Affordable Housing in Edmonton

canucklehead2 · #1 Posted **Jun 30, 2017, 4:02 AM**

Since this is a topic literally most people don't want to touch with a 10-foot pole I will. Edmonton has a growing shortage of "affordable housing" and few politicians seems interested in tackling it in any meaningful way including the premier who otherwise I have a great respect for. Personally I think we need to look at some cool radical solutions like...

1-Car-free developments. Ditching a parking space could save 50-60K/unit for starters... I say designate any area within 200m of a rapid transit/mass transit stop should be allowed to develop car-free projects with fewer hurdles...

2-Micro units... Basement suites, backyard, above garage suites... 300 sq ft or so seems to be the magical comfort level for most single North Americans since that's the standard-ish size for most hotel/motel rooms including those with kitchenette/dining areas...

3-Community Land Trust developments where land is either communally owned which in the future keeps prices down...

To me the status quo of building a few dozen units a year for lip service while many more people continue to work hard yet barely have a chance to keep a roof over their heads can't continue much longer without damaging long term societal consequences...

canucklehead2 · #2 Posted **Jun 30, 2017, 5:41 AM**

One Made in Edmonton solution that I see has taken off quite well regionally... Maybe not as affordable as can be for the sq ft but still one possible solution for many different problems...

http://www.honomobo.com/

canucklehead2 · #3 Posted **Jun 30, 2017, 5:43 AM**

A cool concept from Russia that is apparently taking pre-sales in North America... Looks like they also want to set up regional franchises like Lindal Cedar Homes... Being from Kazan which is similar to Edmonton I'm told, I think the architecture should hold up to our climate with relatively few changes..

http://www.dubldom.ru/index-eng.htm

canucklehead2 · #4 Posted **Jun 30, 2017, 5:44 AM**

We need these like Carrie Fisher needed rehab... Too soon? ;-) https://www.heijmans.nl/en/heijmans-one/

canucklehead2 · #5 Posted **Jun 30, 2017, 5:47 AM**

902 Davie Street

30 stories of car-free micro units built above a grocery store... THIS is exactly what Edmonton needs to help make affordable urban living a realistic goal in Edmonton... If you can't/don't want to move to Vancouver but want to live a Vancouver-esque lifestyle you should be able to...

http://www.mikestewart.ca/902-davie-...plans-to-come/

240glt · #6 Posted **Jun 30, 2017, 3:55 PM**

I don't think Edmonton has an affordability problem for the average person, currently rents are falling and vacancy is up, and if you'd prefer to own, if you make $45k a year you can afford a starter apartment.

We are looking at a condo to buy in the university area, and actually with what the rents are doing it's been tough to find the right place that will work. Not sure if buying another rental unit is that good an investment right at this moment

Lower income folks need the assistance, and that's now being discussed thanks to the city's new affordable housing strategy and the money that's being ponied up by the feds. Most of those people have families though so 175sf studio apartments aren't going to help. The new affordable housing strategy is a good start and should help distribute affordable housing through the city.

Speaking of, in the city's quest to jam as much infill as possible in mature neighborhoods under the false assumption of affordability, someone bought a 50x150 house & lot down the street from us last year for $380k. Perfectly fine house, nothing too special but definitely livable with a little freshen up, so they knocked the house down and subdivided the lot and now the two lots are for sale for $250 each. So now once you spend $400k on your build and $50k for all the other little things you're looking at a $700k property. knock down one relatively affordable property to build two rather unaffordable properties is exactly the opposite of what the city and all the wet behind the ears infill builders said it would accomplish

canucklehead2 · #7 Posted **Jul 1, 2017, 6:50 AM**

You do know there working class people who exist who neither qualify as low-income nor can wait years for spaces to open up AND earn under $45,000/year. I happen to be one... So yeah, I can personally tell you there is in fact an affordable housing crisis... If you can find me a $500/month legal studio unit near transit in Edmonton I'll eat my hat...

