Calgary vs. Edmonton: Comparing duplexes and townhomes
While there were more duplexes and townhomes sold through Calgary’s resale market last month, Edmonton was the busier centre for new construction.
Shovels turned for 138 duplexes and 31 townhomes in the Edmonton census metropolitan area in January, edging the 72 duplex starts and 33 for townhomes in the Calgary census metropolitan area.
The census metropolitan area counts activity in neighbouring cities and towns. In Calgary’s case, this includes Airdrie, Cochrane and Chestermere.
Here are four other comparisons of the duplex and townhome segments in Alberta’s two largest cities in January, writes Josh Skapin.
HOMES CHANGING HANDS
There were new owners for 212 attached homes in Calgary, rising 24 per cent from the same month in 2016, says the Calgary Real Estate Board. CREB refers to attached homes as a combination of duplex and townhome activity. In Edmonton, there were 73 total duplexes and townhomes sold through re- sale, up from 60 year over year, says the Edmonton Real Estate Board.
RESALE PRICES
The average price on attached homes in Calgary last month was $385,170, dipping four per cent from $400,485 in January 2016, says CREB. Conversely, buyers in Edmonton saw prices on duplexes and townhomes go up. The average grew to $353,037 from $325,878 year over year, says EREB.
NEW DUPLEX PRICES
While Canada Mortgage and Housing Corp. doesn’t track townhome prices, it does record the average value of both absorbed and unabsorbed duplexes.
The average value of unabsorbed duplexes in the Calgary area last month was $648,714, an increase from $608,658 a year earlier, says CMHC.
In Edmonton, the average unabsorbed price was $393,475, easing from $395,363.
A key difference between the two markets is the number of milliondollar units pushing up the Calgary area average. The North Hill area had 19 units averaging $1,048,574. This was followed by an average of $995,074 on 22 units in southwest Calgary.
Meanwhile, 11 units at $633,133 in the East Central area marked Edmonton’s highest average.
The Calgary area also had the higher prices on absorbed duplexes last month. The average was $553,734 in Calgary versus $ 382,435 in Edmonton, says CMHC.
AVAILABLE THROUGH THE NEW HOME MARKET
People looking for a quick possession duplex or townhome had 311 more options in the Edmonton area compared to the Calgary area in January.
There were 385 constructed but unabsorbed duplexes and 230 for townhomes in the Edmonton area, says CMHC. A year earlier, the centre had 481 duplexes and 113 townhomes.
In the Calgary area last month, there were 136 available duplexes and 168 townhomes. This is up from 123 duplexes and 120 townhomes during the same month in 2016.