New condo sales rebound in Alberta in 2017

Calgary sales strongest in suburban areas; Edmonton’s sales growth led by downtown units

Mario ToneguzziAltus Group Ltd. released a report on Monday showing that new condo sales in Alberta recovered in 2017 in the province’s major markets of Calgary and Edmonton.

The report said new condo apartment sales in Edmonton grew by more than 60 per cent in 2017. That’s the largest percentage growth of the markets tracked in its report, with 1,289 units sold last year.

“This significant increase was connected to the downtown condo market where the new Rogers Centre attracted buyers to the city’s core, with sales increasing by 160 per cent year over year,” the report said. “The suburban areas of Edmonton were still dealing with a large supply of inventory and sales were relatively flat compared to 2016.”

Altus Group said the recovery of new condo apartment sales in Alberta was also seen in Calgary, which saw 2,083 new condo units sold last year, increasing by 42 per cent from 2016.

“After a two-year downturn, buyers are returning to the market but unlike in Edmonton, it was the suburban areas, rather than the downtown core, that saw the stronger increases,” added the report.

Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.

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