Also this... Edmonton isn't mentioned but where Calgary numbers go Edmonton is sure to follow or vice versa. This is also the reason I'm an Edmontonian... http://www.cbc.ca/news/canada/calgar...ysis-1.4184027

Urban recluse · #8 Posted **Jul 17, 2017, 5:03 PM**

Affordable housing to enter Edmonton's suburbs, battles may ensue

http://www.metronews.ca/news/edmonto...may-ensue.html

Coldrsx · #9 Posted **Jul 17, 2017, 5:56 PM**

Affordable housing should be available in each community, but it may be relative and it needs to be incorporated properly.

Urban recluse · #10 Posted **Jul 17, 2017, 7:38 PM**

True; clustering social housing in limited areas does not work.

canucklehead2 · #11 Posted **Jul 17, 2017, 11:50 PM**

Quote:

Originally Posted by Coldrsx

Affordable housing should be available in each community, but it may be relative and it needs to be incorporated properly.

Solutions like _____... Just curious to know what some of those options might be... I agree. I think every part of the city needs to take its fair share and it were but obviously some communities have more resources than others to help shape its own development if you know what I mean...

The ugly Habitat for Humanity debate in Edmonton has been bruising for years despite the fact its probably the most altruistic and noble charity (at least on paper) that exists and has the best endorsements that I've seen... Personally I'd welcome them to my area any day. It's a shame a great deal clearly others do not...

Abii · #12 Posted **Jul 18, 2017, 11:23 AM**

I'm genuinely confused. If Edmonton has an affordability problem, then the rest of the planet must be on fire.

I went to Edmonton in 2013 with a net worth of -17000 (university drop out). By the end of 2015 I had a condo in downtown Vancouver and all loans paid off, plus zero CC debt. My wages never went over 6 figures, but my savings rate was crazy. I was sleeping on a mattress without a bed frame in order to save every penny I could. Granted, I was/is single and could afford to do this as I didn't have any dependents, but even if I did have dependents, I could have still achieved the same thing with a slightly longer time frame.

Rent in Edmonton is very affordable, sales tax is only 5%, gas is very cheap, jobs are available... I fail to understand how Edmonton has an affordability problem. You can also buy a decent condo for 150k! For every 100k in mortgage, at 2.89% you're looking at roughly 470 measly dollars!! How the heck is that not affordable?

On a side-note, I went back to Vancouver after I bought my condo and finished my degree. Next year I'm selling my place (at a VERY decent profit) and moving back to Edmonton

Abii · #13 Posted **Jul 18, 2017, 11:31 AM**

Quote:

Originally Posted by canucklehead2

You do know there working class people who exist who neither qualify as low-income nor can wait years for spaces to open up AND earn under $45,000/year. I happen to be one... So yeah, I can personally tell you there is in fact an affordable housing crisis... If you can find me a $500/month legal studio unit near transit in Edmonton I'll eat my hat...

Also this... Edmonton isn't mentioned but where Calgary numbers go Edmonton is sure to follow or vice versa. This is also the reason I'm an Edmontonian... http://www.cbc.ca/news/canada/calgar...ysis-1.4184027

I don't have enough information about your circumstances, so I'll ask before I make dumb assumptions.

What percentage of your income is saved at the end of every month? If not enough, do you have any legitimate reasons (dependents for example). You need a very small amount of down-payment to qualify for a mortgage in Edmonton. Be EXTREMELY glad you don't have to come up with high five-digit, or even six-digit, sums to qualify in larger cities like Van. or Toronto.

Renting in Edmonton makes no sense, b/c there are so many option available to you when it comes to buying. But if you do have to rent, you can make some sacrifices for a year or two and share a room.

I have a ton, a tonnnnnn, of complaints about Edmonton. Affordability is not at all one of them.

