Condo sales set new record in August

Strong gains in Calgary's condominium apartment and townhouse sectors sparked a 3.4 per cent year-over-year growth in residential resale housing sales activity for August.

A total of 2,267 units exchanged hands in the city during the month, compared to 2,192 during the same period in 2013. The condominium apartment and townhouse sectors saw the biggest gains, increasing by nearly 14 and 20 per cent, respectively, for total monthly sales of 790 units. "The record pace of August sales in the condominium sector is related to the relative affordability of this product combined with a tight rental market and low lending rates," said CREB® chief economist Ann-Marie Lurie, noting most of the activity continues to take place in lower price ranges. "More than 76 per cent of condominium new listings are priced below $400,000 and represent more than 68 per cent of the total inventory within city limits."

So far this year, condominium apartment and townhouse sales have totaled a respective 3,388 and 2,685 units. This represents a combined increase of nearly 20 per cent.

Read more in this week's edition of the CREB®Now real estate news.