Home Price Recovery Varies Across Calgary

It was only this past June that saw overall Calgary condo-apartment prices finally recover from previous highs.  However, there are still communities with benchmark prices below 2007 levels.

Year-to-date, eight communities have had at least 100 condo-apartment sales on MLS®:

  1. Connaught: 447
  2. Victoria Park: 267
  3. McKenzie Towne: 144
  4. Mission: 122
  5. Lower Mount Royal: 121
  6. Spruce Cliff: 116
  7. Panorama Hills: 108
  8. Downtown: 107

Together, they make up 32% of the apartments sold from January through November.

Of those eight communities, three still have benchmark prices that were well below their 2007 peak as of last month.

All eight communities reached their 2007 high within a four month span. The apartments located right downtown began their price recovery roughly two years sooner than the rest and have surpassed their 2007 prices.

Benchmark Prices Still Below 2007 Peak

McKenzie Towne
Peak: June 2007, $287,400
Trough: February 2011, $207,500 (-27.8%)
Current: November 2014, $258,400 (+24.5%)
% below peak: -10.1%

Spruce Cliff
Peak: June 2007, $420,700
Trough: December 2011, $257,200 (-38.9%)
Current: November 2014, $333,300 (+29.6%)
% below peak: -20.8%

Panorama Hills
Peak: September 2007, $295,100
Trough: January 2012:  $217,200 (-26.4%)
Current: November 2014: $272,200  (+25.3%)
% below peak: -7.8%

Benchmark Prices Above 2007 Peak

Connaught
2007 Peak: June 2007, $289,200
Trough: March 2009, $229,500 (-20.6%)
Current: November 2014, $314,000 (+36.8)
% above 2007 peak: +8.6%

Victoria Park
2007 Peak: July 2007, $293,300
Trough: January 2009, $229,700 (-21.7%)
Current: November 2014, $351,400 (+53%)
% above 2007 peak: +19.8%

Mission
2007 Peak: July 2007, $263,200
Trough: February 2009, $201,900 (-23.3%)
Current: November 2014, $265,900 (+31.7%)
% above 2007 peak: +1%

Lower Mount Royal
2007 Peak: July 2007, $311,400
Trough: July 2009, $239,600  (-23.1%)
Current: November 2014, $321,000 (+34%)
% above 2007 peak: +3.1%

Downtown
2007 Peak: August 2007, $251,200
Trough: February 2009, $181,300 (-27.8%)
Current: November 2014, $272,200 (+50.1%)
% above 2007 peak: +8.4%

Calgary statistics are general and mask varying community trends.  Interested in how the real estate market in your community is doing?  Leave a comment below with the type of housing (single, apartment or townhome) and your neighborhood.

Source for above condo-apartment statistics: CREB®
Download apartment-condo stats for the 8 communities here pdf

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