Welcome to The View, and true to name, this condo has the best Views in the city. Undoubtedly one of the most unique layouts for a condo you will find on the market today. At just over 1200 Square Feet, this two bedroom, two bathroom condo is sure to impress anyone who comes in. Southwest Exposure from the large balcony looking over the lush River Valley and Downtown City landscape, ensures loads of sunlight during the day and gorgeous city light views at night. This condo is perfect for the downtown professional or a young family who wants to live in the heart of Edmonton close to everything downtown has to offer; as well a quick walk into the adventures of the River Valley. With a tandem, two parking spots, in suite laundry, 9 foot ceilings, large windows, and gorgeous open concept layout – this is a condo not to be missed – you will not find another view like this in the city. Learn more or book a showing today here!
Every year, Avenue Magazine’s neighbourhood survey ranks the best and brightest of Edmonton’s communities. We see a lot of familiar faces, some up and comers and, every once and a while, a hidden gem. The issue, for most of us, is that the demand in these neighbourhoods is so high that it leads to soaring prices and homes that don’t last long on the market. What are you supposed to do if you can’t find a way into your dream neighbourhood? We asked Elisse and Caitlin to review the list, find out what makes each of the neighbourhoods special, and to give us their top 10 alternatives.
Here are our alternatives!
*We used the property type we felt most appropriate for each neighbourhood.
Try NORTH GLENORA Instead of Glenora
North Glenora, is exactly that, north of Glenora. Unlike it’s sister to the south, this neighbourhood offers post war style homes, primarily consisting of bungalows or 1 and 1/2 storey homes that tend to be less opulent then that of Glenora. For people looking for a bit more character, these 1950’s homes often features relics of the past, the ironing board cupboard, the milk box, and the original hardwood floors. What I absolutely love though is the fact that this neighbourhood is a affordable for many first time buyers and the lot sizes on most of these homes are larger (50 wide is common). What this means, is that this neighbourhood is seeing more infills being built, or what we call “skinny homes” If you are looking for a new home, they can be found, however, expect to pay a higher amount for these options.
North Glenora Homes
Try OLIVER Instead of Strathcona
Oliver is absolutely stunning. Like Strathcona, it is located directly on the banks of the river. Oliver has a more density then Strathcona, with larger high rises. Despite this though, it stills has beautiful foliage on every block. Oliver is equally connected to the University with the LRT and has quicker access to downtown. Oliver is beginning to offer more of the “lifestyle” scene, that Strathcona is known for (Whyte Ave), however, if you like the energy and party scene of Whyte avenue, I don’t think Oliver will ever directly emulate that. Unlike Strathcona though which still has a good mix of houses and condos, condos or townhomes are really the only option in Oliver.
Try QUEEN MARY PARK Instead of Oliver
Why I like Queen Mary Park: it is eclectic and up and coming. If you want a newer condo at a lesser price, this is a great community to consider. Coined as the North Edge Design district, this neighbourhood offers a variety interesting shops, restaurants and artistic endeavours that continue to pop up in this community that features an interesting mix of businesses, condos and industrial land. To the south of this community is the brewery district, Oliver square and MacEwan University. Favorite Places: dc3 Art Gallery, The Art of Cake, Amore Bistro.
Queen Mary Park Condos
With Westmount’s real estate prices continuing to go up, Inglewood is an attractive alternative. It is situated north of Westmount along 111st. I like that it also shares 124th street so has quick access to amenities as well. Here you will find a mix of condos, older homes, townhouses and new infill projects. There is a really great overall sense of community in the neighbourhood which is showcased at the Blue Gecko community garden.
Try KING EDWARD PARK Instead of Ritchie
Similar to Ritchie, the west side of King Edward Park is situated along the Mill Creek Ravine, making it a beautiful community to embrace nature, enjoy bike rides and walks and not to mention the off leash dog park. This neighbour is also located along 75 street providing extra convenience and access to get around the city. WIth a mix of land, 1940’s homes and recently built infills, there is a nice variety of options for everyone.
