Impact of New Downtown Arena on Real Estate Prices

The impact of the new Downtown arena on real estate prices is a question I am often asked by my clients.  One way to look at prices is to compare the neighbourhoods of Downtown and Oliver.  These are both neighbourhoods with high numbers of apartment style condos.  I had a look at the average sale price and average selling price per square foot for both Downtown and Oliver way back in 2009.  And then, I compared these sold prices to sales in 2012 and 2013.  The fascinating fact that jumps out is that the selling price per square foot is now almost identical for the two separate neighbourhoods.  To keep things consistent I only looked at 2000 or newer 2 bedroom apartment style condos.  Oliver's average selling price per square foot since January of 2012 is $348.  Downtown Edmonton's average selling price per square foot in the same time frame is $347. 

Back in 2009, Oliver was selling for $352 per square foot.  Downtown Edmonton condos were selling for only $311 per square foot.  It is hard to say that the announcement and talk of a Downtown arena for Rexall and the Oilers was the only reason that prices downtown have moved higher since 2009.  The Downtown Farmer's market on Saturdays in the summer on 104 street, and the numerous coffee shops that are popping up in this area are also positively contributing to the downtown. 

To view graphs on other Edmonton neighbourhoods visit Edmonton Selling Prices by Neighbourhood.  For more information about the area visit Downtown Edmonton. If you are interested in a no obligation market evaluation on your condo or need help finding a condo click Impact of New Downtown Arena on Real Estate Prices