Despite a year-over-year decline in residential sales for the month of December, Calgary’s condominium apartment and townhouse sectors set records in 2014. A total of 4,742 condominium sales took place in the region in 2014, an 18 per cent increase from 2013.
“It is not unusual to see slower activity in the month of December as consumer focus often shifts toward the holiday season,” says Bill Kirk, president at CREB. “While monthly sales activity has slowed, it is consistent with December activity over the past several years. Overall, annual sales activity has actually increased by 9.3 per cent over last year.”
In the condominium sector, new listings for the region totaled 7,297 units in 2014, rising 30 per cent over the previous year. With a consistently strong demand for this housing type, existing inventory also rose over the course of the year.
“The activity that we’ve seen in the condominium sectors is, in part, related to product availability in the lower price ranges,” says Kirk. “The under $400,000 segment of the single-family market within city limits has been declining. With the bulk of condominium products available for under $400,000, more consumers have been turning to these sectors for their housing needs.”
At the end of 2014, condominium sector sales statistics exceeded previous highs recorded in 2007.