Resale Townhomes and Condo Apartments Doing Well in Calgary

Posted by Alan Zunec on Friday, October 12th, 2012 at 4:34pm.

The Calgary Real Estate Board, or CREB for short, reported favorable numbers in that city’s multi-family home market for this past September. Ann-Marie Lurie, economist for the firm, noted that Calgary is seeing steady employment growth, an influx of new residents and wage rates that are coming in at above the national average.

All of this positive news led to an increase in townhomes and condo-apartments sales that were higher than the activity seen during that same month in 2011. In the resale market, 276 properties changed hands, compared to the 236 seen during September of 2011. That is a 17 percent increase.  Condo townhomes saw 209 sales this September, a ten percent growth over September of last year.

When looking at prices in the resale market, September of this year also saw an increase over September of 2012. In the condo apartment category, the average price of a sold unit came in at $286,226, which is a four percent increase over last year. Condo townhomes saw a smaller increase, at 0.14 percent, but still coming in on the plus side.

Zone C saw the largest number of sales in both multi-family categories, which is the southwestern part of the city. In that area there were 268 sales, at an average price point of $339,023. Zone C also was in the top spot for highest price average. The Connaught neighbourhood saw the most sales, with 30 condos changing hands, coming in at an average price of $300,639.

Zone A took the second spot, which is in Calgary’s northwest end. This part of the city saw 126 sales, with an average sales price point of $284,256. Zone D came next, with 54 sales, averaging $282,026, followed by Zone B, with 37 properties changing hands, averaging $162,870 per unit.

The demand for luxury condos is also increasing, according to the Calgary Real Estate Board. During the first nine months of 2012, 18 apartment units changed hands, each selling for over $900,000. That is twice the number of sales for the same time period in 2011, which saw nine properties at that price point sold.

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