Smaller condos gaining popularity in Calgary

Don't call it a trend. Yet.

Whether you label them micro, shoebox or nano condos, housing units under 500 square feet in size have tested here and proven popular with younger, inner-city buyers — and with savvy investors renting to that same demographic.

But while other cities such as Toronto and Vancouver have already offered condos as compact as 200 square feet, Calgary's smaller living units tend to sit at more than twice that size – and they are included in developments with larger unit offerings.

Increased selection for attached, apartment homes in March

Proving that selection is sometimes the best sales pitch, attached and apartment listings increased year-over-year in March from a combined 1,272 to 1,360, according to CREB®.

The increase comes as combined sales decreased by 28 per cent during the month, from 975 last year to 700 units this year.

Coupled with the fact benchmark prices in the attached apartment sector have softened more than in other sectors – dropping by 1.46 per cent compared to a 0.4 per cent decline in the detached and attached sectors – the increased selection offers prospective buyers an attractive combination.

Rise in listings adds options to condo market

Calgary's housing market was a welcome sight to many new homebuyers in January, particularly those dipping their toes into the attached and apartment sectors.

Citywide listings in the categories ballooned by 38 and 52 per cent, respectively, in January compared to the same period last year. Sales, meanwhile, declined by as much as 43 per cent – creating, when combined with an increase in listings, an influx of inventory and thus more options for would-be buyers.

Calgary's tight rental market, combined with low mortgage rates and relative affordability, supported record growth in the city's resale condominium sector in 2014.

Combined condo (apartment and townhome) sales up to the end of November increased 19 per cent to 8,105 units, compared with 6,782 units during the same period the year prior, according to CREB®.

The all-time sales record for condo sales was set in 2006, when 8,390 homes changed hands.

"In addition to lifestyle preferences, condominiums appeal to those looking for more affordable ownership options," said CREB® chief economist Ann-Marie Lurie, who originally forecasted 7,641 combined condo sales in 2014.

New bill could mean added security for Alberta condo buyers and owners

Alberta condo owners could soon have more protection thanks to a new bill being proposed by the province.

The bill, which includes more than 50 amendments to the decades-old Condo Act, would strengthen rules related to occupancy dates, purchase agreements, warranty information and conflict resolution.

The new rules would regulate more than 8,000 condominium corporations that exist in Alberta, and provide protection for an increasingly large portion of the province's homebuyers.

Price growth eases as supply improves

Calgary's hot condominium market helped fuel a 10 per cent increase in Calgary's residential resale housing market in October.

Overall sales for the month totaled 2,147 units, compared with 1,948 during the same period last year, according to the latest statistics from CREB®.

"Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector," said CREB® chief economist Ann-Marie Lurie.

Calgary's condo sectors continue to set the pace for the city's residential resale housing market, which recorded 2,148 sales in September, nearly 12 per cent higher than the same period last year.

"September's sales growth was stronger than expected, due largely to a surge in condominium apartment and townhouse sales," said CREB® chief economist Ann-Marie Lurie, who credits Calgary's strong economy and fewer options in the lower-priced single-family market behind the continued demand.