Calgary’s condo market is enjoying a resurgence in response to declining single-family inventory in homes available for under $400,000.

“While total new listings are declining, there has been a rise in the number of condominium apartments available in the $200,000 to $400,000 segment,” said Ann-Marie Lurie, CREB®’s chief economist.

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A report by Altus Group suggests, while the apartment sector will be driving most of the overall moderation in starts in 2013, Calgary is the only market expected to escape a downturn.

Calgary apartment starts are expected to reach 4,100 in 2013 compared to 4,000 in 2012, the only increase in major centres covered by the Altus Group report. By 2014, however, that number is expected to drop to 3,600.

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Calgary Residential Statistics: February 2013

Total residential sales for the month of February 2013 totaled 1,711 units, a one per cent decline over the previous year. Accounting for the leap year in 2012, activity in the single family market resembles last year’s activity. However, even with one less day in the February 2013 figures, condominium sales have made significant gains increasing by 13 per cent relative to February 2012.

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East Village is on its way to becoming one of Calgary’s most sought after neighbourhoods.

“Starting this year it’s fast forward again, it hasn’t slowed down at all actually which is really great,” said Susan Veres, vice president marketing and communications for the Calgary Municipal Land Corporation (CMLC).

“We finished the year last year (and) interest in the remaining parcels of land was really quite high so our focus last year and this year will be on commercial development, less on the multifamily side.”

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Long-idle condo project could be completed

The final phase of a condo project that was stalled during turbulent years in the local housing market could soon go ahead.

Classic Construction has applied to modify the zoning on a currently vacant portion of the Norwood Grande Condominium complex on 13th Avenue S.E. with the hopes of building a 22-unit condo complex and a smaller commercial block on the busy stretch of road.

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