A YEAR MAKES A DIFFERENCE
People looking for a quick move to a duplex, apartment or townhome had more choice in the Calgary census metropolitan area last month than in August 2015. All three segments saw an uptick in completed but unabsorbed units in that time, says Canada Mortgag
APARTMENTS
The most significant increase in completed but unabsorbed units in multi-family development came from apartments. There were 624 on the market last month compared to 146 a year earlier, says CMHC. The increase was largely driven by the Fish Creek area and northeast quadrant, which had 198 and 163 units available, respectively. During the same time last year, Fish Creek had four and the northeast had none. Inventory in Airdrie also recorded a notable jump, climbing to 38 from one a year earlier, says CMHC.
TOWNHOMES
For townhomes, northwest Calgary had the highest count on available units in August with 45. In fact, it was the only quadrant with more than 13 on the books. A year earlier, there were 18 townhomes available in Calgary’s northwest. Overall, townhome inventory for the Calgary area last month increased to 140 from 66 year over year. Like apartments, Airdrie played a role in the townhome increase, as well. It had 37 last month versus two in August 2015.
DUPLEXES
Buyers in the market for an immediate possession duplex in the Calgary area last month had their choice of 114. A year ago, there were 83. The bulk of last month’s inventory came from the southwest and southeast quadrants, with 29 and 17 on the market. CMHC tracks neigh- bourhood activity in clusters. Leading the count in available duplexes was a stretch in Calgary’s southwest inner-city that includes Altadore, Upper Mount Royal, Elbow Park and Rideau Park, which ended the month with 17 duplex specs.
QUICK POSSESSION
Quick possession duplexes in the Calgary area were more afford- able last month than in the same period in 2015. The average price on constructed but unabsorbed units in this segment was $629,682, down from $687,635 a year earlier. In southwest Calgary, which had the most inventory in the city, the average was $939,865. Fish Creek’s average was the most affordable area in the city for duplex specs, averaging $399,760.