A bright condo light in Calgary

A unique condo development – no traditional parking – has highlighted a potential new direction for Calgary’s slumping real estate market.

A planned condo tower with parking for only “microcars” and bicycles has sold 90 per cent of its 167 units in five days, according to officials.

The sales at the proposed N3 tower come at a time when new condo sales in Calgary are down nearly 50 per cent from 2014 levels in the first half of this year.

The development is designed for younger buyers, in the 20- to 35-year-old age bracket, with an average unit price of $260,000.

“We’ve sold 90 per cent of the 167 units in less than one week and expect a final sell-out soon, all happening despite the challenging oil-patch economy,” said Howard Sokolowski, president of Metropia, in a statement.

According to the Altus Group, a real estate research company, there were 1,430 new condo sales in Calgary during the first half of this year, compared with 2,758 for the same period in 2014.

The resale condo market in Calgary has taken a hit this year as well, according to the Calgary Real Estate Board, with sales in the city, down nearly 31 per cent from the same period a year ago.

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