Most people have gotten used to the fact that there are a lot of properties for sale in Edmonton. They’ve gotten used to sales being slower, and they’ve gotten used to homes taking longer to sell. I think there is one more thing Edmontonians have gotten used to: higher prices.
The number of homes for sale in Edmonton have gone through the roof, and it looks like there are still plenty more properties to come on the market. Why then, with all that choice, and so many motivated sellers dropping their asking prices, are the average prices in Edmonton basically staying put?
Well, thanks to Bob Trueman’s daily stats something has become very evident – the average price per square foot in Edmonton has been on a steady decline:
I think that home buyers in Edmonton have gotten used to the fact that they have to pay $400,000 (or thereabouts) for a single family home, and therefore are willing to pay $400,000 for it, it’s just that in recent months they are getting more for their money.
That’s a very good point.
On the one hand, the economy is good and buyers don’t intend to cut their spendings.
On the other hand, there is a overflow of inventory and sellers are getting less and less for the same house.
Thus, we have a strong market of declining housing prices.
On the other hand, the bank of Canada cut interest rates by .5%. So its going to be cheaper to borrow – hoping here!!!
On the other hand the boogy men of recesion is on the other side of the border.
Thus the total collapse of everythign we hold dear will commence….and I forcast prices droping down to 2000 level right away
)) …..
I’ll bet there are a lot of 2 stories being sold, that’s why the $/SF is going down but the average/medium price is going up. 2-stories have more above ground space that can be used in stats. Their basement space is smaller than bungalows or splits. So even though bungalows or splits may have the same overall space the basement can’t be used in the stats. Maybe Sheldon or Sara could you run some numbers on this.
Neil, I don’t think so. It’s just simple: prices are dropping.
Just look at the $/SF for condos. 99% of them are one floor units. The trend is still down.
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Seems the high inventory and low sales are going to linger for a while:
http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=83c49e9f-9d45-40ac-93ac-cf58f3d386c5
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BAD,
I agree with high inventory staying with us til next spring with a caveat. There will be two distinct markets by next spring. The condo market will be flush with product but the SFD market will be drawing on the very weak starts apparent in the last few months. Since it takes 8-12 months for new homes to arrive on the market, by this fall inventory will be coming down. All that investor product fuelling SFD starts of 700-800 a month last year is now down to what 200 or so in Jan/08. Sales were around 750 in Jan/08.
Also I disagree with the idea that somehow sales in the re-sale market are weak. They are certainly less than 06/07 due to the high investor component in those years (I personally don’t think that price rises of 4% a month is good anyways)….but they look completely in line with 02/03/04/05 which were hardly weak years.
Til then, the market will drift lazily one way then the next, until finally at the end of the year, we’re up 1% (only because I’m an optimist lol).
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Sales are weak relatively to the current inventory and new listings. The 02/03/04/05 years did not have such a high inventory or new listings number making the sales relatively strong. Here is the story of the last four years:
http://spreadsheets.google.com/pub?key=pqoAQ_B0GEgUvvcBvC2JTJA&oid=1&output=image
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What effect will the upgrader alley have on the current situation? I hear numbers of 400,000 people moving into the area as a result of these projects. If this is correct, this has to have some effect on the current inventory and possibly, prices.
BAD,
I guess we’re talking semantics here. Sales are good. Sales to Listings are low…..they are different things. By the way thanks for the spreadsheet, it really shows the tightening of the market in late 05/early 06. Can you guess where the investors came in!! It would be really cool to see the spreadsheet of new SFD starts right beside it. My opinion is that the overcorrection because of lack of inventory in 06 is overcorrecting the other way with dismal new home starts. It will be interesting to see what happens over the next few months with SFD starts because if they stay this bad, there won’t be much of anything coming on the market next spring.
E,
I think you might be getting your numbers mixed up. I think the upgraders your referring to will be producing 400,000 bpd, but I seem to remember hearing on the morning news, global but this was some time ago, that they will be needing 1400 people for construction, and when completed 300 full time employees (or something along those lines)
sorry. An article from the Edmonton Journal indicates 16,000 construction workers needed for the project in addition to the full time employees.
Sabb
Here is a list of all the oilsand projects, including upgraders in Strathcona County (North east of Edmonton).
http://www.alberta-canada.com/statpub/albertaConstructionProjects/mpgetem.cfm
And here is the current list of all projects in Alberta
http://www.alberta-canada.com/statpub/albertaConstructionProjects/mpindex.cfm
Don’t forget about all the in-direct and spin off jobs and projects that will be created.