King Edward Homes
Try VIRGINIA PARK, CROMDALE Instead of Highlands
Virginia Park feature amazing opportunities to own a front view of the river valley just like the Highlands. Not to mention you are close enough to enjoy the lovely shops located in the Highlands and also close to the LRT and downtown. In this case Virgina Park is a little higher on average than Highlands, but is still a great alternative to consider if you can’t find what your looking for in Highlands.
Viginia Park Single Family Homes
Highlands Single Family Homes
Try Strathcona Instead of Garneau
Located to the east of Garneau, Strathcona has a nice range of options from low rise and high rise apartments to more historic homes. It is also situated close to Whyte Avenue and within walking distance or a short bike ride to Garneau. Both of these locations are popular amount university students and medical professionals who work at the U of A.
Try CLOVERDALE/RIVERDALE Instead of Downtown
Another popular place for people seeking condos in downtown Edmonton, is the communities situated along the river such as Cloverdale or Riverdale. For condo options, both of these neighbourhoods offer a few great options featuring gorgeous river valley views and easy accessibility to the river. Cloverdale is home to Folk Fest and Edmonton’s “Accidental” beach, while Riverdale is situated beside Dawson park with off leash dog walking and the Little Brick Cafe (perfect spot for a coffee).
Try RIO TERRACE Instead of Crestwood
Located in the West End of Edmonton, it too offers options along the river valley. This neighbourhood is situated between Patricia Heights and Quesnell which are also fantastic west end neighbourhoods. For those looking for a french immersion school, The Rio Terrace School could be the perfect fit.
Rio Terrace Single Family Homes
Crestwood Single Family Homes
Try RITCHIE Instead of Bonnie Doon
This community also offers a good mix between newer condos, older homes and some infill options. Located along Mill Creek Ravine and close to Whyte Avenue. Ritchie is developing its own sense eclectic style with the new Ritchie Market home to Transcend coffee, Farrow Sandwhiches and more.
Ritchie Single Family Homes
Bonnie Doon Single Family Homes
I have to say that searching for properties with these buyers will stand out in my memory for a long time. Who would not like checking out and searching for the perfect view in Edmonton? The River Valley in Edmonton is ideal for anyone who wants to wake up and say “wow, I love this city” and the Le Marchand tower is the perfect place to start. Elegant, stylish, and commanding – The LeMarchand condo they bought will be spectacular after some epic renovations, close to all core activities, the University and the eclectic vibe of Downtown.
When it comes to adult living, this 50+ condo offers both convenience and style. Located in The Estates At Lakeside, unit 374 features a unique layout including 2 bedrooms and a den. White cabinetry in the kitchen makes it both bright and open. Close to the future LRT and easy access to both 66th street and 50th street, this home is ideal for those looking to downsize their space without downsizing their life. Be sure to check out this Edmonton condo now!
Call Elisse & Caitlin today to view 587-400-SOLD (7653)
Over the last year, the very definition of what an Edmonton Adult Condo (in Alberta) has changed drastically. Until now, there was no legislative precedent in terms of what could or couldn’t be done when it came to set age restrictions in a condo. The NDP bill is designed to provide “families with children housing options in the new year if proposed changes to Alberta’s human rights legislation are passed”. The proposed bill includes some key aspects that are extremely important to keep in mind if buying an Edmonton condo is something you are considering this year.
Not All Edmonton Condos Will Be Affected
There are some exemptions to this bill. Most importantly, Edmonton condo buildings can set an age restriction of 55+. This is good news for many of our clients who are interested in downsizing and moving into the condo life while benefiting from neighbours in a similar age and life demographic.
The Bill Won’t Change Your Life Anytime Soon
For those condo owners that have bought into “age restricted” buildings such as 18+, these new rules will not come into effect for another 15 years. According to Hugh Willis, spokesman for the Canadian Condominium Institute in northern Alberta, he believes that the “15-year transition is a “common-sense compromise” for owners who will have to decide whether to switch to a seniors-only building or open up to families with children”.
