Calgary Condo Prices Still In Recovery Mode

The average price for single family homes climbed to a new peak a couple of  months ago, but it wasn’t until the previous benchmark price high was eclipsed that we could officially say prices set a new record.

The benchmark price of single-family homes reached $452,900 in April, up from the previous peak of $451,300 in July 2007.    The road to recovery took nearly 6 years.

On the other hand, Calgary condos are still on that journey.  In April’s month-end statistics package, CREB reported that “unlike the single-family sector, however, condo apartment prices remain well below unadjusted highs recorded in 2007.”

How much exactly is “well below”?

Condo-apartment benchmark prices peaked in August 2007 at $297,000.   Last month the benchmark price was  $261,300.   That means condo-apartment prices are still $35,700 or -12% below peak.

The same applies for Townhomes.  That market segment crested in July 2007 with a benchmark price of $331,800.    The benchmark price in April was $288,900 which mean prices are still down $42,900 or -12.9% from the high recorded in 2007.

Considering that condo prices are still a deal compared to the single family home segment, it’s no surprise that YTD sales for Condo-Apts are up 12.68% y/y, Condo-Townhomes are up 19.81%.  Meanwhile, single family home sales are up 0.3%.

Why do you think it has taken a longer time for condo prices to recover compared to single family homes?

One response to “Calgary Condo Prices Still In Recovery Mode

  1. worldcoast

    Poor reserve fund management. Condos in Calgary right now have high fees which translate to less affordability for a smaller space.

    A 1250 sqft condo in red carpet is listed at 219k but the condo fee is $450 with above ground parking. Another on 17th avenue is 1300 sqft but the condo fee is $800. For over $10000 a year you can certainly justify buying a detached house that costs 100k more

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