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Jane Kinsella
The Real Estate Company Ltd.
11, 5080 12A St. SE, Calgary, Alberta
P: 403-874-6143
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Friday, September 5, 2014 - Calgary Condos

Value drives Calgary Condo Resale market

The condo apartment and townhome resale market in Calgary hit a new high for sales in August. Combined sales for the two segments set a record for the month as 790 units changed hands in August, says the Calgary Real Estate Board.

This marks a 16 per cent upswing from a year earlier, when there were 679 sales.

“The record pace of August sales in the condominium sector is related to the relative affordability of this product, combined with a tight rental market and low lending rates,” says CREB chief economist Ann-Marie Lurie. Many of these sales are in the lower price bracket, she adds.

“More than 76 per cent of condominium new listings are priced below $400,000 and represent more than 68 per cent of the total inventory within city limits,” says Lurie.

Last month, townhome sales reached 338, up 20 per cent from a year earlier, when there were 282 deals. On the apartment side, resale activity climbed 14 per cent with 452 transactions. During the same month in 2013, 397 units had new owners.

After the first eight months in 2014, apartment sales jumped 20 per cent from the same span last year, and townhome sales increased by 19 per cent.

While sales are up, so is selection, says Lurie.

“Over the past three months, apartment-style new listings have increased by more than 40 per cent year-over-year, pushing up overall inventory levels and moving this market toward balanced territory despite the strong sales growth,” says Lurie.

Between Jan. 1 and the end of August, there were 5,231 new listings for apartments in the city.

This is a 27 per cent improvement from the 4,120 units added to the market during the same span a year ago. The townhome market also saw listings increase with 21 per cent growth. In the first eight months of the year, there were 3,575 new listings of townhomes compared to 2,953 during this range in 2013.

During this time, buyers paid an average of $363,030 for townhomes and $324,992 for apartments. For apartments, this was nine per cent more expensive than a year earlier, when the average cost was $297,872. Townhomes went up seven per cent from paying the $338,695 average between Jan. 1 and the end of August last year.

Last month alone, the average resale price for a townhome was $377,958, which climbed 13 per cent from August 2013. The average resale price for apartments last month was $332,006, up 11 per cent from a year earlier.

posted in News at Fri, 05 Sep 2014 18:48:30 +0000

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