Posted October 28, 2018 06:18:54We’ve written extensively about the market for condos, apartment buildings, and single-family homes in Calgary and around the world.
But what about single-story and townhouses?
Are they all selling off as they have in the past?
Let’s take a look at where single-floor and townhouse buildings are in Calgary.
The number of single-unit condos in Calgary has risen steadily over the past decade, from approximately 2,500 in 2017 to over 4,000 in 2018.
This increase is largely attributed to a strong market, as condos are a preferred form of housing for many young professionals in Calgary due to the relatively low cost of living and availability of amenities like public transit.
A lot of these condos are located in the central and southern suburbs of Calgary, and in the south end of the city there is more single-street townhouses that are also often located in central and western areas.
Single-family houses have been on the rise in Calgary over the last few years, with a new condo count hitting 5,400 in the city in 2018, and a new record of nearly 4,100 single-house sales.
Despite this, the single-home market in Calgary is currently struggling.
The median price for a single-room occupancy condo in Calgary was just $9,800 in 2018 (the lowest in the country) with an average selling price of $6,800.
This means the median price per square foot for condos is around $1,200.
That’s a lot of condos for a lot less money.
That price is also well below the average annual household income in Calgary at $50,400.
The average price for one-bedroom townhouses in Calgary went up from $2,400 to $4,700 in 2018 while the average price of one-bedrooms in Calgary dropped from $4.700 to $3,700.
In 2017, single-detached townhouses were just over half of all new townhouses built in Calgary, but this number is expected to continue to decline as condos become more common in this market.
While the single family home market is in a good place right now, it’s clear that single-bedroom apartments will continue to be a much more affordable option.
This trend is also expected to increase in 2018 due to a higher number of rental homes being built and the increase in home ownership among younger adults.
The condo market in the downtown core is also on a steady upswing.
Single-family condos in the core are currently sitting at around 4,600 units, a number that is expected increase from the 4,500 units currently on the market.
This is partly due to condo developments in downtown Calgary, which are likely to continue building new condo buildings over the next few years.
At the same time, the market is expected have a bit of a slow start to 2018.
There are more than 1,400 condos on the city’s property tax rolls, but the number is down from a high of over 6,500 condos in 2017.
This will likely cause condo prices to fall, and as condos come online in the summer, the trend will likely continue to decrease.
As for townhouses, the number of townhouses is also steadily rising.
In 2018, the average condo price in the inner city grew from $1.200 to $2.200, and the average townhouse price increased from $3.300 to $5.700.
This represents a decline of more than $100 per unit for the average house in the suburbs of downtown Calgary.
This decrease in the townhouse market will continue until condo and townhome prices reach the average of $8,200 and $8.200 respectively.
There are also some very interesting developments in the single story and town house market in downtown and northwest Calgary.
As the city continues to grow, single family homes are being built to cater to younger professionals and young families.
This trend has been observed in other cities around the country, with more single family houses in development around the Calgary area, including the proposed downtown condo tower.
In addition, developers in Calgary are now starting to move closer to the market with condos that will be marketed to younger families, as well as townhouses and single family residences that are more affordable.
For more information about single family housing in Calgary visit this City of Calgary blog.