Condo Sales Were Driving the Calgary Resale Activity Last Month

Posted by Justin Havre. on Thursday, October 2nd, 2014 at 8:01am.

The sales growth in the retail housing market in Calgary was stronger than expected in September. Condo and townhouse sales were major contributing factors to this surge according to Ann-Marie Lurie, the chief economist at the Calgary Real Estate Board. Last month, there were 2,148 sales recorded, which was a 12% hike when compared to the number of sales made last September.

This was the fifth month in a row where year-over-year condo sales growth outpaced the single-family growth. So far this year there have been 3,819 condominium apartments changing hands, which is a 21% rise over the sales reported last year. In the single-family housing category there was a 7% rise during the same time period with 13,842 homes sold so far this year.

Home buyers that are shopping for a condominium are seeing new supply added on a regular basis. The number of new listings has gone up by 48% in September when compared to the number of new listings added in September 2013. On a month over month basis, there was a rise of 5% in terms of condo listings. This is pushing the Calgary condo market back into balance.

In the townhouse category, however, the market remains tight. Even though new listings are added to the marketplace, this sector shows the tightest conditions when compared to the other real estate categories. There have been 3,002 year-to-date sales of townhomes while 4,011 new units were added to the listings.

Conditions in the single-family housing market have improved due to the increase in new listings during September. There were 2,148 units added to the listings last month, which was a rise of almost 9% when compared to September last year.

The benchmark price for a single-family home went up to $512,800 last month, which was a 10.6% year-over-year rise. Condominium apartment benchmark prices were sitting at $298,900 last month while benchmark townhouse prices were at $330,200.

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