By Altus Group | June 21, 2018

Edmonton Flash Report 2018

While still oversupplied, the Edmonton Office market showed signs of improvement while Residential Land investment remained flat.

Commercial investment & land market

  • Total investment volumes in the Edmonton Market Area increased to $2.89 billion in 2017, the second consecutive year-over-year increase.
  • Apartment sales in Q1 2018 were down 74% from the record high set in Q1 2017.
  • Q1 2018 started the year off with Residential Land investment tracking close to a year earlier.
  • Westland Market Mall and Westgate Shopping Centre accounted for more than $60 million of the $204 million in total investment in Retail in Q1 2018.

Industrial & office markets

  • Despite the limited new supply added, the industrial vacancy rate is up over last year.
  • While still oversupplied, the Edmonton office market has shown signs of improvement over the past 12 months.
  • With minimal new supply added in the past year(less than 30,000 sq. ft.), the office vacancy rate has come down to the 13% range from over 15% a year ago.

Residential development market

  • New multi-family home sales start the year off slow after 2017 improvement.
  • At the end of Q1 2018, the approximately 1,600 unsold units in active new condominium apartment projects represented about 17 months of supply.
  • There were 9 condominium apartment projects launched in 2017, with a total of just over 1,100 units.

Homebuyers

  • First-time homebuying intentions down this spring.
  • Many younger renters want to buy a home, but are still saving for a downpayment.
  • Being deep in the downtown action has appeal for a segment of Millenials but they are in the minority.
  • About 1 in 3 homebuyers in the Edmonton Market Area in the past 5 years was a first-time buyer.
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