'It’s all happening downtown' Condos in the core see 62% spike in sales
Sales in the rest of Edmonton suffered from a summer slowdown
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Edmontonians are flocking to downtown condominiums, despite a slump in sales in the rest of the city.
Market data for multi-family homes from Urban Analytics shows that condo sales in downtown Edmonton jumped by 62 per cent in 2017’s third quarter compared to the previous quarter.
“This is largely in the downtown region, so more in the Oliver and Strathcona areas. We saw project launches which really renewed buyer interest in those areas,” said market analyst Annalise Boytinck.
In contrast, total multi-family home sales were down 12 per cent from the previous quarter when looking at the entire city. About 86 per cent of all new high-rise condo sales were downtown.
Sandeep Agrawal, director of the urban and regional planning program at the University of Alberta, recently told Metro that projects such as Rogers Place, The Quarters and Blatchford have all contributed to a greater demand to live in the core.
“The positive side of it is that it’s all happening downtown … you will see more people living downtown and hence more revitalization.”
Low-rise condo units have proved to be particularly popular, with 201 unit sales in the third quarter, a five-per cent increase from the previous quarter. Those 201 units account for 46 per cent of all new multi-family home sales.
“Low-rise are in more demand … mostly because they’re more price sensitive and they attract more price sensitive buyers,” Boytinck said.
Overall, the number of unsold units ready for occupancy dropped by 14 per cent this quarter, a good sign in Boytinck’s eyes.
“It mitigates concerns of oversupply in the market.”