That said, the current temperance in the real estate market has meant that homes are taking a little bit longer to sell, which is not necessarily a bad thing for the market or consumers. In fact, the current market presents an excellent time to purchase a new home, as you can spend more time with a sales representative to find the best home to meet your personal needs and lifestyle. Just because the market is no longer growing at record levels does not mean that buying a home is a bad investment; interest rates remain at record low levels, the GST is being cut another full percentage point, and the Calgary economy continues to lead the nation in job creation and growth. These economic factors are expected to support a strong housing market into the future, meaning that now is the perfect time to take advantage of a lull in the action!

Taking a look at the new multi-family market, consumer choices and options continue to improve as new projects launch throughout Calgary. The upcoming spring market will add to this choice, as many new developments—currently working their way through city approvals—will launch during the first half of 2008. In the current market, the volume of available inventory has remained fairly stable, suggesting that new supply has kept up with demand and more importantly that an overabundance of inventory does not exist. This market situation has been kept in check with some recent projects having exceptional launch events where much of the released inventory was sold in days.

As expected, the centre and west sectors of Calgary continue to have the highest prices for available units, at $616,482 and $412,212 respectively. Prices in these two sectors have remained higher as many of the active developments offer larger suite sizes or higher quality finishings, positioned towards the professional and mature market segments. As has been the case for most of the year, lower-priced suites have been first to sell, which is why the prices appear higher in these sectors. More affordable prices are found in the north, south, and east sectors, where a greater mix of building designs and styles are available from luxury concrete buildings to starter apartment suites. This provides an excellent mix of prices and styles in the market and has contributed to very strong sales rates at projects throughout the regions. Currently, the average price in these sectors is $402,470 for the north, $385,400 in the south, and $270,634 in the east.

Looking outside Calgary, multi-family housing is continues to grow as an popular alterative to single family with numerous townhouse and apartment projects for sale in Airdrie, Chestermere, Okotoks, Cochrane, and High River. Many of these projects offer lower price points than projects within Calgary, making them very affordable and attractive for consumers. Currently, Airdrie has the greatest supply of affordable housing options, averaging $349,903. Meanwhile, stunning views are available from projects in Cochrane, Okotoks and High River, which offer both affordable and luxury homes to meet almost anyone’s desire. Average prices in these communities range from $424,375 to $288,655. CL