8/28/2023 0 Comments Flux apartments price![]() ![]() Sales and new project launches are up in 2021 compared to 2020. “Some buyers postponed their purchases in 2020 and moved to 2021, causing a big increase activity in the first half of 2021. Recently we have seen supply levels rise again relative to the demand, and prices have trended down compared to earlier in the year.”Īltus’ Raymond Wong doesn’t consider the Calgary condo situation a slump. This is the only segment of the market that did not see conditions shift to favour the buyer, at the best point conditions were considered balanced. “Despite some gains in prices over the past year, prices still remain over 15 per cent below previous highs. The resale side of the market has struggled with the competition coming from the new builds. Inventory levels based on the sales activity in the first half of 2021 have significantly lowered.”Īccording to Ann-Marie Lurie, the knowledgeable chief economist with CREB, “In terms of the apartment condominium market, one of the biggest challenges is the supply. And 11 projects launched in Q2, and six in Q1. The number of new openings in Q2 2021 were double that of Q1 2021. “Some of the project launches that were supposed to occur in 2020 (based on a little uncertainty), instead were launched in 2021 capitalizing on strong demand and increase in consumer confidence. “Over-supply is the main issue in the Calgary market rather than affordability, although purchaser power has been reduced with the introduction of the new mortgage stress test,” Wong pointed out. While the pandemic ripples are the legitimate cause of many aspects of Calgary business and the Calgary economy and because affordability is an important real estate factor, COVID-19 doesn’t get much blame for the ongoing Calgary condo situation. Sales activity is probably slowing and the remainder of the year may see a return of pre-pandemic seasonal patterns. The first half of the year was exceptionally active to the carry over in demand from purchasers in 2020. “With pent up demand from 2020, a few owners with increasing prices were finally able to sell off existing condos at more favourable values. “From January until May of this year, there was some strong condo activity,” says Raymond Wong, vice president of Data Operations and Data Solutions at Altus Group. With the drastic fluctuations of the past eight months or so, it’s iffy to try and track and project the shifts of the Calgary real estate market, particularly the battered Calgary condo market. And work-by-remote consumer trends.Īccording to the Altus Group Global Property Development Trends Report, Calgary’s apartment condo prices fell slightly, month-over-month, they were up by three per cent, year-over-year, to $258,609. ![]() A spiked benchmark mortgage stress test rate that limits affordability for many buyers. Particularly in Calgary real estate, condos have been broadsided by a quadruple whammy. Or a somewhat sluggish rollercoaster.Īnd the blame is not only on the pandemic. When it comes to Calgary’s condo market, realtors try to avoid the word slump. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |