Calgary to Escape Downturn in Condo Apartment Construction

The apartment sector will be driving most of the overall moderation in housing starts in 2013 across the country with only Calgary forecast to escape the downturn, says a new report by Altus Group.

Altus Group said apartment starts in Calgary were 4,000 in 2012 and are forecast to boost to 4,100 in 2013 before falling slightly in 2014 to 3,600.

The report said that at the end of December there were 4,424 new condo apartment units under construction, up from 3,837 in 2011. Sales rose from 2,482 in 2011 to 2,825 in 2012. And the number of completed but unabsorbed units fell from 285 in 2011 to 254 in 2012.

In the resale housing market, condo apartment sales year-to-date until the end of February are up 13.65 per cent compared from last year, rising from 425 MLS transactions in 2012 to 483 this year.

The average sale price has also jumped by 4.75 per cent from $271,658 to $284,551.

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