Edmonton condo inventory drops
January 4, 2018
A 21 per cent increase in sales and a slowdown in new construction has led to a decline in the number of new and unsold condos in Edmonton, according to an Urban Analytics report.
“The standing inventory [unsold move-in ready units] has been decreasing throughout 2017. By comparing the first quarter to the third quarter there has been a 13.4 per cent drop in the number of move-in ready units,” the report stated.
Altus noted that 86 per cent of new condos in Edmonton are located downtown, most close to the new Rogers arena and the ICE district entertainment zone.
Throughout 2017, Edmonton saw a steady demand for new multi-family residential homes indicating a generally balanced and healthy market. From the first to the third quarter, Urban Analytics found a 21 per cent overall increase in sales, a trend expected to continue in the fourth quarter when results are released in early 2018.
“With Alberta’s economy on the upswing, projections look positive for the coming year. According to the Government of Alberta’s recent economic outlook, Alberta is expected to lead all provinces in real GDP growth this year. Oil production is boosting exports, and an improving labour market has fuelled consumer confidence and demand for housing,” the report concluded.