Plus the Alberta Governement is giving incentives to build upgraders in Alberta. So that is only going to add to the number of projects, which means more jobs and other support projects.
Yahoo Finance Today: Home buying intentions at ‘lowest level in several years,’ RBC finds
The housing market, for instance in B.C. and Alberta, “has reached a level where maybe … it’s not such a good time to be purchasing a house because the cost has exceeded (people’s) ability to pay,” he said.
Neil,
I don’t deny that there is ALOT of projects totaling some big dollars, or that there are requirements for more workers, but not 400,000 people
I’m sure that the city will grow by 400,000 people…. over the next 20 or 30 years.
Hey …look at the bright side….when we hit bottom…which I think we will hit this year….there is nowhere else to go but up….
))) ….or maybe sideways……but definetly not down…
This tidbit of wisdom was brought you for free…..now the question is did we reach bottom yet??
GREG
I live in a fairly new community, (Rutherford) in Edmonton. Alot of People tell me…”Your house is only worth what your neighbours is worth”.
I’ve pumped alot more money into my new house ie deck, fence, landscaping, basement etc. A few of my neighbours have their homes for sale with nothing done. I realize that all these additions to my house will help me sell but will I get money back?
“I’ve pumped alot more money into my new house ie deck, fence, landscaping, basement etc. A few of my neighbours have their homes for sale with nothing done. I realize that all these additions to my house will help me sell but will I get money back?
Posted by: Andrew ”
There is no way to say without all of the numbers. Even then, you need to find someone that is willing to buy your property.
Your upgrades do count for something, price competitively with your neighbours and I’m sure that someone looking to buy will consider the added value.
I’ve been watching rutherford, summerside, ellerslie etc.. for a few months now. There are definitely a lot more homes popping up in the lower price ranges. It’s paying for buyers to wait in those areas.
The above average homes will still sell for a decent $/per Sq. ft. It’s those homes that were built without upgrades and the owner’s mentality is to keep up with area prices that keep those homes on the market for months without a deal. So it works the other way as well. People will still pay for value in the marketplace. Always have, always will. If someone is shopping for $500K+, your house better be the nicest out of every other comparable. If so, it should sell in time. .02
5000 jobs lost in Alberta for Feb.
We’re still maintaining the lowest unemployment rate across Canada though.
http://www.statcan.ca/english/Subjects/Labour/LFS/lfs-en.htm
Andrew, you will get about 50% of your money back on those items. Remember, never set your price according to neighboring active listings because many of the sellers are daydreaming. Instead, you should check out the transaction prices of recently sold properties.
Bunny said:
“Andrew, you will get about 50% of your money back on those items”.
Who are you bunny? a home upraiser? What do you base 50% on?
He’ll get his money back or at least sell faster…
I’ve been reading this blog for a while and never commented but I find lots of posters here are offering weirdo, spaced out suggestions. I say: go talk to a specialist, not some stranger who may be posting misinformation like bunny.
I am not an appraiser, but I have often heard that most enhancements do not increase the value of the home by an amount equal to the cost of the enhancement. Intuitively, I suppose this makes sense: Andrew’s idea of an ideal basement/fence/landscaping job/etc probably doesn’t match mine, so I as a prospective buyer I probably am not willing to pay as much for those enhancements as he was. Its somewhat analogous to trying to sell a new car that you’ve just driven off the dealer’s lot.
Bunny’s 50% estimate seems low, but I really don’t know. I would be very interested in seeing a post from Sara/Sheldon on this topic.
This link takes you to a Renovation Guide, that may answer a lot of questions.
http://www.hendersonandbutt.com/renovation.html
I am no appraiser. But I do know that you usually don’t get what you have invested when selling. You don’t get 100% back even on kitchen renovations!
It’s OK that you don’t trust my comment, but please do some online research yourself before you call my comment “misinformation”. Here is some data:
http://www.ontariocontractors.com/roi.htm
Renovation Average Cost Resale Recovery
Paint $700 200% plus
Add a Bathroom $10,000 96%
Add a Fireplace $4,000 94%
Kitchen Renovation (minor) $8,500 79%
Kitchen Renovation (major) $24,000 70%
Bathroom Renovation $7,500 69%
Add a Skylight $4,000 68%
New Siding $7,500 67%
Add Insulation $1,750 65%
Addition $35,000 62%
New Roof $4,600 61%
Deck $6,000 60%
Greenhouse Addition $17,000 56%
Replace Windows /Doors $12,000 55%
Add a Swimming Pool $24,000 39%
The link provided by pacific is more detailed:
ROI of deck is 50~60%
ROI of basement is 40~60%
Most items are at 50% as I previously suggested.
