Calgary may have witnessed the bid for highest sold townhomes and duplexes but Edmonton got busy with a record number of home constructions. While Edmonton is busy with new home constructions, 31 townhomes and 138 duplexes were underway in January.
Four segment comparison between two of the largest cities in Alberta
Price of resale: In Calgary, there is a 4% dip in the average resale price. Last month, the number dropped to $385,170 from $400,485. On the flip side, in Edmonton prices increased on townhomes and duplexes to $353,037 from $325,878.
New home availability: Since the rate of construction is higher in Edmonton than Calgary, those looking to purchase a townhouse had an option of choosing from 311 freshly built homes. Edmonton unabsorbed duplexes stand at 385 and 230 for townhouses which is lower than the numbers of last year at 113 townhomes and 481 duplexes. In Calgary, there are 168 townhomes and 136 duplexes which are available to move-in which is higher as compared to the sale statistics of the same month last year at 120 townhouses and 123 duplexes.
Number of homes changing hands: Calgary Real Estate Board (CREB) said that the number of homes changing owners has risen by 24% as compared to last year. 212 homes were sold to new owners this year. Edmonton Real Estate Board summarizes that 73 duplex homes were sold through resale, this year.
Pricing of new duplex homes: Going by the comparative numbers of absorbed vs unabsorbed duplex homes, in Calgary the average value of unoccupied homes is $648,714 which is relatively higher than last year’s pricing of $608,658. In the case of Edmonton, the average pricing of similar homes is $393,475. When considering these two competitive markets, the key difference is the number of 1 Million dollar units in and around Calgary area. There is a mean of $1,048,574 19 units in the North Hill Area followed by Southwest Calgary with 22 units. The average price of absorption is also higher in Calgary as compared to Edmonton: $553,734 vs $382,435.