What This Means To You
When buying an Edmonton condo it really comes down to your life over the next 5-7 years. This is typically the amount of time one owns a property so it is important to factor in all potential lifestyle factors. When my husband and I purchased our first home, which is a condo, we too had to make the decision of whether we would be okay with buying a condo that had age restrictions in place. While we didn’t know when we would consider having children, it still was in the back of our minds and I am honestly so happy we decided to purchase in a condo building that would allow us to grow as a family if we chose. We welcomed Harrison into our life 1.5 years ago and are still so happy that we made the choice of living in a condo that would welcome our son.
No one can predict the Edmonton Real Estate Market and if we had been forced to move when I found out we were pregnant with Harrison, it would not have been ideal in our lives both from the market factor but also our preference for the downtown life.
During this time though, I have also had the amazing opportunity to work with many incredible seniors (some of my 80-year-old clients) who are so full of life. For them, it was important to find a place that offered a more low maintenance style living alternative, but also a place where they could connect with like-minded individuals. Ultimately, we found them great properties in 55+ buildings where group outings, holiday gift exchanges, and card games were the norm.
At TruHome, our goal is to get to know YOU our clients and truly understand what is important in your lives. From here, we can match you with the right property.
We met the sellers through our awesome lead developer and from the start of listing, to offer, to sold, they were amazing clients to work with. We got to have a lot of fun in our marketing efforts including our “Sister Act” video tour. 1 week after launching our video and promoting it online, we negotiated a sale at 98% list. Every time we get to put a SOLD sticker up is a great day, but more so because of our seller, Cassie, was able to help up us put up the SOLD sign.
Menisa is a community in the South East region of Edmonton providing easy access to 66 street and the Anthony Henday. Our clients loved living here as they felt it was a great community to raise a family with schools and parks nearby. View all homes for sale in Menisa.
Want to learn more about our marketing efforts on how we can get your Edmonton home to SOLD – book a Free Edmonton Home Evaluation to learn more.
This past month, according to Airbnb, Edmonton made the list of top trending destinations for rentals, ranking in 3rd behind Ganagneung, Korea and Bournemouth, UK. Only 2 Canadian destinations made the top 20 list with Fernie, BC at number 17. Our new ranking indicates Edmonton has seen a 284% increase in bookings¹! Wow. Edmonton? From someone who has personally benefited from renting out income properties with this particular service, here’s what I’ve learned.
Edmonton Property investors have typically maintained two means to make rental income:
- Long-term rentals, usually for 1 year or more. A typical one bedroom Edmonton condo could yield around $1000.00 per month.
- Shorter Term Rentals. These would typically be between 3-6 months and usually are furnished. A 1 bedroom would rent at around $1200.00 per month.
But now, property investors can choose services like Airbnb.
A typical night stay in an Airbnb in Edmonton, for a 1 bedroom condo (not shared accommodation) works out to an astounding $100.00 per night on average². Add cleaning service fees and you are looking at typically $120.00/night with average utilization being 80% – you are now making around $2500 per month. Sounds like a no-brainer right?
Well, we would love to say yes, but there are some considerations prior to jumping on the Airbnb train.
Are you allowed to Airbnb your Edmonton Condo?
By owning something, it is natural to think that you can do what you want; however, when you sign on to condo living, you are also agreeing to the condo associations bylaws. In many condo buildings in Edmonton, you will find a clause in the bylaws that advises that short-term leases are not permitted. Airbnb rentals are by the night, and most travellers usually average 3 nights or less, this, by definition, would not be allowed.
In this case, you can consider pursuing the Airbnb rental or you can look at ways to change your condo bylaws.
If you pursue moving forward with renting your Edmonton condo via Airbnb, please consider the following:
- The condo board may consider taking legal action against you.
- The board can deactivate your key-fobs, thereby making it difficult, if not impossible for your Airbnb tenants to get into the building.
- The board can deny access to the building and/or your unit to anyone attempting to occupy the unit in violation of the short-term lease rule.