240glt · #14 Posted **Jul 18, 2017, 3:15 PM**

^ rents have dropped considerably in Edmonton over the past while, but during the boom periods Edmonton does become overvalued to a certain degree but the bigger issue is that the inventory dwindles to nothing. But at this time there are plenty of affordable options for people in the city

Abii · #15 Posted **Jul 18, 2017, 11:17 PM**

Quote:

Originally Posted by 240glt

^ rents have dropped considerably in Edmonton over the past while, but during the boom periods Edmonton does become overvalued to a certain degree but the bigger issue is that the inventory dwindles to nothing. But at this time there are plenty of affordable options for people in the city

I agree with you. I experienced the lack of inventory back in 2013. But as you say, we're not experiencing that right now. I would even go so far as to say that regardless of market forces, an individual should be able to squirrel away a down payment in Edmonton. Whether rents are 1000 a month or 800 a month, there's always something that can be done. Especially when the target is so small (we're not trying to buy a 1.5 million dollar detached property here).

The hardest part about buying real estate is not qualifying for a mortgage. That's the easy part. The hard part is coming up with the down payment. 5% of 150,000 is 7500. If someone has a hard time coming up with 7500 dollars, they're simply unable to manage their finances like adults, that's it.

As far as mortgage payments go, if you amortize the ~150k over 25 years, at 2.89%, you're looking at around 700 a month (I didn't do the actual math, but I shouldn't be off by more than 50 bucks).

I sound very patronizing, but I genuinely think I'm right. I'm not trying to argue with OP or lecture him/her-I've made so many mistakes in my life already and I'm not even 30, so I'm not in a position to lecture anyone anyway. On this issue though, I've made all the right choices in the past 4-5 years.
OP, read this book if you have a chance:
https://www.amazon.ca/Along-Ride-Get.../dp/1542673364

canucklehead2 · #16 Posted **Jul 19, 2017, 1:32 AM**

Quote:

Originally Posted by Abii

I agree with you. I experienced the lack of inventory back in 2013. But as you say, we're not experiencing that right now. I would even go so far as to say that regardless of market forces, an individual should be able to squirrel away a down payment in Edmonton. Whether rents are 1000 a month or 800 a month, there's always something that can be done. Especially when the target is so small (we're not trying to buy a 1.5 million dollar detached property here).

The hardest part about buying real estate is not qualifying for a mortgage. That's the easy part. The hard part is coming up with the down payment. 5% of 150,000 is 7500. If someone has a hard time coming up with 7500 dollars, they're simply unable to manage their finances like adults, that's it.

As far as mortgage payments go, if you amortize the ~150k over 25 years, at 2.89%, you're looking at around 700 a month (I didn't do the actual math, but I shouldn't be off by more than 50 bucks).

I sound very patronizing, but I genuinely think I'm right. I'm not trying to argue with OP or lecture him/her-I've made so many mistakes in my life already and I'm not even 30, so I'm not in a position to lecture anyone anyway. On this issue though, I've made all the right choices in the past 4-5 years.
OP, read this book if you have a chance:
https://www.amazon.ca/Along-Ride-Get.../dp/1542673364

You just answered your own question... So ignorant of reality...

canucklehead2 · #17 Posted **Jul 19, 2017, 1:37 AM**

https://thetyee.ca/Opinion/2016/12/1...ousing-Crisis/

https://www.theglobeandmail.com/opin...ticle32151195/

https://fcpp.org/wp-content/uploads/...ing-Crisis.pdf

canucklehead2 · #18 Posted **Jul 19, 2017, 1:38 AM**

UMMM ACTUALLY.... https://en.wikipedia.org/wiki/Afford...sing_in_Canada

https://thepracticalutopian.ca/2016/...two-solutions/

canucklehead2 · #19 Posted **Jul 19, 2017, 1:42 AM**

Sad to see even on this thread a tone of snarky privilege of racial entitlement... Oh wait, it's what I've seen on here DAILY since 1997... In other breaking news? I predict the sun will rise again tomorrow and Trump will tweet more lunatic shit some of you will lap up like a cat with a saucer of cream... Enjoy your bubble, Katy Perry!

Urban recluse · #20 Posted **Jul 19, 2017, 3:28 AM**

People really need to put themselves in the shoes of others with less means. We all deserve a decent roof over our heads.