Inventory, prices both on upswing last month
Claire Young/Calgary Herald Apartment-buyers paid more, but had more options to choose from last month as the number of listings also rose.
Resale activity of condo apartments and townhomes soared by more than 100 deals each last month compared to a year earlier, says the Calgary Real Estate Board.
June saw 427 townhomes change hands in Calgary. This marks a 34 per cent increase from the 318 sales during the same time in 2013. There was a 32 per cent upswing for apartments, as 474 units changed hands, up from 358 a year ago.
Most resale activity of apartments and townhomes combined last month came in southwest Calgary.
Zone C, which roughly covers the quadrant, finished with 445 sales. This area was paced by the downtown community of Connaught, where 42 condos of all kinds changed hands.
Zone A, which mostly translates to Calgary’s northwest end, finished with 257 sales. Panorama Hills led this area with 22 transactions. Southeast Calgary, or Zone D, had 122 sales and Zone B, spanning the northeast side, notched 77 deals.
Apartment-buyers paid more, but had more options to choose from across the city last month.
There were 712 new listings, 45 per cent more than the 490 apartments added to the market in June, 2013.
The benchmark price for apartments jumped 13.5 per cent last month. They moved for $299,700 last month after averaging $264,000 in June, 2013. The benchmark price is that of a typical home based on a formula that uses various factors to ensure accurate comparisons.
“As citywide condominium apartment prices have finally recovered from 2007 highs, we would expect this will continue to encourage some listings growth,” says Ann-Marie Lurie, CREB’s chief economist.
“However, as this market has moved into more balanced conditions, and if inventories continue to rise, price growth should ease throughout the remainder of the year.”
Prices and options in the townhome sector both stepped up last month.
There were 505 new townhome listings last month. This was 39.5 per cent more than the 362 additions to the market a year ago. The benchmark price of townhomes last month was $326,000, up more than 10 per cent from $295,000 during the same time in 2013.