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The majority of major investor in the apartment sector “indicated they got upwards of 95 per cent of the rent collected in April and May,” he says.
As such, investor sentiment started to rebound heading into the summer.
“Fundamentally rental demand remained strong, and that’s why investment activity started coming back.”
Boukall further adds Edmonton has long been viewed as a strong rental market by investors. “There is a healthy supply and very strong demand.”
In part, that’s because the city has a large population of young adults, many of whom work in trades and technical jobs that lead them to working temporarily in different locations.
“Edmonton is the service hub for pretty much all of northern Alberta and part of northern B.C, so people may come to Edmonton and then work up in Fort McMurray, and then come back,” he says. “And then they go to work in Grande Prairie or Prince George, and return to Edmonton.”
As a result, these workers often rent due to the transient nature of their work.
