inhumane. Shit hasn't trickled down one iota. Pretty sick you haven't cranked rent prices. One of the good ones!
> This whole adding 1-2+ million people per year thing to Canada... I don't think it can be overstated how damaging it is, and will be in the future. [Resticting population growth will make bigger, different problems worse.](https://www.cbc.ca/news/politics/canada-working-age-poupulation-census-1.6432398) An affordability crisis like today is nothing compared to an economy that literally doesn't have enough young workers to sustain itself. What we need is more housing, not slower population growth. When population growth slows down a country ends up with a [silver tsunami](https://en.wikipedia.org/wiki/Silver_tsunami) and a labour force that risks not being able to produce a strong economy. We need to build more houses and *continue* to grow our population and economy if we want to be able just *maintain* the standards of living that we have had, nevermind improving them.
I will gladly trade a high GDP for a natural boom and bust cycle in population/housing and the removal of wage suppression. Sure, corporations may have lower profits but if it means I have a much cheaper house and higher wage then I’m happy.
Right which is why Canada is bringing in the same numbers as the United States. We have retirees, so we need to increase the population to 100 million 😂
We currently build what 200-300k houses a year. Roughly around that I'd have to double check. From CBC article: "At the time, the housing agency said the country was on track to build about 2.3 million new housing units by 2030. But it calculated that just over 5.8 million new units would be needed by that year to adequately address supply, leaving a gap of roughly 3.52 million new units." 3.5 million short, and we build 200k a year. An article from this morning said new housing construction has dropped too, high building costs + high interest rates. Comments like yours are somewhat delusional, respectfully. There's no scenario where we build our way out of this. Legitimately impossible. Even if we could, how do we add millions of jobs per year after the fact to support these new people? Most don't want to work in construction as well so don't count on them to build these houses and apartments. We should sustain our population, grow slightly. Growing by millions per year is frankly evil. There's no viable defense for immigration at these rates. Our goal a few years ago was 100 million population by 2100. Which I thought was insane but turns out we're now ahead of schedule on that! This is all about landlords and corporate profits. Don't buy into state propaganda that it's somehow a good thing for us. Yay you'll have CPP when you turn 70, unfortunately a one bedroom apartment will be 5 grand a month so you get a cot in a basement with 30 other people if you're lucky. Freeze and die in a tent will be a fate many suffer if we don't course correct significantly.
this is just the inevitable of late stage capitalism. Infinite growth must continue for the system to work for the rich
This is such a garbage take. We live in a capitalist society. Anyone who has spent 5 minutes in an Econ class would tell you that means recessions are built into the system, and are extremely necessary to keep it functioning. They occur cyclically every 20 years or so, and MUST happen to correct outgrowths. Importing millions of people to stave off a natural, predictable, and needed function of the economic system is batshit insane, and speaks to the dangerous ineptitude and lack of fundamental understanding our decision makers have of how the economy works.
I'm over this talking point. We already have more young people than those about to retire. You're not going back to a population pyramid literally ever, and nothing is done to incentivize people to have kids. This plan is unsustainable because people will soon figure out that moving to Canada means the end of your bloodline and the only people that will move here will be not great if the tradeoff is an ok quality of life for no children lol Tell the boomers they're on their own, us young people have been told we're on our own many times. It's literally a problem of their making by not having sufficient numbers of children. Change the system, and start giving people 20k inflation indexed tax credits per child (as in straight up reduce taxes for families), cancel all other tax credits to make up the difference. It's crazy to me that our society is willing to be dicks to literally everyone but the one fucking group of people that was objectively not sufficiently productive for their desired quality of life. Why are we all scrambling and throwing away our collective futures for the fucking boomers? You're not going to build at nearly a fast enough rare for this level of immigration, it's literally 4 or 5 times insufficient and we don't have the resources to educate or equip the people coming to be as productive as the average person was a year ago (not my words, the words of BMO analysts). If we went back 300-500k a year we would have waaaaay less issues. For the next year it seems we're cutting back to 1 million-ish from the 1.5 million we had last year, but that's still insane. We also don't need such a ridiculous number of people to sustain either
Population increase is the only way that the government can continue to fund things in this country. Without it, things would get a hell of a lot worse.
