Apartments, townhouses propel Edmonton residential market

A new report by the Altus Group pointed at apartments and townhouses as the most in-demand property types in Edmonton, although overall residential sales saw modest growth on a year-over-year basis.

In its “Edmonton Flash Report 2018”, Altus stated that new multi-family sales in 2017 posted a 35% year-over-year increase. New apartment unit sales (up by 63%) accounted for the bulk of the growth, while townhouse transactions also had a good showing (up by 7%).

However, stricter mortgage rules and a particularly severe winter proved to be significant stumbling blocks. The resulting lack of new project launches led to a dramatic 50% year-over-year plunge in multi-family sales in Q1 2018 (which was also the 4th consecutive quarter of decline).

Read more: Edmonton goes against the grain in terms of price growth – report

As of the end of the first quarter of this year, Edmonton’s condo sector had approximately 17 months of inventory, considering the pace of sales over the past year. An estimated one-third of these available units are already in completed projects.

Meanwhile, both apartment and townhouse segments had around 14 months of supply as of the same quarter.

 

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Albertans are most at risk due to higher rates – RBC

 

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