New condo record for Calgary

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There was a new record set for condos and townhouses in Calgary for 2014. The latest figures from Calgary Real Estate Board show an 18 per cent year-over-year rise in sales of condos with 17 per cent for townhouses. Monthly figures for December showed declines across all sectors; not unusual for the end of the year. Single family sales totalled 708 units in December, a year-over-year decline of 8.3 per cent. Meanwhile, total condominium sales also declined by six per cent over the same time frame, but overall activity remained consistent with long-term averages. Greater availability of properties led to prices levelling off but annual average benchmark gains remained at 9 per cent. CREB chief economist Ann-Marie Lurie does see some changing conditions as the New Year gets underway: “Changes in the economic climate are expected to cool housing market conditions in 2015, and December activity may be the first indication of this shift. However, any pullback that may occur needs to be kept in perspective as 2014 housing activity far exceeded our expectations.” 

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