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Northeast quadrant busiest for new homes activity

Sold house sign
Sold house sign

A report from Altus Group compiled from information supplied by 20 members of BILD-Calgary Region shows the northeast quadrant of Calgary was the busiest for sales of single-family homes in July.

Sales for the month in the northeast were 87 homes, of which 21 were quick-possession “spec’’ homes.

Close behind was the north centre part of the city, with 85 sales, including 32 specs. The southwest quadrant was third, with 83 sales of which 30 were specs, followed by the southeast (58 sales, 14 specs) and the combined northwest, established west end and south inner city area, with six sales (three specs).

“Sales in the month of July remained elevated, with only one less sale than in June, as continued pent-up buyers’ demand resulted in higher than typical sales volumes,” says Altus. “Year-over-year comparisons reveal a 26 percent increase in sales for July in Calgary, and with almost 40 percent of the year-to-date sales occurring in June and July, it’s become more clear that many buyers’ decisions to purchase were delayed by the COVID-19 pandemic.

“The presales and spec sales across Calgary in July were predominantly flat relative to June, while year-over-year comparisons reveal a 19 percent increase in presales and a 40 percent increase in spec sales.”

The northeast was also busiest for new single-family home starts at 49, followed by the southeast at 39, the north and southwest, 32 each, and the northwest combine with five starts in July.

“Construction starts in July increased over the June levels, but remain lower than levels seen in 2019,” says Altus. “With sales exceeding reported construction starts for a second straight month, higher start levels in the fall are anticipated.”

To the end of July, there were 238 completed and unsold new single-family homes in Calgary.

Copyright Postmedia Network Inc., 2020

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