7 Things about multi-family housing in Calgary, Edmonton

The multi-family housing markets in Alberta’s two largest cities have taken different paths so far in 2016. Calgary has been busier constructing apartment-style condos while Edmonton has been a hot spot for duplex starts. Here are seven comparisons compil

CONDO- STYLE APARTMENTS

For construction of condo-style apartments, the clear advantage goes to the Calgary census metropolitan area. This is where there were starts on 2,087 units, led by 466 in the city’s downtown, says Canada Mortgage and Housing Corporation. Meanwhile, the Edmonton census metropolitan area was 23 per cent behind with 1,609. A census metropolitan area includes activity in nearby cities and towns. For Calgary, this includes Airdrie, Cochrane and Chestermere.

QUICK- POSSESSION APARTMENTS

People looking for a quick move to a new apartment had more choices to pick from in the Calgary area. CMHC says the count on completed but unabsorbed apartments was 526. In Edmonton, there were 476.

RESALE APARTMENTS

For resale of apartment-style condos, Edmonton has had the busier year. The provincial capital saw 2,626 units change hands between Jan. 1 and the end of July, says the Edmonton Real Estate Board. During this time, there were 6,592 new listings.In Calgary, 1,669 apartments were sold through the resale market and there were 4,489 new listings, according to CREB.

AVERAGE PRICE

Edmonton had the more affordable resale price on apartments with a year to date average of $252,032. At the same time, Calgary’s average was $370,644.

DUPLEXES AND TOWN HOUSES

When tracking duplex and townhome activity, both the Calgary and Edmonton real estate boards combine the two segments.In Calgary’s case, there were 2,372 sales through seven months in 2016. Edmonton trailed with 1,847. For new listings, Calgary led again, with 4,878 additions to the market, while Edmonton logged 1,847.

AVERAGE PRICES

The average resale price of duplexes and town houses in Edmonton between Jan. 1 and the end of July was $353,586. During the same time in Calgary, the average was $403,442, says CREB.

NEW CONSTRUCTION

The Edmonton area outpaced the Calgary area in new construction of duplexes and town houses. There were 1,090 duplex starts and 737 for town houses in the Edmonton area seven months into 2016, says CMHC. Meanwhile, the Calgary area saw shovels turned for 474 duplexes and 597 town houses.