My comments are always based on facts.
Only weirdos attempt to paint that as “misinformation” and fail to provide any proof.
Ah Bunny, go check yourself in. First of all we are not in Ontario and secondly these statistics are based on if you hire someone out of the phone book to do your reno’s. You should watch a little ” flip this house” or related programs. I don’t see too many folks losing money there. Mine you, it is proably just a big conspiricy against you to contradict your insightful grumblings. Btw, didn’t you predict a huge fall in oil prices a while ago? So far you have been perfect in your predictions! You go girl!
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Heed the warnings.
““When bungalows in Vancouver cost $900,000 and resale homes with no parking in midtown Toronto are $1 million, it’s only forty-year mortgages and an embracing of debt that sustain the unsustainable,” Turner writes in the Key Porter published book, subtitled The Troubled Future of Real Estate.
He warns that overextended young Canadian couples are buying into several real estate myths, “egged on by real estate marketing machines and reassured by economists paid by our largest lenders.” They “cling to the absurd belief that paying too much for something is okay” and that “there will always be a greater fool willing to pay more.”
Turner does not believe the American housing crisis was caused by subprime mortgages extended to otherwise unworthy borrowers. “That was but a symptom” of the real disease, which was the rush into real estate that followed the flood of cheap money Alan Greenspan unleashed following the shock of 9/11.
With 5% down mortgages and the new 40-year amortization schedules, Canadian homeowners are just as overextended as their American counterparts, Turner argues. He also notes that subprime [or near-prime] loans are also available in Canada through firms like Toronto’s Exceed Mortgage.
“The inevitable conclusion is that the current Canadian real estate market is floating on a sea of unrepayable, and perhaps unserviceable, debt.””
http://network.nationalpost.com/np/blogs/wealthyboomer/archive/2008/03/08/canada-not-immune-from-subprime-crisis-garth-turner.aspx
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Bad,
Just think of all that time you would have to house hunt if you didn’t spend it all looking the world over for any doom and gloom you can find.
I love these guys who come out with these books a year after the
U.S. collapse saying I saw it coming all along and we’re next…that’ll be $49.95 please.
Do you think maybe, with all the press about the U.S. housing collapse, telling Canadians this is us next, would make it a big seller here? I love the way he goes out on a limb at the end and says, and I paraphrase…it might happen and it might not….gotta love his conviction, and that’ll still be 49.95 please.
I notice he picked 3 cities…and 1 of them was not Edmonton. Maybe because we’re 75-80 thousand below them on average price that makes us immune lol.
My advice to people, and this won’t cost 49.95, is be wary of the advice you get from someone who is panning his book. Tell someone the differences between the U.S. subprime mess and what’s happening in Canada with a balanced viewpoint and you’ll sell 10,000 copies. Tell people we’re 1 baby step away from kiss your ass goodbye, and you’ll sell a million. Take a look around at the economic conditions you’re buyin into and use your head. Maybe your 1st house shouldn’t cost 400,000 and take you 40 years to pay…maybe you should buy a 175,000 or 200,000 condo. Such sage advisce shouldn’t cost you the price of a book.
All this being said though…it could still happen, although it might not.
HA HA HA!!!
Good one Itchy!!!
To BAD: Don’t want that $900K bungalow in Vancouver? Don’t buy it.
Get a life now.
BAD and Bunny should be buddies.
Yup… it’s all gloom out there and prices are going way down and everybody will lose their shirt, etc.
i just wanna know when?
I read here in November that the crash was imminent and houses would lose 50% of their value, etc.
That was when most posters were “betting the house” (sarcasm) on a huge economic collapse. Of course most of those people do not post here any longer.
Life is sweet.
ray, my house has lost $70,000 in value, and where as that might be laughable to you, its a blow to me and my family
Kevin,
Nobody wants to make light of a situation that has somebody losing money but how is it a blow. If you’re still in your house then you haven’t lost a thing, in fact your payments are probably on the way down (unless of course you’re locked in for long term).
