Vancouver continues to dominate the multi-family housing market in Western Canada, with a benchmark condominium price far above that of other major cities in the region. In The Goodman Report’s 2016 Greater Vancouver Rental Apartment Review, a 40 per cent year-over-year increase in total dollar volume of apartment transaction was reported. Sales declined in the second half of the year due to the foreign buyer tax – however, per-suite values have increased 52 per cent overall from 2015 to 2016.
On the flip side, the Prairie Provinces mostly recorded declines in dollar volume and per-suite values. In Calgary, the benchmark price of a condominium is $269,900, with an 11.5 per cent decline in value since 2014. Sales are also down 30 per cent from two years ago. Unsold inventory in the city is forcing developers to transition for-sale condo stock to rental units.
Condominium prices in Edmonton increased from January 2016 to January 2017 8.7 per cent, prompting REALTORS® Association of Edmonton Chair James Mabey to have renewed confidence in the Edmonton housing market.
“2017 has started strong, with an increase in year over year unit sales and prices remaining stable,” said Mabey. “While it is still early in the year, the rise in sales suggests that consumer confidence in the housing market is on the rise.”
In Saskatchewan, home sales in Saskatoon and Regina have increased slightly, but prices have declined year-over-year. Regina’s listing inventory declined as well.
The Winnipeg benchmark condo price has declined slightly from $236,204 to $235,506. Condo prices have remained stable since 2013 due in part to an abundance of new and resale condo inventory. However, the real estate success story in Winnipeg lies outside the condo market, with townhome sales increasing 34 per cent and mobile home transactions rising by 12 per cent.