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The investment activity data is included in Altus Group’s Calgary Flash Report 2019, which covers investments in all property uses in the city (residential, industrial and office), plus takes a look at the performance of the new multi-family homes sector in the first half of 2019.

Overall, says Altus Group, new multi-family sales moderated in the first half of the year, compared to 2018.

“While new townhouse sales continue to be brisk, new condominium apartment sales volumes have dropped, largely as a result of very slow sales activity in the inner-city market. The good news, however, is that Q2 sales did much better than Q1, ending the declining trend over the previous four quarters.”

New condominium apartment inventory remains a concern, says Altus Group.

“The excess inventory situation deteriorated further over the past year. At the end of Q2 2019, the approximately 2,700 unsold units in active new condominium apartment projects represented about two years of supply, based on the monthly pace of sales over the past year. The increase in available supply is the result of a larger number of active projects in the suburban market, with many new low- and mid-rise projects launching the past 12 months.

“A total of 37 condominium apartment projects were launched in 2018, for a total of just over 2,900 units (five of these projects were subsequently cancelled). Another 15 projects launched in the first half of 2019 (with two since cancelled).”