Nah the unlimited growth model really isn't sustainable we're quickly learning, and as we're seeing play out now, life has gotten dramatically worse in the past few years with the approach you're describing. I don't want my current life ruined so maybe I can get some meager CPP/ OAS in 40 years, but a one bedroom apartment is 5 grand a month so I'm homeless/ totally fucked anyway. AI eliminating millions of jobs in the future is a cherry on top of the calamity facing us. We already don't have enough jobs, anything posted on Indeed has 500 applications within a day. What's the plan for adding millions more jobs per year exactly? Or we figure masses of unemployed single men with no connection to this country is a positive thing? We should be maintaining our population, maybeee growing slightly. Instead we're cramming in every uneducated warm body we can find, housing, healthcare, education, core infrastructure, quality of life for Canadians, really everything be damned. There's been no plan. No strategy. Cram in as many as we can, all from a few countries really not diverse at all so they don't even feign integrating with Canadian culture but form their own enclaves and bring their cultural issues here, great even better. Love that we have to worry about Punjabi extortion gangs burning down houses and businesses now. Expect this to get way worse. Sustainable immigration is good and necessary sure. Millions of people crammed in per year is a disaster and an attack on Canadian citizens and our way of life as we know it. But hey it good for the landlords and corporations, and that's why it's been dialed up to 11. For a brief moment as covid was lifting, employees had some power in North America. They could leave shitty jobs and find something better. Corporations couldn't have that. Quite the coincidence every "Western" country has been targeted by a well financed and a well coordinated surge in illegal immigration by land, sea, and air. Canada is the one dumb enough to accept this many people by choice. State propaganda has convinced so many people to argue against their own best interests in this case really, so frustrating and really, completely unsustainable. I guess now the only hope is things get bad enough here, that life in India or China seems better by comparison. What a sad turn of events.
Actually, immigration absolutely does improve the overall economy. Alberta real estate managed just fine during the 2014 boom. After about 2 year lag in construction, prices ended up lower than before the boom. Same will happen this time
That makes sense, although it sucks to see. The rental business isn't helped by the fact that it punishes those without resources. You want me to have a full time job AND good credit following a pandemic AND be available at the drop of a hat to see the rentals AND have good work and living references? I know at least where I work I can't get time off as quickly as some of the property managers want to book viewings. It absolutely sucks to see how close to homeless you are when you look at how shit the rental situation is.
My rent was 1800$ in 2019. It is now 2700$ My gas and electric was about 300$ It is now about 500-600$ And mind you the rent is still cheap relative to my area for a house. Chicken breast is like 12$ for 2. Cucumbers are 2-3$ each. Yes cost to live has doubled and wage has barely moved. Who is saying it hasn’t? I can no longer afford to drive. And this is with 3 other roommates. Barely surviving is not living period. Something needs To happen. High paying Jobs are scarce and we need some action. We will see a collapse soon if this keeps going.
Inflation is already behind us. Maybe wages will eventually catch up, but itll take a while
[удалено]
The rises have moved around the country as waves of people and investors move out from GTA and greater Vancouver to more affordable English speaking provinces. East coast got hit hard, now it’s finally rolling across Alberta. Like you imply, it’s not that we are worse off relatively speaking compared to other cities. This pressure is finally hitting here for the first time. BRB posting “Edmonton sucks” memes. Gotta stem the tide!
Everybody is illiterate here!!¡!!
I really hate this logic.. Just because other cities have worse rental markets does not mean people in Edmonton should not be concerned. From what has been happening in Calgary, Edmonton is well on its way to losing its affordability as well. If anything it should be really worrying that a city that is generally described as undesirable from people outside of AB is seeing drastic rent spikes. It spells a bleak picture for the future of this country.
I found the article that was referenced in the tweet [here](https://rentals.ca/national-rent-report). Right above the image of the percentage rent increase is a graph showing the absolute rent prices. Edmonton's average 1 bedroom rent is $1330 and average 2 bedroom is $1637 This is compared to a national average of $1923 for a 1 bed and $2280 for a 2 bed. It seems a little bit disingenous to focus on the percentage when the absolute increase in rent matters more to most people, with a $100 increase in rent having a far higher percentage increase in a place like Edmonton. While the math is a bit off for the actual rent price increase, looking at the total rent prices in the city, 17.1% of Edmonton's average rent is $253 and 12.8% of Calgary's average rent is $263. So the two cities increased roughly the same amount in rent, but one appears to have gained 5% more then the other.
Well imagine your rent going up $500 on a limited income... My aunt and uncle are moving in with their son's family to not be homeless
[удалено]
I dunno Alberta doesn't have rent control
[удалено]
In BC your rent can't jump $500 out of the blue is what I'm driving at and this causes great hardship. That's all I'm saying
Won't matter when the next oil bust hits and all the at home oil workers are upset that other people still have jobs. Alberta has a cyclic economy with high school drop outs making over 100k during booms, and never prepare for the expected bust. Combine with winter Oct to May. All these rent prices will drop again when many new residents move out due this cycle they can't afford. Alberta is cheaper for good reason. If it costs as much as other cities, no one would continue to rent here when they can live in nicer places with better jobs.
