Calgary New Multi-Family Home Starts Update for July 2017
While new townhome and duplex starts increased last month, the number of new units for the apartment sector slowed. In July of 2017 there were 716 total multi-family starts in the Calgary Metropolitan Area (CMA), down from 764 on a year-over-year basis.
This is just one figure in our multi-family housing starts update for July 2017. See the rest for apartments, duplexes and townhomes below:
#1 – Townhome Construction Up
Townhome construction activity is up, with a total of 135 units beginning construction last month.
This is a drastic improvement over the 47 townhomes that began construction in July 2016 and is the 6th consecutive month where housing starts for this product has been in the triple digits.
#2 – Northwest / Northeast Leading
Calgary’s northwest and northeast sectors have seen high activity when it comes to new townhome construction. From January 1st to July 31st, the northwest had 286 starts while the northeast had 224, respectively.
The area around Fish Creek Provincial Park was the only other sector with new starts in the triple digits during this time frame.
#3 – New Townhome Inventories High
Inventory levels for new townhomes was up including those available outside of the city limits. There were a total of 162 new properties available on the new townhome market last month, up from 122 year-over-year.
Airdrie and Cochrane both saw their own increases in new townhome availability up to 37 from 20 and 24 from 11, respectively.
#4 – New Duplex Starts High
The 166 new duplex starts seen in July for the Calgary Metropolitan Area was the highest of all the months year-to-date. Furthermore, there were 734 duplex starts year-to-date compared to 474 over the same time frame in 2016.
The northwest and northeast both were leaders in the city for new duplex starts with 176 and 98, respectively.
#5 – Duplexes More Affordable
New duplexes were generally more affordable in July on a year-over-year basis. The average price for unabsorbed duplexes was $596,442, compared to $651,691 in 2016.
The southwest had the most expensive unabsorbed duplexes with an average price of $993,695.
#6 –New Apartment Starts Down
There were 415 new apartment starts in the Calgary area last month, down from 637 year-over-year. Most activity for new apartments is in the downtown core.
Year-to-date, there were 1,295 apartments under construction in city centre, while the beltline district followed closely with 1,172 units.
#7 –Apartment Inventories Remain High
With 1,044 units, new apartment inventory levels remained in the quadruple digits in July 2017 for the 5th consecutive month and were up nearly 100 percent year-over-year from 526 units.
The northeast and downtown areas of Calgary led with 271 and 171 available units, respectively.
Buying & Selling Multi-Family in Calgary
If you’re thinking about buying a multi-family property sometime soon, it’s important to consider how different segments are performing differently in current market conditions.
Acquiring the services and advice of a real estate agent experienced in buying / selling multi-family and with an intimate knowledge of the local market will help you move towards accomplishing your real estate plans.
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