An influx of workers returning to Edmonton’s core has experts predicting a boom in downtown Edmonton real estate. As the city’s office real estate market leads the nation in its COVID-19 recovery, the downtown Edmonton condo market is expected to benefit significantly.
An estimated 35% of Edmonton’s downtown workforce has returned to the core with more expected in the new year. As more people fill the streets, restaurants, coffee shops, pedways, and retail spaces in the city’s urban centre, there will be renewed interest in downtown living.
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Shifting tide in downtown Edmonton condo market
As more central amenities reopen and Edmontonians return to the office, interest in downtown and central neighbourhoods is picking back up again. Many are seizing the opportunity to get into the condo market or central rental market now while condo prices and rents remain relatively low due to the pandemic.
While single-family home prices in suburban neighbourhoods have steadily increased since 2020, condo prices have remained relatively stable. Recent market trends show that while the condo sales initially lagged behind single-family homes this year, there is a healthy upward tick in condo sales.
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Experts predict that the next three to six months will represent the best window of opportunity to negotiate a good deal on a downtown Edmonton condo. As demand continues to increase, we can expect prices to follow suit. It is already noted that downtown rents are on the rise, and this can be a good indicator of an overall shift in the downtown Edmonton real estate market.
Fewer permanent work-from-home than initially predicted
The abrupt shift to the home office had many predicting an all-out exodus of downtown office towers. Certainly in the early days of the pandemic, city streets, commercial and retail spaces were eerily empty.
But developers say that the shift to the home office may not be as severe as initially predicted in 2020. Anand Pye, the executive director of Edmonton’s commercial real estate development association (NAIOP Edmonton), suggests that the worst is behind us.
“The latest study showed that people needing less office space or who reported they were downsizing is down to 26% from 46%.”
Urban developments deliver an amenity-rich lifestyle
Interest in urban real estate is largely driven by single professionals and young couples without kids who are looking for urban convenience and the amenities that downtown living affords them.
Developers recognize that this market segment is willing to pay a higher price tag for amenities like rooftop patios and pools, fitness centres with yoga studios, pet facilities, and entertaining spaces. New developments in Edmonton’s downtown core are delivering some spectacular condo properties with many of these features along with stunning city views, all within walking distance to the ICE District.
Consult an expert in the Edmonton downtown condo market. Call/text Wally today at 780.238.7384 to arrange viewings of the top downtown Edmonton condos for sale.