Calgary Apartment Market Update - May 2024 | Calgary Condos

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Overview of May's Apartment Sales:

The demand for affordable housing remains a significant driver in the Calgary apartment condominium market. May's sales soared, marking a 19% increase year-to-date, achieving a record high for the period. This surge in sales was supported by an uptick in new listings, which helped stabilize inventory levels that are now similar to those of last year.

Inventory Dynamics:

Despite overall stable inventory, there's a noticeable distribution shift; gains in inventory for units priced over $300,000 have balanced out the sharp declines in more affordable, lower-priced homes. This indicates a widening gap in market dynamics based on pricing tiers.

Market Conditions and Pricing Trends:

With just over one month of supply, the market continues to lean in favor of sellers, fueling ongoing price increases. The price trajectory remains upward, with significant year-over-year price gains. Notably, prices in the North East and East districts of Calgary have surged by over 30%, while the City Centre experienced more modest growth at 13%.

Navigating the Market:

These market conditions highlight the robust demand for apartment-style living, especially in more budget-friendly segments. Potential buyers and investors should note the rapid price appreciation in specific districts, which presents both challenges and opportunities.

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