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.
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.
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.