I’ve lost a hell of a lot more in the stock market in the last 3 months on paper. If I was forced to sell them, then yes, I would probably be extremely upset. It goes without saying you must have bought at or near the peak, lots of people did. If you bought to flip…that’s risky business. If you bought to live in it for 5 years or more you’ll do fine.
Talked to a builder on 34 st and 23 ave, they are buidling duplexes 300 ish. They have duplexes in Beamnount going for 306.
Just imagine the sellers are still asking 330 for their 2002 builts..
Justone,
I completely agree with you. There are sellers out there that just don’t get the new pricing reality and are still asking Apr/May 07 prices. I am very familiar with one such property that is 80,000 overpriced and has not changed the asking price since it was put up in August last year!
I also know that Greenboro was selling really nice townhomes with granite and hardwood for mid 320′s in Terwillegar. New and re-sale homes have come more in line with each other in the last 2 or 3 months. Do you mind if I ask who the builder was as I may know someone who would be interested at that price point?
It is, Kevin, and it isn’t at the same time. It’s theoretical value, it’s not like suddenley $70,000 was withdrawn from your bank account. People have this feeling if their house is not going up all the time, it’s the end of all things. Other than the differentiation in theoretical value, has anything else changed for your family? Or is it just feelings?
i am forced into moving since our teaser rate will expire and our payments will reset almost $400 higher. we were completely unprepared for this, we trusted the person who found this ” cheap ”
mortgage for us and no idea this was going to happen, i am not bitter about this as i should have done my own research, i will take my lumps as a man. i just dont appreciate rays laughing tone.
Good afternoon.
I had to reply after seeing Kevin’s post.
Kevin a lot of us are in similar situations. I bought in 2002 for approx. $300. At the peak last spring when we were looking to upgrade the realtor said they could easily get us $750 or more. Which sounded great but to move up it was now going to add years and years to our mortgage. In November we had the realtor back in, they said lots on the market we can list for $550 – $560. I was in disbelief. We started looking again the last couple weeks, found a house we think we might like to move up to, brought back the realtor, he says “we’ll try for $480″… He shows me a list longer then my arm of listings in and around my neighbourhood, many houses listed for similar prices, some sold for less one or two for more, most still listed (5 one my street alone). Even though I bought for $300, I’ve put in 10s of thousands in yard, fence, basement and other renovations, add that to the amount of interest that I’ve paid on my mortgage and I’m still ahead but not by any fabulous amount (all relative).
I’m OK with that. I enjoyed the highs and can live with the lows. To be honest I’m just happy that very soon I beleive things will level off (if they havn’t already) and we can all get back to living instead of worrying about housing and house prices, just like we did before the boom. Which in my mind was a much better time
Best of luck to all.
Itchy,
It is Coventry…if my spellings are not wrong. They have a show home right next to 34 st and 23 Ave..
Today a realotr called me and was talkign about a duplex 2003. When he told me the price of 330 as reasonable, I wanted to tear him up ….then as ussal I took a deep breath and told him about the builder next door..
Guys be careful…there are vultures out there …wanna eat you dead.
Justone,
Thanks for the info. I guess he meant reasonable for his commission lol. It certainly pays to do your research, thank goodness there’s enough product on the market that people can take their time instead of being forced into a hasty decision. That wasn’t happening a year or two ago. I’ll let my buddy know and he can go have a look tomorrow.
cheers
“Teaser rates”?
You’re just folks that were born to rent…
Obviously you people had no clue for simple economics or how to manage your money.
Next time, read the fine print. Just like in the US sub-prime.
“Hey I can’t afford a house but for the next 18 months at 3,4% I can. who knows what will happen after”.
IRRESPONSIBLE.
Justone,
There are SFH’s in that area for under 350. Some have been on the market since last summer. Definitely deals to be had.
Nate,
That is if you call 350k for an SFD a deal.(350k is a lot of money for a house in edmonton) I think people are getting a bit too used to these high prices…seem almost delusional. They will all get a lesson in economics 101 as we continue to move through this correction.
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itchy wrote…
“Just think of all that time you would have to house hunt if you didn’t spend it all looking the world over for any doom and gloom you can find.”
It is most amusing what some can assume about a person that disagrees with them. So what is you advice to Garth Turner itchy?
“Just think of all that time you would have to house hunt if you didn’t spend it all writing a book?”
