Opportunities and Challenges for Condo Owners in Edmonton
Thinking about calling an Edmonton condo your home sweet home?
Edmonton condos continue to be a top real estate choice considering they’re more affordable options in comparison to markets like Vancouver or Toronto. In fact, apartment Condominium unit sales saw numbers increase as much as 55% from last year and 1.7% since October 2023.
But just like anywhere else in the world, property management in Edmonton and being a condo owner comes with both great opportunities and challenges.
Here at Catalysts Condos—one of the leading property management companies in Edmonton— we’re breaking down both the pros and the cons that condo owners face. Maybe you’re here to discover important factors to take into consideration before officially joining the club of Edmonton condo owners, or maybe you’re a building owner trying to see things from the perspective of residents. Either way—keep reading to discover both the opportunities and the challenges.
Opportunities for Edmonton Condo Owners
1. A Smart Investment
With plenty of new Edmonton condo construction projects in the works, this particular market is clearly continuing to soar in the city.
Edmonton is known for having among the lowest monthly mortgage payment rates in Alberta at $918—with only Lethbridge and Grand Prairie having lower prices. While mortgage payments might be low, rental income has shown to be extremely profitable at an average of $1,360 a month; this is the highest rental rate among other ranking cities in the list of low mortgage payments.
Ultimately, Edmonton condos are making a name for themselves as a smart investment opportunity.
2. Less Maintenance
Condo owners have fewer home maintenance tasks on their plate. From painting their home’s exteriors to mowing, weeding, shoveling, and handling outdoor pest control—these are just a few things that residents don’t have to put on their to-do list because the building management is in charge of all of that.
But, of course, not all management teams are created equal. Effective and reliable property management in Edmonton ensures homeowners continue living in a well-maintained community. As long as the administration is doing their job right, Edmonton condo owners will have much more time to focus on other essential aspects of their lives.
3. Great Amenities
People tend to gravitate toward Edmonton condos because of the incredible amenities they feature. A community swimming pool, gym, entertainment rooms, function halls, rooftop terraces, and convenience stores—Edmonton condo owners often get to enjoy easy access to all of these perks—all while having the peace of mind knowing that there’s 24-hour security staff protecting the area. Not only are these condo amenities extremely convenient, but they also enable residents to cut back on costs like CCTV installation, gym memberships, and event venue rentals.
4. Easy Access to Downtown Areas
Condos are often built within close proximity to the most developed areas in town.
Once Edmonton condo owners step out of their community, other neighborhood amenities like shopping centres, restaurants, trail systems, and amusement facilities are often within reach as well. Say goodbye to driving or commuting for hours just to run errands or have fun on the weekends!
5. Potential Extra Earnings from Rentals
Edmonton condo owners looking for passive income opportunities will find that both short-term and long-term rentals are extremely profitable. The key to reaping the most benefits from the opportunity is to invest in a property in a sought-after location that easily attracts tenants or guests.
As mentioned earlier, the average long-term rental rate for condos stands at $1,360 a month, while an Airbnb in Edmonton can rake in an average daily rate of $100, depending on the location.
Challenges for Edmonton Condo Owners
While many individuals are keen on calling Edmonton condos their home sweet home, there’s no denying that the experience can get bittersweet when the property management services aren’t all that ideal. Take a look at these 5 common challenges that condo owners face:
1. Inadequate Maintenance & Repairs
When property management in Edmonton is done the right way, the result should be a healthy community that’s presentable and convenient to live in. Adequate maintenance and repairs are essential components of any housing or property.
But what happens when the management team fails to do just that? Here are some of the common maintenance and repair issues that Edmonton condo owners might face at one point or another:
- faulty structural integrity
- faulty utilities
- exposed wiring
- leaking roofs/ceilings
- plumbing issues
- inadequate airflow
- unwanted pests
- poor lighting
- an overall lack of cleanliness and aesthetic upkeep of the building
Ultimately, property management teams should make it a point to address such repair and maintenance issues promptly. Not only does this reduce the chances of long-term deterioration of the quality and market value of the home, but it’s also crucial to ensuring homeowners’ satisfaction.
Failing to give these issues immediate attention can result in even more costly repairs or irreparable foundation damage down the line. But most importantly, problems such as the ones mentioned above can jeopardize the health of residents or even result in accidents. That’s why it’s important for condo building owners to team up with reliable property management companies in Edmonton—those that prioritize the health, safety, and well-being of residents.
Before deciding to invest in a condo property, it’s vital to do your research and ask how the management would potentially handle such issues. You could also learn more about the existing protocols in place by asking current condo owners in the same building. After all, a condo is a hefty investment—you want to make sure that your property will be taken care of and will last for decades to come.
2. Poor Communication
Another challenge that can result from improper property management in Edmonton is poor communication. It’s the responsibility of condo boards and condo management companies to shape a community that’s built on trust and transparency.
