Year-to-date sales growth in Calgary’s condominium market is breaking records, according to data collected by the Calgary Real Estate Board (CREB). Throughout the region, all housing types experienced a growth in year-to-date sales. However, condominium apartment and townhouse sales are currently standing at record levels, with a combined increase exceeding 19 per cent.
Ann-Marie Lurie, chief economist for CREB, attributes Calgary’s healthy real estate sector to a robust economy, fueled by strong employment opportunities and attractive wages. When compared with other major centres these factors are encouraging more people to move to the city, thereby increasing demand for housing, says Lurie.
Inventory levels and new listings have also improved, year-over-year, in the region. Since November 2013, new listings registered a 22 per cent increase, bringing inventories to 3,849 units.
“Overall, buyers looking for product under $400,000 will find more options in the condominium sector because supply levels have improved,” says Bill Kirk, CREB president. “In the single-family sector, however, declining supply in that same price range has created much tighter market conditions in that segment.”
The unadjusted benchmark price for condominium apartments in the region totaled $300,700 in November.