Despite the continued concern over the oil downturn in Alberta developers in Edmonton believe that the city is still a good bet for residential property. Pangman Development Group is managing a project for John Day and Maclab Enterprises which could see four new towers built with a total of 800 new units. Pangman’s Kevin McKee says that by the time the units are completed the market will be stronger: “It’s going to take three-plus years to build. I think we’re all of the opinion that the current downturn is not going to last much beyond 2016” he told the Edmonton Journal.
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