Calgary condo, townhome sales sizzle in July
Claire Young/Calgary Herald The benchmark price of townhomes sold last month was $327,000, up 11 per cent over July, 2013.
Resale of condo apartments and townhomes grew by double digits last month compared to a year earlier, says the Calgary Real Estate Board.
Townhome sales climbed 15 per cent, as 339 units changed hands in July, up from 294 deals a year earlier. For apartments, sales jumped 12 per cent, with new owners for 444 units compared to 397 transactions in July 2013.
“With declining choices in the lower-priced, single-family market sector, consumers are considering both condominium apartment and townhouse segments,” CREB president Bill Kirk says.
The benchmark price of townhomes sold last month was $327,000 and for apartments, it was $298,100. In both cases, this marked an 11 per cent uptick over prices from the same time in 2013. The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons.
New listings in both segments also stepped up last month. There were 432 townhomes added to the market in July, up 43 per cent from 303 new listings during July 2013. New listings for apartments rose by 40 per cent and 653 more apartments were ready to sell, compared to 466 a year ago.
“Calgary’s housing market continues to demonstrate exceptional levels of sales and strong year-over-year price gains,” says Ann-Marie Lurie, CREB’s chief economist. “This is a reflection of the economic factors supporting this market, including gains in net migration, employment, wage growth and favourable lending rates.”
Southwest Calgary topped all areas of the city in condo sales last month. Zone C, which roughly covers the quadrant, had 398 deals. The historic inner-city community of Connaught led this area, with 39 sales. Northwest’s Zone A had the next highest sales totals at 226.
Southeast’s Zone D saw 92 condos change hands and Zone B, in the northeast, reached 67 sales.