Condos Are Hot In Calgary

Condominiums are a hot commodity here in Calgary.

"I chose to buy a condo over a traditional house, because I like the idea of not having to mow the lawn or worry about shovelling the snow," said Calgary resident Sarah Gage. "I like the simplicity of living in a condo. There is no work I have to do which is perfect for my busy schedule, and because it is just me that lives in the condo, I didn't need a lot of space." Starts in February for row and semi condos increased 17.8 per cent from February 2013 and starts for apartment and other condos increased 134.1 per cent, according to a report released by Canada Mortgage and Housing Corporation.

Starts for row and semi-condos in February totalled 119 and apartment and other condos totalled 480. Multi-family starts have increased on a year-over-year basis, making February the fifth consecutive month of increases.

The report stated that multi-family inventory for ownership in February declined to its lowest level since July 2007. The decline in inventories and increase in demand has provided builders with more incentive to construct more units this year.

The year-to-date starts 2014 on row and semi-condos is 339 and for apartment and other condos is 977. Both are increases from the year-to-date starts in 2013, which were 246 and 251 respectively.

In February there were 1,612 row and semi-condos, and 5,098 apartment and other condos under construction.

The report shows there were 65 completions of row and semi condos and 78 completions of apartment and other condos.

There were 27 row and semi-condos and 12 apartment and other condos that were completed and not absorbed in February. The report states there 71 row and semicondos and 86 apartment and other condos that were absorbed.

RBC Economics Housing Trends and Affordability report stated Calgary's affordability is better than many other major markets. Affordability increased 0.1 per cent to 20.0 per cent for condominium apartments in the fourth quarter.

Calgary's condos are going fast with Qualex-Landmark's newly opened condominium building Calla, located at 14th Avenue SW and 6th Street, is sold out and their Mark on 10th building is currently 90 per cent sold.

Tagged: Calgary Condo Market | Calgary Real Estate | Calgary Real Estate News | CMHC | RBC Economics