Latest data from Altus Group Ltd. showed that a total of 1,289 condominium units were sold in Edmonton last year, representing a 60% year-over-year increase in new condo apartment sales.
This pushed the Edmonton condo sector towards the highest rate of growth among Canadian markets in 2017.
Altus analysts pointed at robust activity in a specific part of town as the main driver of the increase.
“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% year over year,” according to the group.
Read more: Edmonton residential property sales surge upward 14% y-o-y
This stood in stark contrast to the relatively flat growth in suburban Edmonton, which currently has a large supply of inventory.
The Altus Group study looked at 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).
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