Record Growth for Townhouse & Condo Sales in Calgary in 2014

>Calgary-01/15/04-General condo construction photos from downtown Calgary, Thursday morning. Condominiums have their own unique lifestyle. They aren't like renting an apartment or owning a house. Photo by Mikael Kjellstrom (Kjellstr m)/Calgary Herald (For

 

Calgary’s condo sector saw record growth this past year, thanks to a number of factors, led to a 19% increase in condo sales in our city from last year. A tight rental market, historically low mortgage rates and affordability all played into the fantastic year condos saw in real estate.

Up until the end of November, 8,105 condos were sold in Calgary, which is compared to 6,782 units in 2013. The all-time condo record was set in 2006, when 8,390 units were sold.

Home builders in Calgary have quickly jumped on the hot demand for condos this year, with over 10,000 multiple starts in the first 11 months of 2014, nearly doubling last year’s figures. There’s a number of new condo projects in the development phase right now, feel free to contact us for a list of those. For tips on buying condos pre-construction, see this blog.

More good news for condo owners (and condo buyers) came about a month ago, when 50 amendments were announced to be on the way for the Condominium Property Act. More on this was given in detail on our blog here.

To read more on the year in condos in 2014, check out this great article in CREB Real Estate News.

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