We have always like Calgary and Edmonton and in my newsletter we recommend buying there again – but not yet!
A close look at the two cities shows both condo markets are holding up, perhaps surprisingly, well, but there are marked differences.
Here is a look at the Calgary and Edmonton condo markets as of July 30, 2016.
Resale condo sales:
- Edmonton is the clear leader, with 2,625 sales from 6,295 listings, reports the Edmonton Real Estate Board.
- Calgary saw 1,669 sales from 4,489 listings, reports the Calgary Real Estate Board. (The Board says condo sales in Calgary are at the lowest level since 2003.)
Average resale condo prices:
- The average condo sale price on MLS in Edmonton is $252,032.
- Calgary’s average MLS condo apartment price is $370,644.
(Prices in Calgary are down 7% from 2015, but off only 1.2% in Edmonton.)
- Newly completed but unsold inventory: Calgary has 526 while Edmonton has 476, according to Canada Mortgage and Housing Corp.
Major Point 1: There is at least six-month supply of condo apartments on market in Edmonton or Calgary and developers are scrambling to move pre-sales.
Major Point 2. Residential sales have now been falling for 21 straight months in Calgary, as of August. Vendors are open to offers.
There is a glut of new and resale inventory and many people can’t afford to buy so condo rentals demand should remain strong. We say still wait, but for those who believe in Alberta’s recovery, now is the time to be buying with low-ball offers.
Real Estate Outlook 2017 Conference on September 24.
24th year … 12 speakers – 25 sponsors
- Will the new tax kill Vancouver’s real estate market – will Toronto go crazy?
- Will Vancouver sales continue to crash?
- What sleeper areas should investors buy in British Columbia?
- What does Brexit mean for us?
- Where to invest in the U.S.?
- Will the Canadian Dollar rebound?
- Will the Chinese and other foreigner’s money stop coming to Vancouver?
And of course deals, deals, deals – including 100 homes for $100,000 or less in British Columbia.
CKNW SPECIAL TICKET PRICE – 2 FOR $97 – go to REoutlook.ca for more information or to sponsor, call 604-683-1111