Side note: Milli Vanilli’s single, “Blame It on the Rain” was released in 1989. That`s already 23 years ago. Ugh.
By November’s month-end, condo-apartment average prices will be up around 20% year-over-year. This impressive price jump can be attributed in part to presales at The River.
Month-to-date the average price for Condo-Apartments is $311,652. That’s a whopping 24.57% increase from last November’s $250,174.
There have been 5 condos sold for $1M or more this month which is very positive in its own right. However, 2/5 are The River presales that aren’t expected to be ready for occupancy until 2015.
Yesterday, one of The River units sold for 3,190,000. That’s the 4th most expensive condo sold in Calgary on MLS®. Another presale sold for 1,490,000 earlier in November.
Without those two presales the MTD average price would drop nearly $20k to $293,212. That’s still a respectable 17% y/y increase and more inline with the median which is also up 17% from $220,000 to $250,174.
It will be very interesting to see what the MLS® HPI reads for condo-apartments when the report is out next week.
A couple weeks ago we examined whether presales were boosting the Calgary market and found less than 1% of total sales this year were presales. However, when they are multi-million dollar units they can skew the average price significantly as we read today.