Too much of a good thing

High supply in Calgary’s condo market continues to push down prices

Calgary’s condominium market continues to see the supply of available product overwhelm buyer demand, meaning owners looking to sell need to consider ways to set their unit apart from the crowd.

According to CREB®’s 2017 Economic Outlook & Regional Housing Market Mid-Year Update, the condo market has seen a slight rise in year-to-date sales over 2016, but not enough to keep pace with a rise in listings, up an average of nine per cent over last year.

That increased supply is putting downward pressure on prices, which are expected to continue to decrease during the rest of the year for an annual forecasted decline of three per cent.

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A work in progress

Market sees modest inventory gains, but overall prices inch up 

Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year.

Citywide sales totaled 1,637 units, six per cent below July 2016 levels. Year-to-date sales activity totaled 11,957 units, nine per cent above last year.

“Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown.

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Affordable core

Joshua Smith achieved his ideal downtown lifestyle at the right price point with a new Beltline condo

Joshua Smith, a 31-year-old communications adviser, was living in the northeast community of Taradale with his brother, commuting close to two hours a day to his job in the downtown core and back. His goal was to save some money and purchase a condo in the inner city. He yearned for the downtown lifestyle, where he could be close to coffee shops, restaurants and workout facilities. He wanted to be able to walk to work, and to meet friends for dinner or drinks without having to worry about a lengthy drive or an expensive cab fare. He also required a home with a great view, and it had to be affordable.

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View from the top

Overture at Currie Barracks offers luxury living in one of Calgary’s most exclusive and accessible communities

For homebuyers looking to downsize while maintaining the luxurious feel and amenities of a much larger space, a penthouse condo at Overture in Currie Barracks could be the perfect fit.

Overture is a four-storey, three-building collection of 63 upscale, executive, single-level living residences and penthouse condos brought to life by Jayman Modus. However, only two fourth-floor penthouse condos are still available – interested homebuyers need to act fast if they want to carve out a space in this exclusive new development and in-demand community.

“These penthouse condos are the ideal setting for working professionals and mature couples looking for luxury living in a complete, central community,” said Ray Laprairie, a REALTOR® with Jayman Realty.

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