Resale pace soars for condo apartments and townhomes…

An upswing in resale activity of multi-family housing continued in September, says the Calgary Real Estate Board.
“Calgary’s unemployment rate continues to fall, wages are improving and our full-time employment growth is far outpacing national averages,” says CREB economist Ann-Marie Lurie in a news release.
Both condo apartments and townhouses increased in sales last month compared to the same time in 2011, says CREB.
Resale totals for condo apartments grew to 276 deals last month, up 17 per cent from 236 last year.
Resale condo townhouses saw a smaller boost, finishing with 209 transactions in September — an increase of 10 per cent compared to the same month in 2011.
Comparing last month to September 2011, the average price of resale condo apartments and townhouses also increased.
Condo apartments last month sold at an average price of $286,226, marking a four per cent climb compared to the same time in 2011.
For condo townhouses, the average price increased only 0.14 per cent compared to last year.
The highest rate of sales for both condo apartments and townhouses in Calgary in September came in Zone C, which roughly corresponds to the city’s southwest.
Zone C saw 268 deals on condos. This area also logged the highest average price at $339,023.
Connaught outpaced all communities in the city with 30 condo deals in September at an average price of $300,639.
The second highest sales activity and average price came in Zone A, which roughly covers the city’s northwest. This area saw 126 condos change hands at an average price of $284,256.
Trailing were Zone D, which covers southeast Calgary, and Zone B, which translates to the city’s northeast.
Zone D saw 54 transactions at an average rate of $281,026, while Zone B had 37 sales at an average price of $162,870.
LUXURY ON THE RISE
Resale activity of luxury condo apartments is on the rise in compared to the same time last year, says the Calgary Real Estate Board.
From Jan. 1 to the end of September, there were 18 apartments sold at more than $900,000.
That’s double the number of deals in that price range during the same time last year, when there were nine, says CREB.