- Joined
- Aug 30, 2007
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- 13,879
We own quite a few properties in Edmonton and area .. about 30% of our portfolio.
After 2-3 years of declining value from very unrealistic levels due to overheated condo conversion in 2007, we are back to normal ! We sold many buildings into the 2007 boom .. and after 2 1/2 years of not buying in AB and waiting for prices to correct, we bought in Calgary, AB in December 2010 .. and are actively looking in Edmonton and area right now !
Rents are forecasted by CMHC top be flattish .. but vacancies lower, thus higher incomes .. and values are HIGHER and CAP rates LOWER than last year .. and we concur with this observation. We aim to raise rents on existing units 2% and aim for 5-8% on newly renovated, now vacant units due to lower vacancies and higher demand.
Owners (like us) rejoice .. and acquisition guys will find it tough again to find "deals" .. but after much sifting they can be found.
Attached report, by Cushman & Wakefield sums it up nicely !
FYI !! Attached files 2011 Edmonton Apartment Report.pdf (160.8 KB)Â
After 2-3 years of declining value from very unrealistic levels due to overheated condo conversion in 2007, we are back to normal ! We sold many buildings into the 2007 boom .. and after 2 1/2 years of not buying in AB and waiting for prices to correct, we bought in Calgary, AB in December 2010 .. and are actively looking in Edmonton and area right now !
Rents are forecasted by CMHC top be flattish .. but vacancies lower, thus higher incomes .. and values are HIGHER and CAP rates LOWER than last year .. and we concur with this observation. We aim to raise rents on existing units 2% and aim for 5-8% on newly renovated, now vacant units due to lower vacancies and higher demand.
Owners (like us) rejoice .. and acquisition guys will find it tough again to find "deals" .. but after much sifting they can be found.
Attached report, by Cushman & Wakefield sums it up nicely !
FYI !! Attached files 2011 Edmonton Apartment Report.pdf (160.8 KB)Â