Edmonton Flash Report 2019

Getting Below the Surface in Edmonton’s Commercial and Residential Real Estate Market

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Report Highlights

Key findings from Altus Group’s annual review of the Edmonton Market Area real estate markets.

COMMERCIAL INVESTMENT & LAND MARKET

  • Total investment volumes in the Edmonton Market Area increased to $3.94 billion in 2018, the third consecutive year-over-year increase.
  • Sales of Retail properties in Q1 2019 reached their lowest level in almost 3 years.
  • Medium Density land accounted for almost half of total Residential Land sales in 2018.
  • Skyline Apartment REIT’s acquisition of the Portofino Suites accounted for almost one-third of Q1 2019 investment in Apartments.

INDUSTRIAL & OFFICE MARKETS

  • Industrial vacancy rate climbs higher on the back of additional new supply.
  • With little additional new supply in the pipeline, the vacancy rate should start to move down again.
  • There is no space currently under construction in the downtown area – and little in the suburbs.

RESIDENTIAL DEVELOPMENT MARKET

  • New multi-family home sales reversed down again in 2018, with a further dip in early 2019.
  • The excess inventory situation in the new condominium apartment sector has deteriorated again in the past year.
  • New multi-family sales down in all submarkets except the West.

HOMEBUYERS

  • Homebuying intentions down sharply this Spring.
  • Buyers under 35 years – who are mostly first-time buyers – account for about half of Edmonton home sales.
  • About one-fifth of recent first-time buyers used RRSP funds as the primary source of their downpayment.

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