Photo: Colby Stopa/Flickr
The Calgary Real Estate Board has released their December statistics package, giving us the complete picture of the Calgary housing market in 2014. And, like Frank Sinatra once crooned, it was a very good year.
Indeed, the condo and townhome segments set new annual sale records in 2014 despite a year-over-year residential sale decline of 7.5 per cent in December. Of course, a December sales decline is not unusual as buyers tend to shift focus toward the holiday season.
“While monthly sales activity has slowed, it is consistent with December activity over the past several years,” said CREB president Bill Kirk in release. “Overall, annual sales activity has actually increased by 9.3 per cent over last year.”
Yes, despite the year-over-year sales decline for all three housing segments in December, condo sales totaled 4,742 in 2014, an 18 per cent increase over the previous year, while townhouse transactions reached 3,737 units, a 17 per cent annual increase — record years for both sectors. Single-family home sales, meanwhile, totaled 17,185, an annual increase of 5.5 per cent. And while the single-family sector represents the largest component of sales at 67 per cent, the growth in sales in both the condo and townhome markets has outpaced activity in this sector.
“The activity that we’ve seen in the condominium sectors is, in part, related to product availability in the lower price ranges,” said Kirk. “The under $400,000 segment of the single-family market within city limits has been declining. With the bulk of condominium products available for under $400,000, more consumers have been turning to these sectors for their housing needs.”
The benchmark price of Calgary home (all housing types) hit $455,300 in December, an 8.79 per cent increase over the same month a year ago. Breaking it down by segment, the typical price of a condo climbed 7.79 per cent year-over-year, while townhome values increased 8.25 per cent.
The benchmark price of a single-family home ended 2013 at $472,200 before climbing 8.2 per cent to end 2014 at $510,900.