Condo sales continue to rise in Waterloo Region, even as thousands of new units flood the market.

According to statistics from the Canadian Mortgage and Housing Corporation, there were 2,300 condo units under construction within the region as of Jan. 31.

Jeff Gibson is the founder of Condo Culture, a local real estate firm geared to the condo market.

He thinks developers will have little trouble filling those 2,300 units.

“We have a very strong demand from the young tech community,” he says, adding that empty nesters also make up a sizable portion of the region’s condo dwellers.

Despite winter traditionally being a slow time of year for real estate transactions, Gibson says condo developments continue to fill up.

The condo resale market is also strong – with sales up six per cent year-over-year, according to Gibson.

Statistics from the Kitchener-Waterloo Association of Realtors show that in 2014, 1,206 condo units were sold.

A further 280 were sold in Cambridge – up slightly from 269 the previous year.

Cambridge-based realtor Antonio Nogueira chalks it up to the city’s “blue-collar” mentality.

“Condo fees sometimes deter people from wanting to buy a condo, because condo fees equate to less money you can spend on a mortgage,” he says.

Still, Nogueira does field calls from clients interested in condos.

Those clients are often seniors or young professionals, he says – but investors aren’t ignoring the city either.

Derryck Lowe purchased a condo in Cambridge five years ago, seeing it as an investment opportunity.

Having had his fill of dealing with issues between tenants and management of the condo company, he recently listed the unit for sale.

Four weeks later, he had a buyer.

“I think we priced it right,” he says.

Elsewhere in Canada, some analysts have voiced concern that rapid construction of condos could lead to a glut in the marketplace, with supply outstripping demand.

Gibson says that’s not yet the case locally, as the supply remains significantly smaller than in larger cities – where international investors have helped keep the market rolling.