New Condo Sales in Calgary Continue to Climb Upwards

An Altus Group report says new condominium sales in Calgary have jumped by 11.5 per cent so far this year compared with a year ago. The new report said sales reached 2,555 units between January and September compared with 2,292 for the same period a year ago. It said 4,327 new condo units were under construction at the end of September, up from 4,263 a year ago but starts were down to 1,537 from 2,780 last year. 


Completed but unabsorbed units at the end of September was 131 compared with 232 last year. “Demand for condominium units has increased this year, supported by a variety of factors,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Many first-time homebuyers have made the move into homeownership this year with the purchase of a condominium unit. Condo units on average are priced lower compared to single-detached homes, making them an attractive option for many of these buyers.


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Calgary Condo Construction

Calgary, might be at the top of the list if it was bigger, as I apply the ranking on absolute numbers. However if it was a per capita list, Calgary might well be at the top, although I'll point at that currently Toronto has 10 times as much skyscraper construction as Calgary and we are at best only 7 times bigger than Calgary. There is much oil money in Calgary and people there have the means to escape increased federal oversight of the real estate market including new measures to increase the down payment required for a new home and the shortening of the amortization period for new mortgages.