Tall & Urban News

Condos originally slated for the upper floors of Stantec Tower are being converted into luxury rental suites in Edmonton’s downtown because of the COVID-19 pandemic.

Sky Residences at Ice District announced 168 rental units on floors 31 to 42 will be available starting on Tuesday, 20 October 2020. The 66-floor tower was originally intended to offer roughly 484 condo units with prices ranging between CAD$300,000 to $700,000 (US$228,000 to US$533,000) Some of the more spacious condos jumped to more than CAD$1 million (US$762,232).

Tim Shipton, senior vice president of communications and government relations with Ice District, said the decision to switch to rentals happened in early spring after assessing the impacts the pandemic was having on the housing market. He said they noticed the demand for condos was softening while more people showed interest in rentals.

“There’s no surprise that navigating (COVID-19) is not for the faint of heart but we really believe there’s an exciting market available for rentals in the city,” he said. “We’ve definitely seen some pressure in the real estate market as of late. Lots of uncertainty exists. Demand has increased on the rental front and we’ve responded to that. There are still people moving into our city. There are still people wanting to come into our downtown core. This gives Edmontonians an opportunity to be really in the premier address. You are mere steps away from Rogers Place.”

The rental suites come in eight configurations with the lowest priced option at CAD$1,585 (US$1,208) per month for a 490-square-foot (45.5-square-meter) one-bedroom and bath. On the higher end, a two-bed, two-bath and a den 1,221-square-foot (113-square-meter) apartment is priced at CAD$2,660 per month (US$2,027).

Additional costs include power and water, underground parking at CAD$195 (US$148) per month, an optional storage fee of CAD$80 (US$60) per month and a pet fee of CAD$25 (US$19) per month.

“We also think this creates a very nice path to purchase, in particular, for young professionals,” he said. “You rent here in Sky Signature Suites, you get climatized to the lifestyle and then you can transition into a condo later on.”

Stantec residents will also have access to the amenities at the neighbouring JW Marriott, a rooftop terrace, an infrared sauna, a fitness facility and a golf simulator.

Edmonton’s housing market has been on a path to recovery since the pandemic hit.

Royal LePage’s third-quarter survey and forecast shows Edmonton’s average home price rising one percent year-over-year to roughly CAD$373,000 (US$284,000) in the third quarter, which covers the period from July to September.

The average price of a two-story home increased three percent from last year to $429,700 while bungalows and condos decreased by 2.4 per cent to CAD$356,700 (US$327,531) and 0.9 percent to CAD$220,900 (US$168,377) respectively.

Overall, sales this year are down three percent compared to 2019, indicating a fairly healthy housing market for Edmonton, the survey said.

Edmonton was also recently ranked as one of the most affordable major housing markets in Canada by RBC Economics in its recent Housing Trends and Affordability Report.

For more on this story, go to Edmonton Journal.