The Calgary real estate market took a positive turn in the first part of 2016. For one the weather was much better. Showings increased dramatically. Sales prices were decreased, interest rates remained the same, oil increased dramatically and government programs both provincial and federal were committed, and put in place. Today oil is over $40/USD/barrel.
Finally the “stars” are aligned and sales in Feb., 2016 were hugely increased, versus Feb. 2015.
City Lifestyle Group sold 3 of 6 units available. One has a presale, which is an excellent evaluation of City Lifestyles high quality and pricing in this more difficult Calgary inner city market. We have (2) units for sale that will be ready April 30, 2016 at 2048 46th Ave SW and expect them to sell quickly as well. It appears purchasers feel it is the right time to buy. Which it is, in our opinion as well.
Rentals are still strong, prices have been slightly discounted, however high quality well located homes, rent quickly.
Vancouver Area
The Vancouver area continues to be extremely busy with multiple offers abound and quick no subject sales.
Our Blue Mountain Estates townhouses in Coquitlam are “sold out” at top full prices and we just started construction. Great news and very exciting!
City Lifestyle Group Ltd has a registration list of 50 purchasers for townhomes between $750,000 to $800,000 end sales price. We are looking to purchase more land in the same vicinity as 911 Dansey Ave., Coquitlam, B.C. to continue or expansion of this very desirable market sector.
Most townhome projects are sold well before completion and are the new family home and downsizing homes for Vancouverites. Much more supply is required to meet the demand.
Our newest westside project at Laurel and W 24th Ave in the Cambie/Shaughnessy area has increased 15 – 20% since signing our purchase contract. Land and finished product continue to sell steadily at new excellent price levels. Supply is still low and demand continues to grow.