Rebound for Calgary condos

The condo market in Calgary has improved over the summer, according to new figures from Altus Group.

Following a large plunge at the beginning of the year, sales have recovered to 2,196 across the first nine months.

That is still far less than the 3,699 sold in the same period of 2014 and third quarter sales were 19 per cent lower than a year earlier, but the rate of decline slowed from 36 per cent in the second quarter and 61 per cent in the first.

Altus Group’s Ian Meredith said that the outlook is less favourable, as pent-up demand from last year has eased and economic conditions have not improved.

He told the Calgary Herald: “In the absence of some positive jolt to the crude prices, we expect that new housing demand generation will be weaker over next year as a result of the decreased pace of net migration.”


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