More sales, selection in multi-family homes market
While resale prices on multi-family homes in Calgary eased in 2017, the number of transactions rallied.
Apartments, townhomes, and duplexes all recorded growth in sales last year compared to 2016, says the Calgary Real Estate Board.
Here are three things about how multi-family development performed through Calgary’s resale market in 2017.
SALES STEP UP
The biggest climb of any multifamily segment last year came from townhomes. With 2,359 sales in 2017, this was up nearly nine per cent from the 2,145 that changed hands a year ago, says CREB. Units priced between $200,000 to $299,999 led the charge, accounting for 897 of the total townhomes sold.
Duplex resale grew six per cent year over year with 1,823 deals on the books in 2017. The $350,000 to $399,999 range was its most active price bracket, tallying 330 sales last year.
For apartments, sales improved by five per cent. There were 2,869 transactions in 2017 compared to 2,725 a year ago. Units that sold for prices between $200,000 and $299,999 led by a wide margin with 1,223 apartments changing hands in 2017. The next most active price bracket — $100,000-$199,999 — landed 588 sales.
SELECTION RISES
All multi-family home styles saw an upswing in supply last year, with apartments setting the pace.
Resale inventory of apartments jumped eight per cent year over year, with 1,602 units available in 2017, says CREB. Meanwhile, new listings of apartments were up four per cent year over year.
For townhomes, inventory reached 866 units in 2017, which was up two per cent from a year earlier. Its new listings increased by 6.5 per cent year over year, says CREB.
The inventory of duplexes rose by six units from the 2016 tally to 516 last year. It had 3,131 new listings, marking an increase of around four per cent.
PRICE GROWTH SLOWS
While resale prices on apartments and townhomes slipped in 2017, people selling duplexes were in a better position than they were a year earlier.
The benchmark price on duplexes was $420,600 last year, topping the 2016 figure by nearly four per cent, says CREB. Benchmark prices are that of a typical home based on a formula that uses various factors to ensure accurate comparisons.
For apartments, the benchmark price saw a four per cent decline. It was $263,475 in 2017 compared to $274,358 a year earlier.
Meanwhile, for townhomes, the benchmark dipped nearly three per cent. The price was $299,567 last year, following $308,658 in 2016.