Re­sale pace strength­ens in Cal­gary

Av­er­age prices and sales in­crease for multi-fam­ily

Calgary Herald - Calgary Herald New Condos - - New Condos - CLAIRE YOUNG

As av­er­age prices rose, re­sale condo apart­ment and town­home sales in­creased nearly 25 per cent dur­ing Oc­to­ber com­pared to the same time last year, says the Cal­gary Real Es­tate Board.

“Em­ploy­ment growth, strong net mi­gra­tion, lack of rental prod­uct and low mort­gage rates have con­trib­uted to the rise in hous­ing de­mand over the past two years,” chief econ­o­mist Ann-Marie Lurie of CREB said in a news re­lease.

“Mean­while, sup­ply lev­els have not kept pace, caus­ing prices to push up.”

Net mi­gra­tion is the in­flow of peo­ple to Cal­gary mi­nus the out­flow.

In Oc­to­ber, 337 re­sale condo apart­ments sold, up al­most 25 per cent over the 271 units that changed hands dur­ing the same month last year.

Sales of condo apart­ments were also up from Jan. 1 to the end of Oc­to­ber, ris­ing to 3,482 sales — up al­most 15 per cent com­pared to 3,030 sales dur­ing the same time last year.

The av­er­age price for re­sale condo apart­ments was $309,415 in Oc­to­ber, up 6.7 per cent from $289,820 a year ear­lier.

From Jan. 1 to the end of Septem­ber, the av­er­age price grew to $299,070, up 6.3 per cent from $281,239 dur­ing the same pe­riod in 2012.

The most ex­pen­sive re­sale town­home sold in Oc­to­ber was be­tween $1.75 mil­lion and $1,999,999, while the largest group of apart­ments — 146 units — sold for be­tween $200,000 and $299,999.

Apart­ment prices slid slightly into sell­ers’ ter­ri­tory since the spring.

In Oc­to­ber, 280 re­sale condo town­homes changed hands, up 27.8 per cent over 219 sales dur­ing the same month a year ago.

Sales from Jan. 1 to the end of Oc­to­ber in­creased 21.6 per cent to 2,774 sales, up from 2,280 sales dur­ing the same time last year.

The av­er­age price town­homes com­manded in Cal­gary was $365,037 in Oc­to­ber, up 13.4 per cent from $321,644 a year ago. From Jan. 1 to the end of Septem­ber, the av­er­age sale price has risen 7.3 per cent, to $340,607 from $317,281 dur­ing the same time in 2012. In Oc­to­ber, one town­home sold for be­tween $2.5 mil­lion and $2.9 mil­lion, while the largest group of town­homes — 98 units — sold for be­tween $200,000 and $299,999.

Town­home prices are in a sell­ers’ mar­ket now, and have been since the spring, CREB data show.

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Em­ploy­ment growth, strong net mi­gra­tion, lack of rental prod­uct and low mort­gage rates have con­trib­uted to the rise in hous­ing de­mand. ANN-MARIE LURIE, CREB

Cal­gary Her­ald/Files

The av­er­age price for re­sale condo apart­ments was $309,415 in Oc­to­ber, up 6.7 per cent from a year ear­lier.

Last month, 280 re­sale condo town­homes were sold, a 27.8 per cent in­crease from 219 sales dur­ing the same month in 2012.

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