Calgary Multi-Family Quick-Possesion Buyers Have Lots of Options Heading Into Fall of 2016
According to the Canada Mortgage and Housing Corporation (CMHC), all three multi-family segments: apartments, duplexes and townhomes, saw an increase in available quick-possession properties in Calgary’s Metropolitan Area during August of 2016 on a year-over-year comparison.
If you’re currently in the market for a new multi-family property in Calgary, that’s a very good thing. Here’s a bit of information on each segment compared to the same month in 2015.
The apartment segment saw the most significant increase in completed but unpurchased units out of all multi-family sectors.
According to the Canadian Mortgage & Housing Corporation (CMHC), in August of 2016 there were 624 of these listings on the market, a sharp increase considering there were just 146 in the same month a year earlier.
Calgary’s northeast quadrant and area surrounding Fish Creek were two regions that saw the most substantial increase in quick-possession homes available, with 163 and 198, respectively.
Compared to the same time last year, these two areas now teeming with unabsorbed, completed units had absolutely none!
Airdrie, a community part of the Calgary Metropolitan Area, also saw a record-worthy jump up to 38 from just 1 a year earlier, making its fair share of contribution to the amount of quick-possession apartments seen in August of 2016.
- Also see our New Calgary Condos Insiders’ Guide for several tips on buying new condominiums
Those looking to get their hands on a quick-possession townhome in Calgary will be happy to know that there were 114 to pick from on the market in August of 2016.
On a year-over-year comparison, there were just 83.
The majority of last month’s inventory came from the south quadrants of the city, with 29 from the southwest and 17 from the southeast.
Leading the count in available quick-possession duplexes was a stretch of communities in Calgary’s southwest inner city region that includes Altadore, Elbow Park, Rideau Park and Upper Mount Royal, with a total of 17 different properties for sale.
- Why Should You Buy a Quick-Possession Home in Calgary? Find out here!
Calgary’s northwest quadrant had the highest amount of unabsorbed and completed townhomes last month with a total of 45 units. As a matter of fact, it was the only quadrant in the city that had an amount larger than 13 units.
On a year-over-year comparison, the northwest quadrant had just 18 townhome quick-possessions available.
Meanwhile, on an overall basis, the figure for the entire city totaled 140 compared to 66 in August of 2015.
Airdrie also had its part to play with 37 last month compared to just two year-over-year.
- Also see these Benefits of Townhome Living in Calgary today
Market conditions have given buyers a great opportunity to snatch up quick-possession multi-family homes in Calgary for a great price compared to a year ago.
The average price for a built but unpurchased mufti-family unit was $629,682, down from $687,635 in 2015.
The most expensive quadrant for multi-family units was the southwest quadrant, averaging at $939,865 but also being home to many luxury areas and having the highest amount of inventory.
On the other hand, the Fish Creek region’s average price was definitely the most affordable area in the city for duplex properties, averaging at $399,760.
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