calgary permits

Calgary condo sales set record August pace

Wednesday, September 10, 2014

Monthly statistics from the Calgary Real Estate Board (CREB) indicated that Calgary condo sales were booming in August. According to CREB, condominium apartment sales in the region represented a year-over-year increase of close to 14 per cent and condominium townhouse sales a year-over-year increase of close to 20 per cent.

“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,” said Ann-Marie Lurie, chief economist at CREB. “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.”

Calgary’s total residential resale housing sales for August only grew 3.4 per cent, year over year, as single-family home sales declined 2.4 per cent. Bill Kirk, president of CREB, largely attributed the dip in the single-family market to a decrease in product priced at less than $400,000.

“Overall,” he said, “sales activity has improved compared to last year for product over $400,000.”

August’s increase in new listings, of 13.6 per cent, year over year, contributed to more balanced conditions in the single-family market.

“Following a prolonged period of Calgary being a sellers’ market, a move toward more balanced conditions is welcome news,” said Kirk. “This will help support a more stable city housing market in terms of price gains.”