As the Alberta real estate market continues to shift, new trends are emerging across the country. In Edmonton, downtown condominiums are becoming increasingly popular choices downtown buyers. Experts say that proximity to amenities and a downsized living space are among the reason they foresee an increase in real estate transactions involving condos in 2018.
In 2017, the trend toward condominiums in Edmonton took off. Eight-six percent of all real estate transactions involving high-rise condos in the city took place in the downtown area in that year, with 4,031 sold in the region between Jan. and Nov. 2017. Many foresee a continuation of this trend as people seek to downsize and live closer to downtown without paying the price of a detached home. Condo hot spots in the coming year may include Old Strathcona, Oliver and the southwest.
Condo buyers are attracted mainly to affordable areas which are near downtown jobs as well as grocery stores, movie theatres and restaurants. While there are some concerns of an oversupply of condos in the city, the number of unsold, move-in ready units dropped by 13.4 percent in the third quarter of 2017. The average sales price of a condo in 2017 was the lowest it had been since 2013 at $248,902.
Like all real estate transactions, the condominium market in Alberta and throughout Canada will be impacted by the new federal regulations for uninsured mortgages. Many factors, including legal changes and economic shifts, may affect the market in the year to come. Those looking to buy or sell a home or condo in 2018 should first find a trusted lawyer to support this large transaction.
Source: Edmonton Journal, "Edmonton condo market expected to heat up in 2018", Gordon Kent, Dec. 27, 2017