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).
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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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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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