Financial Post | Business

Move over Toronto and Vancouver, Calgary’s condominium sector is red hot.

The oilpatch set a new record for condominium resale activity for the month of August with a 14% increase in sales from a year ago. Townhouse sales were even stronger with a 20% jump from a year ago.

Meanwhile, single-family home sales declined during the period as listings for lower-priced property shrank during the period.

“The record pace of August sales in the condominium sector is related to the relative affordability of this product combined with a tight rental market and low lending rates,” said Ann-Marie Lurie, chief economist with the board, in a release. “More than 76% of condominium new listings are priced below $400,000 and represent more than 68% of the total inventory within city limits.”

The board said “apartment-style” new listings are up 40% year over year over the past three months, pushing up the inventory…

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