Will Calgary be Getting a Number of New Apartments?

Posted by Justin Havre on Friday, May 30th, 2014 at 2:59pm

Due to the city having a smaller supply of condominiums, the market has created a large amount of apartment construction. Calgary is going to see a number of new apartment complexes opening very soon. This is a good sign for the entire city.

Since the city is growing and more new residents need a place to call home, many developments are either under construction or will be soon. It's hard to get into a condominium right now because there isn't much supply. However, soon, there will be plenty of apartments to choose from.

The condo market in Calgary has been outperforming the rest of the country for many months. With the new apartment buildings starting to pop up, no longer do buyers have to wait until the perfect condo becomes available. Instead, they can choose a new apartment ready for them to move in.

During April, the construction of apartments in Calgary was up nearly 270% from last year at the same time. Another way to look at it, in April of 2014, 597 units were developed, while in April of 2013 only 163 were developed. This is a huge sign of growth and will help the rest of the area grow, as well.

With new apartments coming into the city, it will be easier for new residents to make the transition. They can start with an apartment and transition into a house, if necessary. This also makes it easier to make a quick move for a job and deal with the house shopping a little later.

Currently the average price of an apartment for sale in Calgary is nearly $320,000, which is an 8% increase from last year. If you're moving to the city, you can use one of these new apartments to make the transition easier.

Justin Havre is the top producing REALTOR® with RE/MAX First, Canada's very first RE/MAX brokerage. Calgary real estate is his passion; Justin specializes in Southwest & Northwest Calgary homes for sale. He can be reached at 403.217.0003 or contacted through this site.

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