6 Things: Calgary’s multi-family real estate market

More apartments, duplexes, and townhomes were sold through Calgary’s resale home market inJanuary than the same month in 2016.

The biggest increase in sales came from townhomes, improving 30 per cent to 129 transactions from 99 year over year, says the Calgary Real Estate Board.

Townhome sales were paced by an area CREB defines as south Calgary, recording 29 deals.

Meanwhile, apartments and duplexes each saw resale pick up 17 per cent from the same time a year earlier. There were new owners for 151 apartments compared to 129 in January 2016, while duplex sales grew to 83 from 71.

Calgary’s city centre led both apartment and duplex sales, with 71 and 24, respectively.

“Conditions have improved over last year, but people need to remember that last year’s market was one of the weakest on record,” says CREB’s chief economist Ann-Marie Lurie. “Despite the appearance of a major shift in activity, the transition in the housing market is going to be a slow process.”

All three segments saw a setback in new listings, says CREB. There were 202 additions to the city’s duplex inventory, down 25 per cent year over year. Meanwhile, there were 329 new listings of townhomes and 629 for apartments.

New listings of apartments slid five per cent and townhomes eased 15 per cent.

Here are six facts about resale prices of multi-family homes in Calgary last month.


People who bought an apartment in Calgary last month saved more than $14,000 than those who bought a similar unit in January 2016, says CREB. The benchmark price on apartments last month was $269,900, down five per cent from $284,000 year over year.


The highest benchmark price on apartments in Calgary last month was in Calgary’scity centre, where it was $295,400. This is down more than four per cent from January 2016. Northeast Calgary was the only end of the city with a year over year price increase in the segment. The quadrant’s apartment benchmark improved 0.9 per cent to $273,200.


The benchmark price on townhomes last month slipped five per cent to $307,100 from $323,800 in January 2016. Last month’s price was also down $800 from December 2016.


The highest price on townhomes in Calgary last month was also in the city centre. It recorded a benchmark of $460,500, down three per cent year over year. The most attainable price was in an area CREB defines as east Calgary, where it was $207,600, off seven per cent from the same month in 2016.


The benchmark price on duplexes last month was the most similar of any multi-family segment to January 2016. It was $384,600, down 1.5 per cent from $390,200 a year earlier. Last month’s price was also down from $385,400 in December 2016.


For duplex prices last month, Calgary’s city centre again led the way. The benchmark price was $701,700, up 0.3 per cent year over year. Both northwest Calgary and west Calgary, also recorded price growth, increasing 0.2 and 0.6 per cent, respectively.

-Calgary Herald

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