According to the Realtors Association of Edmonton, condominium sales in the first quarter of 2014 have increased by 11 per cent, year-over-year.

During the first quarter, Edmonton condo sales jumped from 996 to 1,106, but the actual number of listings dropped by 0.5 per cent.

“Strong sales indicate consumer confidence in the Edmonton marketplace,” says Greg Steele, president of the Realtors Association of Edmonton. “The high condo sales and low condo listings indicate the demand for lower-priced properties and first-time buyers are choosing condos as an option to lower-priced SFDs (single-family detached homes) which are in high demand and short supply.”

“We expect that sales will increase from month-to-month as we approach the second quarter,” Steele says. “But this year-over-year increase is an indicator of the high demand for housing in this market. Price rises will follow the demand and we can expect active competition for desirable properties.”

Realtors Association of Edmonton figures do not include sales of new condos, sold directly by builders, and not through the multiple listing service.