According to market analysts, condo demand is outpacing supply in the Calgary area. This is good news for Anthem Properties Group (Anthem), a Western Canadian developer who just launched the third phase of Waterfront, Parkside, a condominium development located at 216 Riverfront Ave SW in Calgary, A.B. The grand opening, which took place last week, allowed the developer to sell 252 of 288 units, the highest number to sell during a grand opening since the recession.

“With 1,800 people registered for a chance to buy one of 288 available condos, people lined up before doors opened on Thursday,” says Greg Zayadi, Vice-President of Sales and Marketing at Anthem. “We built on the success of Waterfront’s first two phases. Even without a show suite, people bought condos based on location, floor plans and price points.”

Research from Altus Group, independent market analysts, indicates that approximately 6,200 condo units are currently in pre-construction or construction phases in downtown Calgary. Statistics Canada reports that 77 people move to the city on a daily basis. With the City of Calgary projecting a downtown population increase of 40,000 people by 2035, the need for increasing supply is expected to persist for years to come.

“More office space and more jobs in the downtown mean more demand for housing,” says Matthew Boukall, Director of Residential Advisory Services for Altus Group.

“The downtown condo market is a segment of housing that never existed before in Calgary,” adds Zayadi. “The city’s skyline will be completely transformed in the coming years. We look forward to releasing more condos early next year.”

Waterfront, located in Eau Claire along the Bow River, is a collection of 10 buildings, some of which are still under construction. Slated for completion in 2018, the project, in its entirety, offers prospective owners over 1,000 units to choose from.