Resale condominiums are becoming more popular of a purchase among Calgary real estate buyers; as of late, sales growth in that market has far outpaced that in the single-family sector.
As a matter of fact, Calgary’s entire condo market has been exceptionally strong throughout the past few years and 2014 is of no exception. A year-over-year comparison shows that year-to-date sales growth for resale condos is up by approximately 22 percent.
It comes as no surprise that many are turning towards condominiums in Calgary as single-family home prices continue to rise.
While more local buyers desire the lock and leave, low maintenance condo lifestyle today than ever before, it’s also investors from abroad that are fueling substantial increases in sales growth. See Calgary – #1 Real Estate Investment Market 2012 today.
These investors are not only from other big Canadian cities like Vancouver and Toronto, but also from other North American cities and even some international locations as well.
Calgary’s consistently strong economy, emerging international identity and lower real estate prices per square foot compared to other larger cities have made it a viable place to invest. Learn more at Best Condo Investments in Canada.
MLS ® Statistics
- Year to date (August 23rd), there has been 5,982 condo / townhome sales, an increase of nearly 21.7 percent in comparison to the 4,917 units sold during the same time frame last year.
- In 2013 there were a total of 7,181 condo / townhome sales. This years’ resale condo market sales should surpass that number if current trends continue.
- The all-time record for resale condo sales was made in 2006 with a total of 8,390 units. It could be a record setting year in 2014!
- In July 2014, single-family sales dropped by about 1.3 percent while condo / apartment and townhome sales grew by a respective 11.84 and 15.31 percent.
- So far in August 2014, average sale prices for condos have increased by nearly 14 percent to $344,907.
- Average sale prices for townhomes in the same month have grown by nearly 17 percent to $376,305.
- Single-family home prices have increased to $542,602, nearly 4 percent higher than what they were in July.
*Sourced from MLS ®
Calgary’s tight rental market is another factor leading people to buy condos. With annual net population gains from 18,000 to 46,000 people over the past decade, fewer available rental properties means inbound migrants are left with no choice but to buy.
Many of them turn towards condos and townhomes because they are more affordable and are a good living arrangement when moving to a city for the first time.
It gives them an opportunity to get a feel for the city and its areas, then, make another move in real estate two, three or maybe five years down the road.
More Calgary Condos
Thinking about purchasing a resale condo? Check out our complete Calgary Resale Condo Guide today!
For new condo buyers, be sure to see our New Calgary Condos Insider’s Guide for several tips!