Calgary to escape downturn in condo apartment construction: report

CALGARY — The apartment sector will be driving most of the overall moderation in housing starts in 2013 across the country with only Calgary forecast to escape the downturn, says a new report by Altus Group.

“In Calgary, new condominium apartment sales were up in 2012, according to Altus Group’s Multi-Family Quarterly update, boosted by strong demand in the downtown area,” said the report. “Starts and units under construction were also up substantially, but unabsorbed units remain in check. Inventory in the resale market remains very tight, which is boosting prices.”

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