As one of Canada’s most affordable urban markets, Edmonton’s condo scene is on the upswing in 2024, especially for first-time buyers, downsizers, and investors alike. With the Bank of Canada’s recent key interest rate drop to 3.75% and new developments on the rise, it’s an ideal time to consider buying a condo in Edmonton. Let’s delve into current pricing trends, recent sales activity, the impact of a recent interest rate cut, and highlight some exciting new condo developments across Edmonton.
Current Pricing Trends and Sales Activity
Edmonton’s condo prices have remained relatively stable throughout 2024, though certain areas are experiencing slight increases due to demand. While still more affordable than single-family homes, condos have seen moderate price growth, especially in popular neighborhoods like Oliver, downtown Edmonton, and Whyte Avenue. The median condo price increased 12.8% year-over-year compared to September 2023. The average selling price of a condo in Edmonton for September 2024 was $200,000. Condo prices depend on the location, size, and amenities.
Sales activity has picked up momentum as well, with an increasing number of buyers entering the market, enticed by the promise of an urban lifestyle and the affordability that condos offer. Properties closer to transit hubs and bustling areas, such as Jasper Avenue, are particularly appealing to young professionals. Sales volumes indicate a competitive market in these areas, with some listings receiving multiple offers.
Interest Rate Cuts Fueling Market Growth
In response to recent economic shifts, the central bank’s decision to cut interest rates has provided a boost to Edmonton’s condo market. Lower interest rates translate to lower monthly mortgage payments, making homeownership more accessible to those previously priced out. This rate cut has spurred more buyers, particularly millennials and first-time homebuyers, to take the leap into property ownership.
This cut in interest rates has not only made condos more accessible but also attracted investors who recognize the long-term value of condo investments. The lower rates have pushed some investors to explore rental properties, foreseeing a steady demand from tenants who prioritize location and affordability. As a result, Edmonton’s condo market is expected to continue its upward trend, with sales volume likely to rise over the coming months.
Exciting New Condo Developments in Edmonton
Several new developments are adding modern, amenity-rich condos to Edmonton’s skyline, with a focus on luxury, community living, and convenience. Here’s a look at a couple of anticipated projects:
The Clifton
Located just west of downtown Edmonton between Old Glenora and High Street, The Clifton is the latest development to hit the luxury condo market. This 12-storey, 18-unit tower offers estate condos, each with unobstructed views of the river valley, expansive floor plans and a list of luxurious amenities including a state-of-the-art fitness room, concierge, outdoor kitchen with fire tables, and a guest suite.
Units range from 1,700 square feet all the way up to 4,476 square feet of interior space. Prices start at $2.6 million. The $80-million project by the Autograph Group, an Edmonton real estate development company, is projected for completion in 2026 and is already 50% sold.
Aloft Tamarack
Located in the southeast Edmonton community of Tamarack, Aloft Tamarack condos are a Streetside Development, a division of Qualico.
Units are available for sale now in one- or two-bedroom floorplans ranging in size from 601 sq ft to 898 sq ft. Finishes include luxury vinyl plank flooring, quartz countertops, stainless steel appliances, and more. Prices start at $189,000.
Tamarack is a quiet, family friendly community with plenty of park space, walking trails, schools, and shopping available.
Is Now the Right Time to be Buying a Condo in Edmonton?
Edmonton’s condo market presents a unique opportunity in 2024. With steady pricing, a favorable interest rate environment, and a variety of new developments, potential buyers have options that cater to a range of needs and budgets. For those looking to enter the market, the combination of affordability, diverse lifestyle offerings, and low interest rates makes now an ideal time to explore condo ownership in Edmonton.
EXPLORE DOWNTOWN EDMONTON CONDOS FOR SALE
Closing Thoughts
For first-time buyers, downsizers, and investors, Edmonton’s condo market offers a range of properties in desirable locations at competitive prices. With interest rates now lower, buying a condo in Edmonton has become even more attractive, allowing buyers to secure better terms on mortgages. Whether drawn to the urban lifestyle of downtown, a life of luxurious comfort and exquisite river valley vistas, or affordable family-friendly options in the city’s southeast, Edmonton’s condo market is brimming with opportunity.
Ready to get out of the rental rut? Wally Fakhreddine has 20 years of experience in Edmonton real estate. Call or text him at 780.238.7384 and find the perfect condo that fits your lifestyle.