Most amusing indeed.
I have asked here before and I’ll ask again – how is my personal situation affecting the real estate market in Edmonton? Care to answer itchy?
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Pete,
Some SFH’s are a good deal for 350k. Even before the boom.
I was referring the the previous comment about duplexes in the low 300′s though. There are single’s in that range now that would be a much better buy if you think that the market is sinking. I don’t have much faith in multi family homes if housing ever does crash here.
I have to agree with Ray, in spite his rude and sarcastic tone. It almost sounds like you did go with a sub prime mortgage. I imagine that a lot of people that signed up for those silly 40 year mortgages will sound much the same when they renew after 5 years, have no equity and the bank decides it wants a higher rate. Especially with prices falling over time now! Anyone with a 40 year mortgage should be squirming in their seats if this type of thing happens close to their renewal!
I’ve heard a lot of complaining about families that can only, for example, afford a 1,000 ft2 home. They feel that that’s insufficient for their family and they need 2,000 ft2 or they’ll feel smooshed. So they find any way to make their psychologically imposed terms happen. Just because you have a family doesn’t mean you can miss rungs on the “realestate ladder” just because a bank at some point in time found some way to make it happen for you. Caution.
car27 said:
>>>Ah Bunny, go check yourself in. First of all we are not in Ontario and secondly these statistics are based on if you hire someone out of the phone book to do your reno’s. You should watch a little ” flip this house” or related programs. I don’t see too many folks losing money there. <<<
1) Anyone with the intelligence of a 5 year old would understand there is no difference between Ontario and Alberta. The renovation costs are different. But the ROI percentage is about the same.
2) Anyone with literacy level of a 10 year old could READ that the info provide by “pacific” is for Edmonton and I quoted that info.
3) Yes, I do watch HGTV. Both “To Flip This House” and “Disaster DIY.” People don’t lose money on their renovations when the market is going up. If you watch carefully, you would realize that all the “To Flip This House” programs are filmed two years ago, when the RE was still hot. Let me know when you find a program that focused on Edmonton post 2007/07.
For small projects, you can do it yourself and you don’t need to ask about the ROI on a board such as this. Since Andrew asked, I can assume that it was major. If it’s major, you may do it the right way, or the “Disaster DIY” way, or more likely somewhere in between. I have seen such DIYs: lots and lots of time spent that can otherwise earn a second income and a sub-professional finish that the buyer don’t know what to do with it (rebuild it or keep it).
Thus, without personally knowing Andrew and seeing his work, I gave him the industry average number. Just to be responsible.
We all have to realize that with 20 posters there will be 20 different opinions. This is like religion: do not attempt to convert people to your philosophy towards finances because you don’t agree with them or their decisions…
However, lots of bitter renters here for sure.
Bad,
I don’t think your personal situation is having any effect on the Edmonton real estate market period. I never said it did. I don’t care whether you’re renting but want to buy, own and want to move up, or just like planting the seeds of discontent. It is clear however from every post you’ve ever written you’re the head cheerleader for a housing collapse. Try a little balance in your life.
As for Mr Turner, I have absolutely no advice for him. People that want prices to tank here always add ulterior motives to people who issue stats (EREB and CMHC), people who comment on market state (Sheldon and Sarah) and every other real estate agent out there. I’m simply pointing out that there are always ulterior motives when there is money at stake. The guy is trying to sell a book. If he had of come out 2 years ago with his book when the headlines of the day were up up up, I’de be nominating him for sainthood and worshipping every word he said. My only advice to anyone was use your head. Don’t buy something you can’t afford and plan on living in in a long time.
By the way, you missed a piece in the Edmonton Journal on the same day talking about the resurgance in the Alberta gas drillers market. Take a drive by Nisku today and take a look at the hiring signs out. Balance is the key Bad….not too high, not too low.
The following was cut/pasted from Todays (Sunday March 9th) Edmonton Sun. I had heard talk of this pipeline project months back, does it look like its now going forward?
Wonder what if any impact this will have?
Enjoy your Sunday.
“Even sponsor ConocoPhillips comes with it’s own controversy after it cut a deal with Alberta’s former “national” oil company, EnCana, to ship raw bitumen and thousands of jobs down the pipeline to Illinois and Texas.
It is something Stelmach once compared to stripping the “topsoil” from a farm. But so far, he has done zero, zip, zilch to stop it. “
Garth Turner has been writing about a housing colapse in Canada for years. One day he might be right…..Well soon or later anyway. Maybe…..
