High supply in Calgary's condo market continues to push down prices

Calgary's condominium market continues to see the supply of available product overwhelm buyer demand, meaning owners looking to sell need to consider ways to set their unit apart from the crowd.

According to CREB®'s 2017 Economic Outlook & Regional Housing Market Mid-Year Update, the condo market has seen a slight rise in year-to-date sales over 2016, but not enough to keep pace with a rise in listings, up an average of nine per cent over last year.

That increased supply is putting downward pressure on prices, which are expected to continue to decrease during the rest of the year for an annual forecasted decline of three per cent.

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."

The last of the new homeowners have moved into CALLA, a new 168-unit condominium development located at 14th Avenue SW and 6th Street built by Qualex-Landmark.

This is the fourth condominium building built in Calgary by Qualex- Landmark, the new homes are garden- inspired and quality crafted.

Calgarians like their condos.

As if the number of construction cranes scattered throughout the city weren't proof enough of our city's affinity for all things condo, Calgary homebuyers were happy to provide further evidence with their purchases.