Edmonton Office Tower Sells for $400 Million

Less than 3 years after it was built, Edmonton Tower has been sold for $400 million.  We mentioned earlier this year that Edmonton Tower, along with Stantec Tower, were both rumored to be for sale, and at the time we expected buyers to quickly come forward.   Enter the Alberta Investment Management Corporation (AIMCo), a large[…]

Construction Project Update: NAIT’s Productivity and Innovation Centre

With a growing population over one million, Edmonton is the province’s post-secondary destination, teaching nearly 200,000 students each year. Between the University of Alberta, MacEwan University, Concordia University of Edmonton, King’s College, and Norquest, Edmonton is a leader in academics. But one of the city’s shining stars is NAIT. A polytechnic school that offers both[…]

242 Applications to Open Retail Pot Locations in Edmonton

The City of Edmonton just released information pertaining to the applications they’ve received for cannabis retail locations.  What caught our attention was the fact that 242 applications were received in Edmonton alone, yet AGLC is estimating they will only issue 250 licenses province-wide. Since AGLC has not disclosed how many will be in Edmonton, we[…]

Should Edmonton Property Taxes Continuously Rise to Fund Population Growth?

We’re proud Edmontonians. That was the takeaway Chad wanted to highlight on the Ryan Jespersen Show this week.  On behalf of Prosperity Edmonton, Chad was discussing the need for  the City of Edmonton to hold the line on taxes this year.  Although the rampant increase in City spending put a negative tone on the interview,[…]

New Group Aims to Reduce the Heavy Burden of Edmonton Property Taxes

We’ve written extensively about non-residential property taxes in Edmonton.  Whether it is comparing the tax rate to surrounding municipalities, or showing how egregious the increases have been compared to inflation, this is a problem that has attracted the attention of numerous businesses and industry groups.  Just recently, a group of for-profit and non-profit members has gathered to[…]

$1 Million / Acre Land in Edmonton

$1 million / acre land used to seem far-fetched.  Somewhere along the line, high profile land in dense areas reached that milestone, followed not too long after by land simply on a main road. Now we are even seeing land all over Greater Edmonton selling for over $1 million / acre.  To illustrate, we did[…]

Are Tax Payers Subsidizing Edmonton Golf Courses?

Golf courses are often owned by wealthy people seeking trophy assets.  Along the lines of a wine vineyard or sports team, the owners are less concerned about the investment returns, and more interested in the bragging rights.   There are exceptions of course, as some astute owners have found ways to profit from golf courses.  Consider[…]

Why the Feds Buying Trans Mountain Helps Edmonton’s Commercial Real Estate Market

This week, the Canadian government agreed to purchase Kinder Morgan’s Trans Mountain pipeline to ensure the expansion goes ahead.  While there is a lot of criticism from environmental and indigenous groups and conservative politicians and pundits, we believe this is a big win for our economy. As we have written about previously, Edmonton’s commercial real estate[…]

Construction Project Update: Whitemud & 75th Street

The Valley Line LRT is part of the City of Edmonton’s “commitment to grow green and create a compact, more integrated urban environment where people have an opportunity and choose to use alternative transportation modes.” Originally, Edmonton’s LRT system consisted of only the Capital Line, which ran from the northeast through downtown to the university[…]

Edmonton vs Calgary: Commercial Real Estate Market Update

Edmonton and Calgary have a healthy rivalry, but it’s important to note how similar the two economies are.  As we have written about extensively, Edmonton’s economy is positively correlated to the price of oil, so it should be of little surprise to see how similar Calgary’s market has responded to the collapse of oil prices[…]