Here are some of the issues that Edmonton condo owners might encounter if the building’s property management services are less than ideal:
- delayed responses
- a lack of attention to the important concerns of residents
- failure to inform condo owners about important building-related information
- a lack of transparency regarding records, payments, budgeting, repairs, security, or other matters
Poor communication can lead to serious problems in the future and put immense strain on both parties. With condos being such a huge investment, owners deserve to experience quality service all throughout. It’s important to note that great customer service shouldn’t come to an end after the deal’s been sealed on the property; Maintaining a safe, healthy, and proactive community where staying on top of issues at hand should be a continuous process. This helps to assure owners that they’ve indeed made a worthy investment.
The best property management companies in Edmonton should have an efficient system in place that promotes effective communication between the board and condo owners.
3. Poor Conflict Resolution
How one manages conflicts says a lot about their true colours—and it’s no different when it comes to property management in Edmonton. One of the signs that a team knows what it’s doing is that they make the effort to resolve conflicts before they become a bigger problem.
Being an Edmonton condo owner can be quite a challenge if there aren’t any effective strategies and procedures in place to mediate disagreements and manage disputes between neighbors or members of the management team. A proper conflict resolution system should typically involve taking the feedback of residents into account, adequate mediation, and involving local authorities when necessary. This will ensure that disputes are handled professionally, fairly, and effectively.
At times, it may be difficult for residents to handle these issues on their own without the help or guidance of an experienced third party who specializes in dispute resolution. Implementing such strategies early on can save countless headaches later on for both the management company as well as the residents living within the condo community.
4. Unfavourable Bylaws
Condo bylaws are an important part of setting up an orderly community. A condo’s bylaws define the rules, regulations, and responsibilities of all parties involved in the ownership of the condo. These bylaws must be followed when residing in or visiting the premises. The initial set of bylaws that each condo corporation registers with is either developed internally or through default local regulations. In either case, these bylaws set out limits on what tenants/owners can do within their premises and restrictions and how they should behave in terms of maintenance and general respect for other occupants’ living spaces.
Once registered, these rules may change over time to accommodate different circumstances for residents depending on the situations that arise. Typically, the rules would address the following aspects:
- voting rights for owners
- pet policies
- overnight guest regulations
- parking privileges
- noise levels from neighbouring units
- etc.
When residents fail to abide by these rules, fines, disciplinary actions, or even eviction may be implemented. At the same time, some condo owners might find that these bylaws aren’t always very ideal or favourable. If the typically stricter rules of condos aren’t your cup of tea, then it might be one of the challenges you’ll face as an Edmonton condo owner.
5. Dipping Condo Unit Values
While condos can be a smart investment, there are some owners who end up dealing with a matter of significant concern: dipping condo unit values—this has a lot to do with how well property management services are doing their job and how responsible condo owners are when it comes to maintaining their unit from within. Ultimately, poorly managed condo buildings directly contribute to reduced property values.
Whether you’re a building owner or a condo owner, you wouldn’t want this to happen. The solution to this is to ensure that the property is kept in tip-top shape so as to remain attractive to potential buyers in the future.
Catalyst: The Solution to Top Tier Property Management in Edmonton
Through top-tier property management in Edmonton, both building and condo owners can minimize the chances of having to face these potential issues and challenges. At the same time, this increases the possibility of Edmonton condo owners being able to enjoy great opportunities and reap the full benefits of owning a property.
Here at Catalyst Condos, we’re the trusted experts in turning condo buildings into a community where everyone benefits from greater peace of mind, improved communication, and streamlined processes. When it comes to top-tier property management in Edmonton, look no further than our team!
What is Property Management?
We’re all about managing your building for success. Teaming up with us means connecting with a team of industry experts. You’ll get instant access to experts in condo accounting, law, economics, engineering, general contracting, quality improvement, and bylaw and process management to minimize risk and maximize your condo’s value!
Our property management services include the following:
Customer Service and Communication Software
More transparent and responsive communication is now more within reach than ever—thanks to our user-friendly condo management software. Now, you can centralize all condo documents and easily coordinate key information to keep all residents informed. Get ready to meet streamlined administration that’s completed with industry best practices.
Process Management
Leverage our systems, quality assurance tools, and templates designed for you to streamline your condo property workflows and processes better.
Financial Management
We’re here to keep your financials healthy, condo fees collected, and budget in line with your most recent Reserve Fund Study. To help you protect your building’s assets, you can count on our team to develop proactive strategies that ensure compliance and protect the financial health of your corporation.
Accounting
Looking for a specially trained condo accounting team to take care of your monthly bookkeeping, financial statement preparation, accounts receivables, accounts payables, and budgeting? That’s us. Your books are in good hands with our team.
Start Leveraging Our Property Management Services Today
Ready to kickstart the catalyst and take your condo community to new heights of efficiency? Contact our team today to activate next-level property management in Edmonton!