Condos In Calgary Becoming Hot Ticket Item

Posted by Alan Zunec on Friday, February 22nd, 2013 at 3:38pm.

Vancouver and Toronto have been the key players in the condo market for quite a while now. But it appears that those markets are seeing a bit of a cool down and other cities are stepping in to fill the void. The reports that condo sales across Canada are dwindling may be a tad premature, at least in Calgary. That city has seen their highest level of condo sales in six years.

Altus Group just released a report noting that multi family home sales in 2012 showed an increase of 26 percent when compared to 2011. That year saw 4,180 condos change hands, not quite the 5,868 seen in the banner year of 2005, but a definite indicator that the condo market is very much alive. Reasons cited for this increase include an improving economy and increased consumer confidence, all contributing to a positive consumer demand.

The Bank of Canada has been issuing largely unfavorable reports as of late about the state of that condo market, but there is indeed room for profit making in that sector of the real estate market. The most demand was found in downtown high-rise properties, as well as townhouse units located farther out in the suburbs. In 2012, the increased sales were also driven by the introduction of affordably priced new developments. They went up in such numbers that consumers had a great deal of choice concerning price, location and amenities.

The inner cities and downtown cores saw the most sales activity.  More than 1.800 new condos were sold in these areas. Some 1,600 new units went up, spiking interest among investors. The resale market is also doing well. The Calgary Real Estate Board noted that in 2012, condo sales increased 11.53 percent over 2011.

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