Calgary’s new condo market emerging from economic downturn
Sales increasing for new projects
By Mario Toneguzzi
Calgary Herald March 6, 2012
CALGARY — Calgary’s new residential condominium market is in the early days of a recovery from the 2008 economic downturn, says a new housing report by AltusGroup.
The report said new condo apartment sales had plummeted in Calgary with the recent economic crisis and stayed low through 2010, but the market turned around in 2011.
New condo apartment sales in Calgary more than doubled in 2011 to just under 2,500 units, up from just over 1,100 units in 2010.
The report said a large number of new project launches boosted the number of units in projects on the market at year-end to about 8,000 units, up 26 per cent from a year earlier, split almost evenly between low-rise and highrise buildings.
“The weakness in the Calgary market in 2008-2010 was at least in part due to the exit of investors,” said the report. “However, improving economic conditions and lower vacancies are attracting investors back into the market.”
