Edmonton condo development continues despite economic woes
RYAN GARNER
Many players in the housing industry have been impacted by Alberta’s economic slowdown, but Edmonton condominium developers, in particular, have taken it on the chin amid the cutbacks and job losses.
Both new and pre-existing condominium sales are down this year, and prices have dropped along with them. The Realtors Association of Edmonton said that average selling prices for condos fell 4.75 per cent year-over-year in November, dipping to an average of $241,569. As a result of the declining sales figures, Edmonton condo starts are down substantially this year. According to the Fall 2016 Altus Group Housing Forecast, Edmonton saw 3,386 new condo unit starts between January and September 2015. That number has plummeted to 947 during the same period in 2016.
But the flagging figures haven’t impeded developers like Beaverbrook. The company expects to begin construction on its West Block project — which is expected to transform the northeast corner of 142 Street and Stony Plain Road — next spring and will hold a public grand opening for their new West Block presentation centre on Saturday from noon to 4 p.m.
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