Condominium sales in the Calgary region have registered significant year-over-year increases in the first two months of 2014, according to the Calgary Real Estate Board (CBRE). When compared with statistics from January and February of 2013, condo sales have increased by 28 per cent.

The surge in sales can be attributed to an increase in affordable Calgary condos.

“Consumers who are in the market for single family homes prices below $300,000 do not have many options, and when product does become available, it typically does not stay on the market for long,” says CREB president Bill Kirk. “However, nearly 54 per cent of the new condominium apartment listings this year are priced below $300,000, which is providing options for consumers looking for affordable product.”

In addition to greater affordability, the condominium market also benefited from a rise in new listings. Condominium apartment listings increased 17 per cent over the same period in 2013.

Average condo prices increased by 12.4 per cent year-over-year, to an average of $283,400.