MARKET CONFIDENCE

Resale condo pace reflects 'confidence'
By Josh Skapin
Calgary Herald September 7, 2012

Total sales of resale condos in Calgary continued to climb in August, rising 19 per cent compared to the same month last year, says the Calgary Real Estate Board.

There were 556 sales of apartments and townhouses last month, up from 468 transactions in August 2011, says the board.

The biggest increase came in townhouses, which saw a 31 per cent hike in resale activity last month compared to the same month last year.

But the average resale price for townhouses in Calgary in August was $281,941, 3.45 per cent lower than the same period last year.

“Some continue to foresee a scenario where price declines are looming in the local housing market, especially given national trends,” says chief economist Ann-Marie Lurie in a news release.

“There is no question economic concerns can threaten our housing recovery. However, to date, Calgary housing market consumers are exhibiting confidence evidenced through the pick-up in sales activity across all housing types.”

While townhouse prices are down, the average resale price of condo apartments was 7.22-per-cent higher last month than in 2011, rising to $281,941 per unit.

The area in Calgary with the highest condo apartment and townhouse resale activity in the city last month was in Zone C, which roughly corresponds to the city’s southwest.

Not only did the area have 288 deals, it also had the highest average resale price at $314,467.

Zone A, which roughly corresponds to the city’s northwest, saw the second highest sales totals and average price.

The average price in Zone A was $294,867 for 155 sales last month.

Zone D, which translates to southeast Calgary, had 66 transactions last month at an average rate of $287,340.

At the same time, Zone B, which covers northeast, Calgary saw 47 units change hands at an average price of $172,234.

DID YOU KNOW?

The biggest increase in condo apartment resale activity in Calgary has come in the $200,000 to $299,999 price range, says the Calgary Real Estate Board.

To Aug.1, 1,132 units in this price range changed hands in Calgary, up from only 949 sales during the same month last year.

The $200,000 to $299,999 price range led all condo sales in the city in August, alone, at 151.