Demand grows for resale condos
Atighter single-family market is translating into stronger demand for resale condos, reports the Calgary Real Estate Board. Condo apartment sales totalled 1,133 in the first four months of this year, up 2.2 per cent compared to the same period last year, says the board’s April report.
Consumers have a sufficient amount of supply — and new listings to choose from — to keep the market active, it says.
New listings for resale condo apartments for April increased 5.9 per cent over last year, similar to that of previous years.
“While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year,” says board president Bob Jablonski. “As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home.”
As the gap between inventories and sales narrow, the months of supply continues to trend toward levels more consistent with a balanced market, says the CREB report.
However, index prices remain relatively unchanged.
The condo townhouse market is trending in a similar fashion to the single-family market, with the index price increasing 2.7 per cent compared to the same period last year.
Condo townhome and apartment markets had a benchmark price of $294,500 and $248,300, respectively.
The average price of condo townhomes in April was $320,912, up 8.31 per cent compared to $296,299 during the same month last year.
But the average price of condo apartments was $267,931, down 5.76 per cent compared to $284,301 last year.
During this April, 498 townhomes were sold, with 1,071 new listings and 2,801 active listings.
Meanwhile, 351 condo apartments sold, with 597 new listings and 1,157 active listings.