New condominiums continue to perform well

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Condo sales in Calgary’s multifamily homes picked up momentum throughout the summer despite a drop in demand for townhomes, a new report shows.

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Zonda Urban released a third-quarter report on Calgary’s new condominium market, which includes apartment and townhome developments, and found sales were up 38% from the spring.

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From July to the end of September, 847 units were sold, and from April to the end of June, 550 units were sold.

Still, demand in the third quarter of 2021, with 935 units sold between July and September, was down about 9% year-on-year.

Declining townhome sales are one reason for the drop in activity since last year, the report said. New townhome sales decreased 56% sequentially. The report attributed the decline to lower levels of occupancy products in the segment over the summer.

Despite the decline, prices for all new multifamily homes were up 0.8% from the previous quarter.

Downtown (121 sales), Inner South (228 sales), and Outer North (295 sales) were the only regions with year-over-year sales increases. Downtown showed the biggest increase despite offering mostly more expensive concrete products, with he up more than 1,900% from just six sales in the third quarter of 2021.

The report also noted that downtown and the inner south (up 256%) experienced higher demand as more products were launched in this third quarter than other areas of the city.