The condo market in Calgary has improved over the summer according to new figures from the Altus Group. It says that following a large plunge at the start of the year sales have recovered to 2,196 during the first 9 months. That is still far lower than the 3,699 sold in the same period of 2014 and third quarter sales were 19 per cent lower than a year earlier, but the rate of decline slowed from 36 per cent in the second quarter and 61 per cent in the first. Altus Group’s Ian Meredith says that the outlook is less favourable though as pent up demand from last year has eased and economic conditions have not improved. He told the Calgary Herald: “In the absence of some positive jolt to the crude prices, we expect that new housing demand generation will be weaker over next year as a result of the decreased pace of net migration.”
MBN
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