Edmonton condo sales saw the largest percentage of growth among key Canadian markets in 2017, thanks to a hot downtown real estate market.
A total of 1,289 units were sold last year, according to numbers released by Altus Group Ltd. on Monday. That amounts to a 60 per cent increase in new condominium apartment sales over 2016.
“This significant increase was connected to the downtown condo market where the new Rogers Place attracted buyers to the city’s core, with sales increasing by 160 per cent year over year,” said an Altus Group news release.
Sales in suburban Edmonton, where there is a large supply of inventory, were relatively flat.
Altus Group studied condo sales in Edmonton, Calgary (2,083), Vancouver (10,939), the Greater Toronto Area (36,429) and the Greater Golden Horseshoe area in southern Ontario (3,467).
While Edmonton and Calgary had the fewest sales among the markets, the overall growth was notable.
After a two-year downturn, condo sales in Calgary increased by 42 per cent from 2016. Unlike Edmonton, Calgary saw the strongest increases in sales in its suburban market.
Buying on a budget
What can you buy for $500,000 in Canada’s downtown markets? Altus Group compared 2017 figures across the markets to see what buyers could afford.
Greater Golden Horseshoe: Two bedrooms, over 1,000 square feet, near downtown Kitchener, Ont.
Edmonton and Calgary: Two bedrooms, 850 to 1,000 square feet, highrise buildings, desirable areas near the core.
Toronto: One bedroom, 430 square feet.
Vancouver: No options. Buyers would need to look outside the city to nearby markets like Burnaby, B.C., to find one-bedroom units at this price point.