Metro-Calgary Single Family Homes
A total of 888 properties sold in October representing a 7.3% drop from September, and down over 30% from October 2009.
The average price was $444,744 which was a decrease of 3.4% from September and down 3.8% year-over-year.
October’s median price of $387,900 was off slightly from the $390k recorded in September but off 5.4% from the $410,000 in October 2009.
There were 310 sales recorded in October. This was a decrease of 15% from the previous month, and a 48.4% drop from October 2009 when 601 units sold.
The average price was $287,793 which was a 1.3% increase from September and down 0.5% year-over-year.
The median price was $255,000, down $10k or 3.8% from September and down 3.2% from the previous year.
Pre-sales launched this weekend and it was busy! Buyers lined up outside the sales centre.
And they weren’t tire kickers either – the majority of the units have already been sold in this building (over 130):
That’s quite a successful launch considering that in the condo resale market only 310 sold in all of Calgary in October.
From University City’s Facebook page on Sunday: Phase One is no longer available and Calgarians are lining up to buy units in Phase Two.
Construction is slated to begin the 1st QTR of 2011 with occupancy for the first building expected in late December 2012.
In a report released today, RE/MAX said that condominiums have become a hot sector of the Canadian real estate market, particularly as an option for first-time homebuyers spooked by the escalating prices for single-family homes.
Other factors driving the condo market include urban redevelopment that favours intensification over urban sprawl, empty nesters seeking low-maintenance retirement properties and investors hoping to sell when prices appreciate, the report said. Re/Max stated the “vast majority” of newly built condominiums in Toronto are purchased by long-term investors from Asia and the Middle East, who will rent them until they find the price they want for them.
I’m not sure why that piece of demographic info was relevant to the report, unless it was to imply that prices will be propped up by foreign investors and not tied to Canadian income levels?