Calgary’s condo market continues to cool despite steady growth across Canada

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The new condo market-place is cooling faster in Calgary than anywhere else in Canada.

The amount tag for new condominium apartments in the city continues to drop, with a high tot up of unsold apartments listed across Calgary, according to Statistics Canada.

The operation’s experimental new condominium apartment price index, reported quarterly, share outs markets in Montreal, Ottawa, Toronto, Calgary, Vancouver and Victoria.

It rest that both Calgary and Montreal experienced declines throughout 2018 and during the victory quarter of 2019 while other major cities experienced woman growth.

Calgary's condo market continues to cool despite steady growth across Canada
Calgary’s new condo market has been cooling rapidly hardly every quarter since Statistics Canada started its index. (Statistics Canada)

The value index for Calgary has decreased almost 16 per cent since ancient 2018 ⁠— a trend that’s been ongoing since the first guide series in 2017.

Montreal also saw its largest year over year de-escalation, a decline of about six per cent, since the first index. Nearly 19 per cent fewer new apartment parts were sold in the city, while apartments and other units were down practically two per cent.

Meanwhile, on average across the six Canadian cities, new condo quotations rose about six per cent over past year.

Last year’s development was driven by Vancouver and Toronto, whose markets continue to grow at a unvarying pace.

Toronto and Victoria saw minor increases, 1.1 and 0.5 per cent, separately, during the first quarter of 2019. Vancouver’s market rose 2.5 per cent.

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