Citywide year-over-year sales growth reaches double digits
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Calgary, Oct. 1, 2014 –
Calgary's condo sectors continue to set the pace for the city's
residential resale housing market, which recorded 2,148 sales in
September, nearly 12 per cent higher than the same period last year.
"September's sales growth was stronger than expected,
due largely to a surge in condominium apartment and townhouse
sales," said CREB® chief economist Ann-Marie Lurie, who credits
Calgary's strong economy and fewer options in the lower-priced single-family
market behind the continued demand.
For the fifth consecutive month, year-over-year
condominium apartment sales growth outpaced growth in the single-family
sector. Year-to-date condominium apartment sales totaled 3,819, a 21 per
cent increase over last year. This compares with a seven per cent
increase to 13,842 units in the single-family market over the same time
Added supply in the condominium apartment sector,
meanwhile, is providing more choices. New listings increased by 48 per
cent in September over last year and nearly five per cent over last
month, further improving inventory levels and pushing this market into
In the condominium townhouse market, sales and listings
continued its year-to-date trend, rising 20 and 21 per cent,
respectively, compared to the same period a year ago. Over the first
three quarters, 3,002 units have exchanged hands, relative to the 4,011
Despite and increase in new listings, the condominium
townhouse market continues to be relatively tight, with absorption rates
remaining below two months.
"While overall supply levels have improved, the
condominium townhouse sector continues to reflect the tightest market
conditions in Calgary," said CREB® president Bill Kirk.
New listings in the single-family market similarly
increased in September, helping to improve inventory levels above two
months. A total of 2,148 units entered the market during the month, a
jump of nearly nine per cent compared to the same period last year.
"While conditions are now more balanced, the
composition of the single-family market has changed," said Lurie.
"One-quarter of year-to-date sales in the sector has been for
product priced below $400,000. Last year, it represented 35 per cent of
the market share. Two years ago, it accounted for 44 per cent of all
The single-family benchmark price topped $512,800 in
September, similar to August, but a 10.6 per cent increase
Condominium apartment and townhouse benchmark prices grew
to respective $298,900 and $330,200, reflecting gains of more than 9.5
per cent relative to last year.
"Calgary's housing market throughout the spring
flavoured the seller, resulting in higher-than-expected price
gains," said Kirk. "Now a more balanced market is relaxing some
of that upward pressure on home prices, and prices are leveling off
relative to the previous month. Year-over-year, however, gains are still
in the double-digit range."
Recent price gains have encouraged listings growth and,
ultimately, supply in all sectors, said Lurie.
"However, citywide inventory levels continue to
remain below historical norms, and current demand levels continue to
point toward healthy absorption rates," she said.