Friday, September 12, 2008

Downtown Housing Update

Downtown Partnership has reported the results from its recent survey of downtown residential developments, and it appears that interest in downtown living remains strong.

2007 was a record-setting year for condo sales, and with the softening of the real estate market, last year’s figures would be hard to measure up to.  However, in the first half of 2008, 134 condos were sold – compare this to 124 units sold over the same period in 2005 and 110 units in 2006.  Not bad!

The Downtown Partnership also reports that apartment leasing activity remains strong, with an 83% occupancy rate.  According to the survey:

“Neighborhood Gardens, The Syndicate and Tudor apartments are near capacity and more than half of all rental properties reported an increase in occupancy.”

Hopefully the popularity of downtown rentals will result in the announcements of additional apartment developments in the near future.  And hopefully many of those renters will decide to buy downtown, helping to fuel the condo market.

From January to June 2008, downtown added 500 new residents, bringing the total population to just under 11,000.

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