Calgary’s condo market under pressure

Recent figures from the Calgary Real Estate Association show that the condo market is not holding up as well as some other housing types in the area.

The Conference Board of Canada says that it expects the condo market in Calgary to continue to decline with starts, sales volume and prices all forecast to be lower.

For 2015, it expects starts to fall to 4,178 units, almost a third lower than 2014; in 2016, it forecasts a further 16% drop before things start to improve in 2017.

Resales will drop by more than a quarter this year, but should turnaround mildly in 2016.

The median price of a Calgary condo will be 2.3% lower than a year ago at $269,583, but will see slight recovery next year before picking up in the following years. 

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