Francois: We have Melissa Shymko from Edmonton, Alberta. The two cities are competing. Melissa, we're really excited. Alberta born and raised in Edmonton for 21 years. She's been a real estate investor since 2007 and knows the Edmonton market. And then we're going to chat about some opportunities and in Edmonton where to invest, similar questions to Natasha. Welcome Melissa and Melissa has an awesome list too. Make sure to share it in the chat Melissa's list. I need to subscribe. I heard about it, but anyway.
Melissa: Melissa's Deals. It's a really unique name.
Francois: Melissa's Deals, that's great. Welcome, Melissa can you tell us about Edmonton very quickly, where are good spots to invest? Kind of yeah. Calgary.
Melissa: Just like Calgary, I'm sure we have plenty of different neighborhoods that are unique and some you should stay away from for Edmonton. A lot of focus for investors has been on our new LRT lines. LRT stands for Light Rapid Transit, which is our train.
And we have a lot of expansion coming through for that. We have four different lines that are expanding and stretching out into neighborhoods that were previously a little more challenging to get to. Those neighborhoods have been a really big focus for investors. Some of the up and coming we have Bonnie Doon, Queen Mary Park, Blatchford, Mill Woods, Kenora,Youngstown. And those are all neighborhoods that are starting to see that regentrification is starting to happen because of the infrastructure. And a lot of focus has been generated in those areas, but because they're just getting started, they're still affordable to get into.
Francois: What kind of price point are we looking at? The high fours or since this is more existing stock, is it lower? Like 300?
Melissa: Of course, I have a lot of suburban areas and new areas that are expanding as well. I'll give you a bit of a price point for both. You can get renovated, legally suited properties in communities that are considered established and were densified.
And those price points you're seeing anywhere from about 410,000 to around 465 for a fully turnkey suite of properties. And if you are navigating more out into the suburbs, you can pick up single family suited properties with detached garage for anywhere from about 399 to about 460. It just depends on square footage and location.
Francois: Does Edmonton have the same idea as Calgary where they're cracking down on illegal suites?
Melissa: It sounds like Calgary's a little more proactive on getting after those non-conforming suites. Edmonton has been making some substantial changes and they had launched a program where people who did have suites that were not conforming set a lower bar to allow that that time has come and gone.
Those people operating non-conforming have missed the boat on that. There are plenty of properties that are operating that way. What that means is if you are found. The city can come in and completely shut you down and you'll have to, of course, make your suite renovated and conforming .
Francois: Be careful and make sure you get the right realtor to help you. Cause I'm sure all the right questions to ask. That's great.
Melissa: We actually have a really great PDF. If anyone's interested, that describes exactly what is conforming and non-conforming, it's a two pager. It's really easy to read this from the city of Edmonton. Just helps to understand what's required.
Francois: It sounds amazing. Yeah. If you can, we will drop your contact information in the chats, but can people reach out or email you to get this PDF from you?
Melissa: Yes, of course. Absolutely happy to provide it.
Francois: That sounds amazing. I feel like investing now in Alberta, Edmonton, more specifically at something I want to ask. Just one last quick question. What would make us suite non-conforming like one flagrant detail?
Melissa: The biggest red beaming light coming out of that would be a single furnace property, a single heat source. They want to see that each suite has completely independent heat sources. And that mechanical room is fully dry walled and Madigan taped and has smoke protection for that.
And then the separation for the smoke detectors that have to alarm together. If there's a fire in one suite, it has to ring into the other. Most of the coding is centered around fire marshal expectations. Of course that means the windows as well. You need to be able to exit, so most of those criteria are based on that.
Francois: That's great. Excellent information we can use. I do see one question in the chat. If you don't mind sticking around and answering yet. And as well, hopefully you will see you at the end for the virtual networking, but thank you so much for coming on again and giving us some insights about Edmonton. It's always a pleasure and I'll be editing your podcast very soon as well. I'll know everything.
Melissa: Thank you so much.
Francois: Thank you.