My Experience Managing the Edmonton Development Project So Far
In 2022, I began investing in the Edmonton real estate market, quickly familiarizing myself with the landlord rules and regulations. I soon realized that Alberta offers a very favorable environment for landlords—business-friendly policies, a booming economy, and a rapidly increasing demand for rental housing. This made the city an exciting place to invest.
Through staying in touch with my team of professionals in Edmonton, I became aware of a major zoning bylaw change in January 2024. The new regulation allowed interior single-family lots (typically around 50’x150’) to be redeveloped with up to 8 units. This was a game-changing opportunity. I ran the numbers with my mortgage broker, and the project made a lot of sense. With lower construction costs in Alberta, a modest 5% tax on materials, and relatively cheap lot prices, the strong rental income potential made this project a no-brainer.
Three weeks after learning about this strategy, I was on a plane to Edmonton to interview builders. Finding the right team was the key piece of the puzzle to making this development work. After meeting with multiple builders and touring their active projects, I felt confident in the team we chose to work with. So far, we’ve been extremely impressed with their work, and we’re looking forward to seeing the finished product soon!
Lessons Learned
When the numbers make sense, go for it. If an opportunity pencils out, don’t hesitate.
Never be afraid of doing "too much due diligence." Some investors buy out-of-province without ever seeing the property, but for a project like this, meeting the builders and walking through their current builds was critical.
It’s all about the team. Surrounding yourself with the right professionals is key to successfully executing a development project.
This has been an incredible experience so far, and I can’t wait to share more details along the way! Stay tuned.
Katelyn Israel, Real Estate Sales and Development Manager
