pdmedic Posted June 7, 2008 Report Share Posted June 7, 2008 I am an OOP student that was accepted at UoA. I am thinking of buying or renting a condo. Any advice on where to live and what areas to avoid will be appreciated. I am looking forward to meeting everyone in Sept. Link to comment Share on other sites More sharing options...
Jamer Posted June 7, 2008 Report Share Posted June 7, 2008 If you can afford it/there's any room, Windsor Park Plaza is mega ballin'. Great view, INCREDIBLY close to class (like, 3 minute walk), nice apartments. Will run you upwards of 900 a month for a single though Link to comment Share on other sites More sharing options...
peteska Posted June 7, 2008 Report Share Posted June 7, 2008 My dad is a realtor in Edmonton. I'm moving back to Edmonton and my sister decided that she and I should get a condo together while I do med and she does grad school. He told us that it doesn't make sense to buy in Edmonton right now if you're only going to be here for four years. Right now, prices in Edmonton are relatively high (went up a LOT over the past two years, have now dropped a bit, sales are down). In the next few years, especially with the makings of a recession in North America, prices are likely to remain stable or even drop. The costs of owning - lawyers and realtors at both ends, maintenance, etc. make it such that your equity (i.e. mortgage paid off) would basically be cancelled out. Real estate is a good long term investment, but in the short term in Edmonton, you'd probably be better to rent. Anyways...what he told me. As for areas, I like Strathcona (around Whyte Ave.), Garneau and the area around the Grandin LRT station (just North of the river, but two LRT stops from the hospital/med sci). Link to comment Share on other sites More sharing options...
muchdutch Posted June 7, 2008 Report Share Posted June 7, 2008 Yes, the real estate market is INSANE in Edmonton right now. The previous poster is correct in saying you'd be better off to rent, rather than buy. The cost of everything is so high that the average joe can't afford to buy much and as such the rental market is at a record low vacancy rate. If you're going to rent downtown or close to the U of A, you'll probably be spending around 900 for a single, give or take, unless you get into a cheap basement suite. Unless you're in for the long haul, it doesn't make much sense to buy here right now. Just so you know what it's like, I have a couple friend who signed last March when housing prices peaked at 225,000 for a 2 bdr,1 1/2 bath on the west end. Now, they're condo has been appraised at 220,000. For the lawyer/realtor fees, mortgage payments they've invested, and the extensive renos they did, they sure have lost a lot of money already... Link to comment Share on other sites More sharing options...
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