The Edmonton condo market has been consistently hot this past year with a 126% jump in sales year over year. With prolonged growth over five quarters now, this is an excellent opportunity to jump into the Edmonton condo market either as a first-time homebuyer, someone looking to rightsize their home, or as an investor.
A recent article for the Edmonton Journal reports a hot condo market with increases in both prices and sales throughout the last year. Read on to learn more about what analysts are projecting for the Edmonton condo market.
Southwest Edmonton condos driving market growth
It is not surprising that condos for sale in southwest Edmonton dominated the market with 174 total sales, which accounts for about 39% of the city’s total sales. The next most active Edmonton condo market was in the southeast. Combined, Edmonton’s southside market activity increased from 56% in the first quarter up to 67%.
Edmonton condo market sales and prices up
According to Jackson Cornelius, multi-family analyst for Urban Analytics:
“It was simply another awesome quarter. We’re up well over 150% since the first quarter of 2020.”
Demand for wood-frame condominiums saw the biggest jump in sales, up 126% compared to last year. Price-wise, concrete apartments saw the biggest increase in price at more than 10%. The average price of a concrete condo rose to about $588,000. Wood-frame apartment condo prices increased by approximately 3% to $296,000, and Edmonton townhome prices increased by about 0.5% to $309,000.
Hot streak expected to continue with room for market growth
With the prospect that more people will start migrating internationally and inter-provincially within the next year or so, experts predict the market will continue to improve. “The demand is there,” says Cornelius with nearly 2,200 total sales across all segments in new and resale over the month of July.
“The transaction volume is happening in Edmonton, and it’s increasing.”
Do you have questions about the Edmonton condo market? With over 15 years of real estate experience, Wally has helped hundreds of homeowners buy and sell in the condo market over the years.
Connect with Wally at 780-238-7384 (phone/text).