Calgarians are turning to condos as housing prices remain high

Calgary’s housing sales have dropped with the prices still way up from this time last year. But there was one area of growth: condo sales.

According to a report from CREB (Calgary Real Estate Board), condo and apartment sales were up 66% from this time last year. Row-style housing (townhouses, etc.) sales reached a record for July going up 54%.

CREB Chief Economist Ann-Marie Lurie says the reason for this is a lack of affordability in the housing market.

“There continues to be a lack of supply for lower-priced detached and semi-detached products,” Lurie explained. “This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”

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According to the study, a majority of the gains in row sales came from places in the $300,000 to $500,000 range.

Calgary housing stats/CREB

Meanwhile, listings for homes priced below $500,000 fell by 18%, while levels grew by 20% for homes priced above $500,000. The benchmark price for detached homes currently sits at $643,600, which is 16% higher than this time a year ago. However, sales for July were 19% lower year-over-year.

Calgary housing prices/CREB

The benchmark price for Calgary is still up 12% year-over-year, now up to $540,000, while overall sales dipped around 3% year-over-year.