If your condo association is limiting your options for renting out your YEG pad, you can work with the owners in your building to consider changing the bylaws to be more inclusive of rental agreements like Airbnb. This could be a long process as it can be difficult to change the bylaws of a condominium. The reason for this is that it requires approval from 75% of the total unit factors (residents) in order to be able to change, withdraw or replace, through a special resolution, a bylaw.
Change can happen. It does take time and a willingness from all parties it will affect. To influence change or help in decisions within your condo, we always recommend joining the board and becoming a part of the process.
Consider what CRA will want from you…
Using Airbnb could result in your yearly tax accounting getting more complicated since it is situated in a bit of a grey area from a taxation perspective. The government may consider your use of Airbnb as essentially operating a mini (very mini) hotel. Due to this, they may expect you to charge and remit taxes just like any other commercial operation.
Depending on your municipality and local rules, there may also be local hotel taxes that are expected go to the city that you would technically be responsible for collecting.
So what can you do? Be aware. Talk to your accountant about implications from a tax perspective sense. Read the condo bylaws and ask questions before you buy. Research the rules surrounding Airbnb from the municipal perspective.
Be sure you have the right insurance in place
Chances are your standard insurance policy does not include the use of services like Airbnb.
If something ever happened in your unit and you need to make a claim, or worse, if something ever happened to someone in the unit and you were being sued, your insurance company may not cover you if they found out that the occupant was from Airbnb.
Keep in mind, Airbnb does offer Host Protection Insurance in Canada, so be sure to read up on what it offers and how it can work with your own personal insurance to protect your assets. Talk to your insurance company and determine with them how they can work with you.
Conclusion: We agree Airbnb is great. Just put in the time to prepare your unit and determine if Airbnb is the right choice for your investment strategy.
At present time, perusing Airbnb.com you can see there are dozens of landlords using the website to rent out their condos downtown. Similar to the conflicts of Uber, Airbnb also needs to be looked at from a personal level, a condo level, a municipal level and a provincial level.
The fact that Airbnb usage is so high in Edmonton reflects that there is a need and desire for it in our marketplace. The question is, how can Real Estate investors navigate the world of Airbnb to ensure they are staying within the law and protecting their future cash flow in a positive way?
At present, the safest way an Edmonton real estate investor can use Airbnb is by pursuing home purchases that sit outside of condo regulation. There are great options, especially in mature areas of Edmonton (Westmount, Inglewood, Forest Heights, Ritchie etc) that offer homes with legal basement suites or attached home styles that are priced at similar rates to typical condos in the core.
Chat with our team to discuss your investment needs. We are here to help you navigate the Edmonton real estate market better.
Caitlin Heine, your TruHome Real Estate Advisor has been using the services of Airbnb for years both in Edmonton and Vancouver. She understands what it means to invest in Edmonton Real Estate and strategies to navigate positive cash flow.
More information here:
*We are not affiliated, associated, authorized, endorsed by, or in any way officially connected with Airbnb, or any of its subsidiaries or its affiliates. The official Airbnb website can be found at http://www.airbnb.ca The name “Airbnb” as well as related names, marks, emblems and images are registered trademarks of Airbnb.
The best part of our job is when we get to work with super awesome clients. This holds true with helping our buyer move into this awesome home in Magrath Heights. First of all, this neighbourhood is such a wonderful gem located in Southwest Edmonton. The house itself is an attached single family home – meaning no condo fees with little to no daily exterior maintenance. Located only a couple blocks from the park and right along the Larch Sanctuary, this is a perfect place to call home for families and nature lovers.
Thank you for making our 2017 such an amazing year. We can’t wait to keep working closely with all our clients new and old this year. A happy new year to you and all your loved ones. Here’s hoping your 2018 is filled with wonder, excitement, and all that you wished for this year.
Elisse, Caitlin & Your TruHome Team
P.S. We always appreciate a referral – your trust in us and recommendation of our services to your friends and family means the world!