Freedom 65: Calgary condo sales up 65% from last year

Calgary condo sales continue to go through the roof compared to where we were a year ago. Sales are up almost 65% year-to-year.

According to a report from RE/MAX, close to 4,600 condominium sales were reported between January and August of this year, up from 2,778 during the same period in 2021.

As you would expect, the price has also gone up. Apartment values are up 6% this year, with the average price now at $279,306, up from $263,502 in 2021.

They say rising interest rates and condos’ affordability have contributed to these properties’ popularity. Almost one in every five properties sold in Calgary is a condominium.

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Home prices are up, and rental prices are WAY up from last year. RE/MAX Canada president Christopher Alexander says that is driving Calgarians to the condo market.

“The affordability factor is the key issue in today’s housing market. Rising interest rates have slowly eroded purchasing power and, despite lower housing values and cooling market conditions, buying a house is more challenging now than ever before,” Alexander explains.

“For those who have adjusted expectations with every rate hike, the cost of carrying a mortgage versus renting is now more comparable, given sharp double-digit increases in rental rates throughout the major markets.”

And it is not downtown driving Calgary condo sales. Condominiums in suburban locations are most popular, with areas such as Saddle Ridge, Panorama Hills, Currie Barracks, and McKenzie Town having strong demand over the past eight months, with sales figures for condominium apartments doubling year-over-year.

Demand for condominium apartments in the city’s downtown core is described as lukewarm as people continue to work from home.

Much like it is with home buyers, condo buyers from out of province continue to flock to Calgary. People from BC and Ontario are the main ones making their way to the city.