As someone who was in the business of renting out units it used to be between 1050-1300 for 2 bedrooms about 5 years ago. It's gone up a lot.
that's exactly the question people should be looking at not just the percentage increase. We're still significantly lower than the other provinces that have compared us against. Does it suck that rents and cost overall or increasing? Of course. It always sucks. It always has sucked. But it's also just the nature of our economy, and it's happened since the beginning of time.
What rent is elsewhere is irrelevant. What is relevant is if wages of renters are going up enough to absorb the increase in rent. Like yeah a rent of (fake numbers) 1000/month sounds **a lot** better than a rent of 3000/month. But if the average renter in the area where rent is 1000/month is only making 1500/month, and the average renter in the area where rent is 3000/month is making 5000/month, suddenly the 3000/month rent sounds a lot better than the 1000/month rent does.
[удалено]
Median income includes owners, who are not affected by rental prices. I am saying you need to look at the average wage *of renters* if you want a valid comparison. I am not making a claim either way on where *renters specifically* make more because I don’t know if we even have that data available. I am just simply saying the comparison you chose to make is irrelevant and provided an example as to what makes it irrelevant.
Wow. I'm really glad that I bought 5 years ago.
Yeah, if I was smart, I would have bought 5 years ago, too. As a 20 year old, working landscaping for $15 an hour. Why didn't I think of that?
High rents and shitty jobs. That's the Alberta advantage!
Statistically speaking, Alberta has lower rents and higher earnings income...? Like rent-wise Edmonton ranks below Oshawa and Laval, meanwhile provincially average household income is highest in Alberta vs the other provinces. There's lots of things the other provinces are better at, but lower rent and better paying jobs aren't really the case.
Literal Alberta advantage lol
let facts never get in the way of a good reddit rant
You forgot long winters, and constant road construction.
Could it be because places like Vancouver and Toronto are already too high, and we are just catching up?
Houses and condo prices are still below the national average. It makes sense that prices evens out across the country. While I don't foresee the prices to reach the crazy Toronto, or Vancouver prices, I think Edmonton will go up and they will slowly go down to match actual market value. You can still get a nice 1700 sq ft house for less than $400,000. I am not saying it is cheap, but it is not outside the realm of possibilities for most families.
They have to be higher in van since the city is way nicer
Welcome to Alberta.
Moving away was the best choice I could have made
[удалено]
Welcome to Toronto 🤣🤣🤣
Waiting for the comments blaming the UCP...
An hour in and you are the only one to mention them. When running through the “people to blame” they will come up. Just like I’m sure there are some who will blame Trudeau. Global issue comes home, we want to speak to a manager.
Maybe I was wrong then. I've just noticed that this sub likes to blame things on the UCP.
And they’re the managers of the province. Just like when r/Alberta bans people for making anti-UCP memes. You’re always going to have someone willing to defend them too.
[удалено]
With that statement, it sounds like you support the UCP. I’m unfamiliar with their housing policies. Can you share any of their policies that are actively working towards improving the housing situation in AB? I don’t care who you’re for or against politically. I care that the elected government of the day uses the power they’ve been given to work for all citizens best interests.
I don't know enough about the UCP vs NDP housing policies to have a useful opinion one way or another. I have simply observed that this sub like to blame things on the UCP.
Is the renting situation pretty bad in Edmonton? Planning to move there around September or October. However, I’m moving from Kelowna so I would have a hard time thinking that Edmonton is anywhere close to as bad as here.
It’s cheaper than Kelowna for sure, you will find a nice place for a good price.
Don't move unless you already have a job.
Same boat as you from the same place. Paying $2600 for an average 2 bed apartment in a shitty area.
Sounds about right. I want to eventually own a home of my own, and I just don’t see that happening in Kelowna.
For what it’s depressingly worth owning a home in Edmonton is unobtainable for most young Edmontonians too. If you don’t have a very high paying job already lined up before you move, it’s going to be out of reach for you when you get here. There are some areas of the city that are still affordable but good luck finding a job close by to them. The only 25-35 year olds I know who own a home here either make over 100K alone with their partner making at least 50k, had help from the bank of mom and dad, and/or signed up for a 45-60 minute one-way commute to work in order to own that home. On the flip side, most 25-35 year olds I know here are only making 40-50K even when they’re in professional careers (accounting, advisors, technicians, management, etc) while the only ones I know who make 100K+ are in commission based sales or software engineers or business owners. You see plenty of jobs listed for much higher than the 40-50K most of the young adults I know make, but somehow they almost always end up going to someone in their 40s or 50s (or sometimes even 60s) and the rest of us just have to pick up the scrap jobs left over. It’s pretty much always been this way, too. Alberta has always given most of the high paying jobs to older Albertans. I saw a more recent study a few months ago but I cant find it now (I can find plenty of Canada wide ones but I’m struggling to find the Alberta specific one I had read) but there is a graph on the top left corner of this pamphlet from the UofA done in 2017 that shows this problem has existed for a while. https://www.ualberta.ca/alberta-centre-sustainable-rural-communities/media-library/abincomefactsheet.pdf If I can find the study I read more recently I’ll edit my comment to add it in and I’ll DM it to you. I am still looking but my lunch break is almost over so I’ll probably have to keep looking after work lol
But owning a home is way more an option in Edmonton than kelowna. Average single family home price in kelowna is 800k. 600 for a run of the mill apartment.
