Availability in more affordable price bands drove stronger sales growth in Calgary’s resale condominium market in July, says the president of the Calgary Real Estate Board.
“Clients looking for affordable homes are considering community, product and price,” says Becky Walters in a news release. “While there are affordable single-family homes in some communities, some may prefer condominiums in the same price range so they can live in a preferred community or get a home that requires less renovation.”
Walters points to the fact that year-to-date, there have been more new listings priced under $400,000 in the condominium sector than in the single-family market.
In July, a total of 693 condominium apartments and townhouses sold in Calgary, a combined increase of 26 per cent over the previous year, and a year-to-date growth of 16 per cent.
The growing demand for resale condos and townhouses led to a tightening of supply in July.
That month’s active listings in the multi-family (apartment- and townhome-style condos) segment declined to 768 and 407 units, respectively. In July, the 398 condo sales were up 27.9 per cent year-over-year from 311 sales.
With this type of housing in a sellers’ market, sellers earned on average 97.3 per cent of their list price, up 0.56 per cent over last year. The average price in July for condos was $302,058, up 5.5 per cent from $286,231 during the same time last year.
In the townhouse segment, total sales were up 23.4 per cent this July, to 295 deals from 239 a year ago. The average price rose 7.9 per cent to $327,570 in July, compared to $303,380 last year, keeping the market firmly in sellers’ territory.
The Calgary community with the most condo sales (including apartment-style and townhouse) in July was Connaught, in the city’s southwest, with 50 sales averaging $358,862. The second highest seller was McKenzie Towne in the southeast, with 29 sales averaging $266,377. Country Hill Village, in the northeast, was third, with 20 sales averaging $276,625.
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In July, 693 resale condo apartments and townhouses in Calgary changed hands, Calgary Real Estate Board data show. Of these, Zone C, roughly the city’s southwest, saw the most transactions with 329 sales averaging $349,920. Zone A, roughly the northwest, had 218 sales averaging $301,663. Zone D in the southeast, had 99 sales averaging $270,871. And Zone B in the northeast had the fewest transactions, with 47 sales averaging $194,675.