Are Edmonton Condos Protected?
Is your Condo safe from damage from weather and other elements? By regulation condos in Edmonton and the rest of Alberta are required (through the condominium corporation) to have the their condo complex insured against the following perils:
- fire
- leakage from fire protective equipment
- smoke
- lightning
- windstorm
- hail
- explosion from natural gas, coal, or manufactured gas
- water damage caused by flood
- water damage caused by sewer back-up or the sudden and
accidental escape of water or steam from within a
plumbing, heating, sprinkler or air conditioning system or
a domestic appliance that is located within an insured building - impact by aircraft, spacecraft, watercraft and land vehicles
- riot, vandalism or malicious acts
- any other perils as required in the specific by-laws of the condo
This insurance policy is negotiated by the condo corporation and is paid for by the monthly condominium contributions (commonly referred to as “condo fees”).
When I’m working with clients who are buying a condo in Edmonton I always request from the seller that they provide my client with an insurance certificate that verifies that the condominium corporation has a valid and current insurance policy for the corporation. By doing your due-diligence you are ensuring that if something out of your control does happen to your condo building or unit then you are protected.
Author: Nathan Mol, REALTOR®
Edmonton Downtown Condos - Living Large
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Author: Nathan Mol
Who says owning a condo in downtown Edmonton means living in a shoebox? Certainly the trend we have seen over the past few of years with new condos, both in the downtown area and the outer edges of the city, has been a shift towards shrinking square footages.
There are a growing number of options for spacious downtown condos in Edmonton
Although the majority of condos that are over 1000 sqft are priced between 300,000-400,000, there are usually some affordable options under $300,000, in buildings with great locations such as Hillside Estates, and the Capital Centre.
Then there are smaller buildings where listings come up for sale less frequently such as the 2 bedroom condo I sold in B & H Towers for list price a couple months ago. Properties such as these may need some updating due to their age but if they are well managed, they are solid investments, and comfortable to live in. There are also a growing number of lofts being developed downtown from former commercial or industrial style buildings. These Edmonton Lofts typically not only have generous floor space but also feature 10 foot or higher ceilings.
To get the best exposure for our clients who want to sell their condo we create a customized website with virtual tours such as this listing we have for sale in Terrace Court.
There are currently 45 condos over 1000 sqft available for sale in Downtown Edmonton (not including Oliver). You can view the listings at our new website EdmontonRealEstate.pro
If you are thinking of selling your condo and would like a free evaluation please contact me.
Author: Nathan Mol, REALTOR
The Battle of Edmonton Condos: New or Remodeled?
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Author: Nathan Mol
With all the marketing dollars spent by Edmonton condo developers on their new condo projects it’s hard not to love those shiny new condos. But what about the tried and tested downtown condominiums with solid upkeep and maintenance?
The River Vista in Edmonton
I’ll be the first to admit that visually, the exterior of Edmonton condos built in the 70’s and 80’s are uninspiring for the most part. The irony is that when you are inside your unit looking out, you don’t see your exterior, you see everyone else’s. All else being equal, I’m sure we would all like to have that “wow” factor when we walk up to our condo building, or better yet when our friends drive up to visit!
But is all else equal?
Let’s take a closer look at Edmonton downtown and Oliver condos; both newly built (or almost new) listings, and remodeled units listed for sale from buildings that are older. These two bedroom condos for sale downtown: RES A Email Large, were built in 2005 or newer. The median asking price for these condos is $411.62 / SqFt which is considerably more than market value. Buying a home or condo can be an emotional decision, especially for first time home buyers, and these buildings offer the style, colours, and finish that modern day condo-seekers want.
Top of the Valley - Edmonton Condominium
As of April 28, 2009 there were 59 two bedroom condos for sale in Oliver and downtown Edmonton that were built between 1970 and 1989. They can be found here: RES A Email Large. The median price per SqFt of $264.47 for these older units is quite different from those active condos that were built in ‘05 or newer; almost $150 dollars per SqFt.
With such a significant difference between the asking price of older and new condos; are there opportunities to purchase an older condo in Edmonton for a lower price? Could some of the money saved be spent on renovating your condo to your personal style?
Thoughts on Edmonton’s Economy
These are interesting times for economics enthusiasts. Staying current with economic data reports and news stories from Canada and the US seems like a full time job.
Crunching economic data, making sense of it, and then making predictions is complicated and time consuming. I feel it is important to stay on top of the economy, but my first priority are my real estate clients, so I will resist the urge to get too deep into economic theory.
The other day, my attention was brought to an article in the Globe and Mail which painted the economic picture in B.C. and Alberta as catastrophic. I could talk about the blatantly biased tone of the article but what is more disturbing is information that is left out of the article.
The authors report:
“In Alberta, personal bankruptcies soared by 27 per cent year-over-year in the 12-month period ended December, 2008, the Office of the Superintendent of Bankruptcy Canada said yesterday. That was nearly double the 14-per-cent increase for the entire country.”
Wow, sounds bad.. right? Well something didn’t feel quite right about that stat - they didn’t give any absolute numbers. So I thought I would check it out at the source. (See Table 3: Bankruptcies filed by consumers). So here’s the thing: Anytime you start with a small number, it takes a smaller absolute increase to equal a large percentage increase, than it would if the base number was large.
I thought I would compare apples to apples so I decided I would determine the Per Capita Bankruptcy Rate for Alberta and Ontario and then compare them.
What I found was that for the year ending December 2008 even after Alberta’s bankruptcy rate increased for the year, if the populations of both provinces were equal Ontario still had 65% more bankruptcies than Alberta (remember this is per person). Based on recent population numbers, the percentage of the population who filed for personal bankruptcy was 0.2785% in Ontario (36,200) and 0.1685% in Alberta (6,066) for 2008.
Although personal bankruptcy is a terrible experience for the person (and family) of those going through it, my opinion is that employment has a much more significant and widespread impact on an area’s economy.
Based on the latest monthly job stats, Alberta lost 200 jobs while Quebec lost 26,000 and Ontario lost 71,000 (the largest drop in more than three decades). Edmonton in contrast has one of the lowest unemployment rates in Canada at 3.6%.
Prosperity is relative. In the past as other regions of the country have struggled, workers have moved to Alberta for better job prospects.
Is it possible this might continue?
Other News- What’s going on with Condo Prices in Edmonton? January 27, 2012
- Edmonton Real Estate Market Weekly Update – Jan. 27/12 January 27, 2012
- Special Report: Year in Review and 2012 Forecast January 23, 2012
- The Difference Is? Calgary VS Edmonton January 23, 2012
- Edmonton Real Estate Market Weekly Update – Jan. 20/11 January 20, 2012