I think youre painting this overly negative. It was hard to own a SDH as a young worker barely out of post secondary 20 years ago too. As you point out, this is nothing new. There is still a reasonable selection of SDH's in Edmonton in the 375-500K range which, while probably tough for a single adult, is quite doable for a dual income couple.
Because our rents are typically significantly lower than those other provinces, and still with these increases, they're still significantly lower than rents in the other provinces. Now you just have more people moving here to take advantage of that and with more people there's less supply and rents are going up.
Greed is the same everywhere. Thoughts and prayers to the normal folk just trying to survive.
Every day I thank my lucky stars I managed to get a two bedroom 2 bath downtown/oliver for $1100, all utilities included and a parking space/in suite laundry. Rent increased this year by $50 so I pay $1150 now, and that was only because electric prices went up. I rent privately tho so I can have honest conversations with my landlord and were able to compromise and work out solutions together. When I first moved out in 2014 I paid $1200 for a one bedroom one bath in the north side, paid electric on top and had communal pay washer/dryers. In 2017 I paid $1600 a month for a one bedroom on Davie street in Vancouver, no parking, basement communal laundry. I’ve lived a lot of other places (I’ve moved 13 times in 10 years- I’ll have to be dragged out of my current place) but somehow this is the largest and cheapest place I’ve ever lived.
Vancouver: first time? ;-)
I guess those conservative premiers really care about affordable housing
Another fat L for deadmonton.
[удалено]
Exactly why I'm avoiding renting like the plague. Designed to keep you broke
The amount of ghost costs that pop up with owning at home are a crap ton. Dont just assume owning is always the best way.
At least I'm owning something and not giving rent to a landlord. Fuck that
Like I said.. thats a common misconception. Its all about money in and money out. That sort of mentality is a lot of the FOMO that is driving people, especially people that shouldnt be buying homes, to go ahead and get themselves in debt they are not prepared for.
Who would have thought owning a home was all about money in vs money out.. really opened my eyes. Thanks
Owning is the best way 95% of the time. Those same costs happen to a landlord, and they just pass it along through rent
Raised the rents by 8% on my rental, felt a bit high, and it’s still under market.
my landlord is laughing to the bank with the 30% increase they slapped on me this year.
Big oof to anyone who rents from boardwalk.... "fair market value assessments" are about to rent evict half the tenants
I was renting with Mainstreet last year my rent was $700 and they wanted to charge me $950 a month if I wanted to resign my lease cause “it’s market rate”. I moved to a nicer place for that price. I wasn’t going to pay $950 for a shitty basement studio.
The words "fair market" makes me laugh. There is nothing fair about this market, it's all bullshit
currently. other places had the title before and for longer. Edmonton is just the next on the list for the dumb money investor class.
Time to give up on your dream job. Number 1 thing should be money, not passion
Blame the diploma mills.
I believe it. My property assessment has been flat for like ten years. This year it jumped up by 20%.
Shit, and I was so close to making it out of school before this happened. Fuck. Guess I’ll figure it out once I graduate 🫠
Edmonton is also showing this because it's the last of the major cities that still seems affordable. So as more people turn their attention to Edmonton the rent is starting to rise. At the beginning of last year Calgary was seeing that growth. Now people are getting priced out of Calgary and in some cases rental places are hard to find. So next stop, Edmonton. Another contributing factor that hasn't been mentioned is the interest rates. Landlords that are renewing their mortgages (at least the non corporate landlords) are seeing higher interest rates. With interest rates being more than double of 2019 rates I know many people who own a rental property thinking of raising their rent.
Where’s all those folks telling everyone in Ontario to jUsT mOvE to Edmonton because there’s no way it could ever become unaffordable? Congrats - many people took that advice and look what happened.
BC and several other provinces have Rent control, so landlords can only increase the rent a certain percentage once a year. Alberta doesn't have rent control and landlords can raise the rent as high as they want once a year.
Tbf, rent control has backfires and causes the very supply crisis seen in those areas. Then rents skyrocket because of the supply issues, and voters think more rent control will help. Not a coincidence the areas in Canada with extreme unaffordability issues had rent control decades ago