Itchy
Read his blog (www.garthturner.ca)and you’ll figure out where he is coming from. I don’t agree with his logic or politics, little to left wing for me.
Fred, you didn’t mention the title of the article or the author. re Neil Waugh, “Stelmach back in the Saddle – NAFTA talk and greenhouse gas emissions leave no room to rest for re-elected premier”
Looks like that part of the article is referring to the TransCanada Keystone pipeline which got approval from the National Energy Board in September 2007. I haven’t seen a cancellation announcement.
Thank you Anon.
My appologies, I know this could be considered off topic, but following is a little information that I found on the status of the Keystone project. The following is from the TransCanada web site.
TransCanada receives NEB approval to construct and operate the Keystone Oil Pipeline
CALGARY, Alberta – September 21, 2007 – TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) today announced the National Energy Board (NEB) has approved an application by TransCanada Keystone Pipeline GP Ltd. (Keystone) to construct and operate the Canadian portion of the Keystone Pipeline project, including converting a portion of the Canadian Mainline to crude oil service from natural gas service. The NEB also approved the toll methodology and tariff for the Keystone Pipeline.
The 3,456-kilometre (2,148-mile) Keystone Pipeline will transport crude oil from Hardisty, Alberta to U.S.
TransCanada advances Keystone Oil Pipeline Project
Expects to commence construction in spring 2008
Where is the weekly update for last week ?
Hey Frank, I figured we’d had enough stats for one week, I’ll have a more indepth weekly report next week to make up for it.
I’m priced for a mortgage at 180k and even at that price all I can get is a crapper. Edmonton is way overpriced, and why? This is Canada, we have tons of land and yet lot’s are selling at a premium! Why is it in Texas with over 20 million people decent houses are selling for a 100k while these same houses would cost over 300k in Alberta with less than 3 million people?
The system needs to change, cheap land needs to be made available and as first time buyer, I’m going to wait for the prices to go down.
Also another question. Why is it in the U.S when watching those first time buyer shows do you see so many houses with huge yards? While in edmonton, you are lucky to even get a yard in lots of these new houses??? I mean, we have an insane amount of land, and all you get is a closet sized patch of grass in here. And houses are built so close together that their almost touching, you might as well live in a townhouse! A complete joke.
Jer,
Who, exactly, do you want to pay so that cheap land can be made available to you? Other taxpayers? No thanks. You are not entitled to own property, and others shouldn’t have to subsidize you.
As for the yard size — urban sprawl is a massive problem, and it costs a fortune to supply essential services to less dense areas.
Canada does have an “insane amount of land”, but most of it is up north. I suspect if you move to Nunavut you will be able to get a massive property with your house. In the south, however, urban sprawl eats into much needed farmland. I’d rather save that so that I don’t have to buy all of my food from Mexico, thanks.
If you want a big yard, look in older neighbourhoods or go to rural areas. I, for one, don’t think new urban areas are dense enough.
Jer, agreed! I live in Kelowna, and there’s an actual emergency in sustainability – not enough density here, next to no land for building left…we keep creeping up the mountains. That type of development cannot be used for affordable housing…a lot of young people leaving back to Alberta. Okanagan Life Magazine said the size of Kelowna usually houses cities with 2.5X or more our population. Good comment.
Ooops, agreeing with bob, rather…
bob,
My question is how do they keep realestate prices so low in Texas?? They are not a socialist state and they have rapid economic growth, yet houses are extremely affordable and what!? You get large backyard as well…hmmm.
Your saying there is not enough land available in Alberta for building!? Your kidding right? There is 3 million people in a province 3 times the size of France and your complaining there is no room to build?? LOL. France has 60 million people yet they can still produce all the food they need and export as well…why does Alberta need so much land? How much land will it actually take just to have a decent sized backyard!? I doubt it would take much.
I think the real problem in this country is we don’t question the status quo. If the populated eastern U.S and places like Texas can have huge backyards for affordable prices, then I think our sparsely populated province of Alberta can too.
And oh by the way, did you read that article in the Journal about a record amount of people moving to acreages outside of the city? Yea, turns out people don’t like paying 400,000 for a house in a crammed neighbourhood with no yard. Hmm, isn’t something?
So really, your urban sprawl argument is backfiring because now these people have to commute even larger distances to work.