Downtown Edmonton is seeing an influx of new multi-family properties, with at least eight new developments underway, reports Avison Young.

With nearly 2,500 new units to be added to the city’s core, this is the largest building boom Edmonton has experienced this decade. And the timing couldn’t be better. Vacancy rates in the city are reaching a five-year low (1.2 per cent).

The new developments consist of five condominium highrises and three rental apartments. Approximately 1,700 of the 2,500 new units to come on stream will be rental units. Of these units, 500 will be available at the Mayfair North Building (109th Street and Jasper Avenue). The Edgewater development at Jasper Avenue and 86th Street will have 1,000 units.

Though vacancy rates continue to fall in Edmonton, Avison Young reports the city’s rental market is in line with the greater economic trends in Alberta. As a whole, the province is experiencing low vacancy rates and rising rental rates – a trend that is expected to continue into 2015.