Calgary's Condo Market: Onwards and Upwards!
[CALGARY, CANADA]
By Sibernie James
Calgary's motto is Onwards. And Canada's fastest growing city is living up to it. You could say Calgary is heading onwards... and upwards.
"We saw more residential activity last month than we did a year ago, both in the number of permits and the construction value," says director Gary Klassen of the city's development and building approvals department.
Substantial price gains have priced out some buyers, but this decreased housing affordability is prompting sales in multi-unit buildings like townhouses and condominiums. Apartment condo units in or near the downtown core are usually more than 600 square feet, and many are new or recently built. The cost of real estate, labor and materials has driven the price for new downtown condos up to $500 per square foot and higher.
As the city continues to expand, average Calgary condominium sale prices are appreciating by about 10 per cent per quarter - the average Calgary condo sells for around $330,000. Total sales of condominiums are also rising in the double digits every quarter.
Permits were approved in May to build 472 multi-family housing units in the city, compared with 406 from the same month last year. The value of multi-family housing permits was $118 million in May, compared to $56.6 million a year ago.
Multi-family projects included the $85-million second phase of arriVa by Torode Residential in The Rivers area, Lighthouse Landing by Cardel Communities, and the fifth and sixth phases of The Newbury by Aspire Condo Living by Jayman in Garrison Green.
The Beltline will be home to Cove Properties' new $170-million, 462-unit, twin-tower Nuera project located on First Street S.W. between 13th and 14th Avenues, north of the Sasso and Vetro towers. Nuera's first phase of 79 residences sold out in one day!
Southwest Calgary's Mount Royal continues to be one of the city's most prestigious residential communities. It's located in the Elbow River Valley, yet within walking distance of downtown Calgary. Upper Mount Royal is one of the city's wealthiest neighborhoods. Lower Mount Royal is closely associated with the Beltline community and mostly hip 20-somethings call these communities home. In Lower Mount Royal 40 condos were sold in the first quarter of the year, with an average sale price of $372,355.
Historic yet cosmopolitan, Providence Kensington condos are set in vibrant Kensington, Calgary's "Village in the City." Four main levels offer dramatic cityscape views, and all suites include balconies or terraces. Extensive landscaping, unique amenities nearby, the river promenade, and being at the hub of urban activity provide an engaging lifestyle. Expect Fall 2007 occupancy.
Not all Calgary condo buyers are young urban professionals. Families headed by 25- to 35-year-olds, who prefer to spend their leisure time doing activities other than yard work and shovelling snow, tend to choose the easy-maintenance, condo lifestyle. There are many family-friendly, townhouse condominiums close to schools, amenities, community centres, and playgrounds.
Sanderson Ridge is geared toward the 40-plus buyer in the southwest community of Evergreen - a complex of 355 units sitting on the ridge overlooking Fish Creek Park. The building is designed to optimize views of the scenic setting from most of the large balconies. In the first two phases released for sale, more than 100 of the first 155 units were sold.
Condominium sales in other parts of Calgary are increasing as buyers look for first homes and investment properties in quieter neighborhoods. In southeast and southwest communities like Mayfair, Altadore, River Park and Queensland, urban amenities and large city parks attract buyers. Townhouse and semi-detached condo styles are the norm in spacious areas outside the city center.
Calgary Condos For Sale
By Sibernie James
Calgary's motto is Onwards. And Canada's fastest growing city is living up to it. You could say Calgary is heading onwards... and upwards.
"We saw more residential activity last month than we did a year ago, both in the number of permits and the construction value," says director Gary Klassen of the city's development and building approvals department.
Substantial price gains have priced out some buyers, but this decreased housing affordability is prompting sales in multi-unit buildings like townhouses and condominiums. Apartment condo units in or near the downtown core are usually more than 600 square feet, and many are new or recently built. The cost of real estate, labor and materials has driven the price for new downtown condos up to $500 per square foot and higher.
As the city continues to expand, average Calgary condominium sale prices are appreciating by about 10 per cent per quarter - the average Calgary condo sells for around $330,000. Total sales of condominiums are also rising in the double digits every quarter.
Permits were approved in May to build 472 multi-family housing units in the city, compared with 406 from the same month last year. The value of multi-family housing permits was $118 million in May, compared to $56.6 million a year ago.
Multi-family projects included the $85-million second phase of arriVa by Torode Residential in The Rivers area, Lighthouse Landing by Cardel Communities, and the fifth and sixth phases of The Newbury by Aspire Condo Living by Jayman in Garrison Green.
The Beltline will be home to Cove Properties' new $170-million, 462-unit, twin-tower Nuera project located on First Street S.W. between 13th and 14th Avenues, north of the Sasso and Vetro towers. Nuera's first phase of 79 residences sold out in one day!
Southwest Calgary's Mount Royal continues to be one of the city's most prestigious residential communities. It's located in the Elbow River Valley, yet within walking distance of downtown Calgary. Upper Mount Royal is one of the city's wealthiest neighborhoods. Lower Mount Royal is closely associated with the Beltline community and mostly hip 20-somethings call these communities home. In Lower Mount Royal 40 condos were sold in the first quarter of the year, with an average sale price of $372,355.
Historic yet cosmopolitan, Providence Kensington condos are set in vibrant Kensington, Calgary's "Village in the City." Four main levels offer dramatic cityscape views, and all suites include balconies or terraces. Extensive landscaping, unique amenities nearby, the river promenade, and being at the hub of urban activity provide an engaging lifestyle. Expect Fall 2007 occupancy.
Not all Calgary condo buyers are young urban professionals. Families headed by 25- to 35-year-olds, who prefer to spend their leisure time doing activities other than yard work and shovelling snow, tend to choose the easy-maintenance, condo lifestyle. There are many family-friendly, townhouse condominiums close to schools, amenities, community centres, and playgrounds.
Sanderson Ridge is geared toward the 40-plus buyer in the southwest community of Evergreen - a complex of 355 units sitting on the ridge overlooking Fish Creek Park. The building is designed to optimize views of the scenic setting from most of the large balconies. In the first two phases released for sale, more than 100 of the first 155 units were sold.
Condominium sales in other parts of Calgary are increasing as buyers look for first homes and investment properties in quieter neighborhoods. In southeast and southwest communities like Mayfair, Altadore, River Park and Queensland, urban amenities and large city parks attract buyers. Townhouse and semi-detached condo styles are the norm in spacious areas outside the city center.
Calgary Condos For Sale
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