Record set for condos and townhouses in Calgary

A new record was set for condos and townhouses in Calgary for 2014.

According to the Calgary Real Estate Board, latest figures show an 18 percent year-over-year rise in sales of condos with 17 percent for townhouses. Monthly figures for December showed declines across all sectors; not unusual for the end of the year. Single family sales totaled 708 units in December, a year-over-year decline of 8.3 percent. Meanwhile, total condominium sales also declined by six percent over the same time frame, but overall activity remained consistent with long-term averages.

Greater availability of properties led to prices leveling off, but annual average benchmark gains remained at nine percent. CREB chief economist Ann-Marie Lurie does see some changing conditions as the New Year gets underway: “Changes in the economic climate are expected to cool housing market conditions in 2015, and December activity may be the first indication of this shift. However, any pullback that may occur needs to be kept in perspective as 2014 housing activity far exceeded our expectations.”