Calgary condo market has record-setting year

Calgary's condominiummarket hada record-setting yearwithmore that 4,700 condos in 2014, according to the Calgary Read Estate Board (CREB).

Condo sales are up 18 per cent over the previous year.

Townhouse sales also broke records in 2014, increasing by 17 per cent.

• Calgary condo sales booming

Ann-Marie Lurie, chief economistat CREB, says it comes down to supply. There simply aren't as many single-family homes priced under $400,000 in Calgary and condos are filling that void.

"There has been a rise in listings and lots of availability in those lower price ranges. And for many consumers, they have turned to the condo market within the city limits to fulfill that housing need," she said.

According to CREB, the average price for a Calgary single family home in 2014 was $553,147. Lurie saidcondos aremore affordable for first-time home buyers.

She adds that changes in the economic climate in Calgary are expected to cool housing market conditions in 2015.