Resale pace strengthens in Calgary

As average prices rose, resale condo apartment and townhome sales increased nearly 25 per cent during October compared to the same time last year, says the Calgary Real Estate Board.

“Employment growth, strong net migration, lack of rental product and low mortgage rates have contributed to the rise in housing demand over the past two years,” chief economist Ann-Marie Lurie of CREB said in a news release.

“Meanwhile, supply levels have not kept pace, causing prices to push up.”

Net migration is the inflow of people to Calgary minus the outflow.

In October, 337 resale condo apartments sold, up almost 25 per cent over the 271 units that changed hands during the same month last year.

Sales of condo apartments were also up from Jan. 1 to the end of October, rising to 3,482 sales — up almost 15 per cent compared to 3,030 sales during the same time last year.

The average price for resale condo apartments was $309,415 in October, up 6.7 per cent from $289,820 a year earlier.

From Jan. 1 to the end of September, the average price grew to $299,070, up 6.3 per cent from $281,239 during the same period in 2012.

The most expensive resale townhome sold in October was between $1.75 million and $1,999,999, while the largest group of apartments — 146 units — sold for between $200,000 and $299,999.

Apartment prices slid slightly into sellers’ territory since the spring.

In October, 280 resale condo townhomes changed hands, up 27.8 per cent over 219 sales during the same month a year ago.

Sales from Jan. 1 to the end of October increased 21.6 per cent to 2,774 sales, up from 2,280 sales during the same time last year.

The average price townhomes commanded in Calgary was $365,037 in October, up 13.4 per cent from $321,644 a year ago. From

Jan. 1 to the end of September, the average sale price has risen

7.3 per cent, to $340,607 from $317,281 during the same time in 2012. In October, one townhome sold for between $2.5 million and $2.9 million, while the largest group of townhomes — 98 units — sold for between $200,000 and $299,999.

Townhome prices are in a sellers’ market now, and have been since the spring, CREB data show.

IN THE ZONE

Condo sales in Zone C of the Calgary Real Estate Board — roughly the city’s southwest — outstripped the rest of the quadrants in October.

Zone C logged 331 sales of MLS-listed resale condos at an average price of $372,709.

Zone A, roughly the city’s northwest, saw 156 properties change hands at an average price of $323,452.

Zone D, in the southeast, had 73 transactions averaging $288,915, while Zone B, in the northeast, had 57 sales averaging $202,928.

Visit creb.com for more information

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