New Downtown Edmonton Condos: How many condos are too many?
Image Credit: Stantec.com
There is a lot of excitement going on in downtown Edmonton, with billions of dollars of projects underway like the Arena and the Museum. Along with that comes a wave of new condo projects, from developers locally and across the country. Our skyline is undergoing a major upgrade.
“It all amounts to an unprecedented amount of construction for Edmonton,” says Cory Wosnack, office leasing principal with Avison Young. “When you have billions of dollars of construction value being brought on stream within a five-year period, that’s unheard of, not just in Canada, but in North America,” he says. “Most people … haven’t grasped the significance of it.” (Source: Edmonton Journal article, Sept. 2014)
Here’s a list of the new condos under construction, or in pre-construction (that I’m aware of) in or around downtown Edmonton:
- Symphony Tower – 143 units (27 stories)
- Fox Towers – 2 towers, one with 142 and a second with 169 units (27 & 33 stories)
- Jasper House – 240 units (36 stories)
- The Pearl – 128 units (36 stories)
- Ultima Condos – 199 units (32 stories)
- Encore – not sure how many units, lets estimate 200 (40 stories)
- Stantec Tower – 320 units (condos on top 33 of 62 stories)
- Delta Hotel/Condos – 200 condos (condos on top 24 of 50 stories)
- Residential/Retail tower at the site of the Greyhound Bus station (can’t find any details on this one)
- Seventh Street Block – 10 stories, mixed use (limited info out there on this one)
New rental developments:
- Edgewater Village – 700 units (two towers 26 and 30 stories)
- Mayfair Village North – 237 units (16 stories)
That’s 1,741 condos, and 937 rental units for an additional 2,678 units in the downtown area, not to mention the multitude of low rise projects. I wanted to try and put this in context, so I looked up MLS® sales over the past two years in Oliver and downtown. In turns out only 1,343 condos have sold through the MLS® system in the core in two years.
On top of the projects I’ve mentioned above, there are plenty of other projects planned like “North” and “The Edmontonian,” not to mention Rise Development’s proposed twin 51 story towers at the old Healy Ford location that would add 1,300 units alone.
In a recent article in the Edmonton Journal, Brad Lamb, the Toronto developer of Jasper House and North was quoted:
“If you tour Edmonton and see the stock of existing highrise residential here, it’s not great. Our building, as highrise mid-end condos go, is pretty spectacular for any city, so the interest level is there.” …With job growth strong and the province’s population on a major upswing, Lamb sees years of opportunity ahead for both of Alberta’s major cities, including Edmonton.
Yes, we’ve seen plenty of people move to the Edmonton area recently, and there is major interest building in the downtown core for a lot of reasons. But it seems to me that they may be going a bit over board on condo development downtown. What do you think?
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.