{"id":587463,"date":"2026-04-07T06:28:19","date_gmt":"2026-04-07T06:28:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/587463\/"},"modified":"2026-04-07T06:28:19","modified_gmt":"2026-04-07T06:28:19","slug":"cost-of-buying-or-renting-a-condo-in-calgary-tumbles-as-supply-nears-record-levels","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/587463\/","title":{"rendered":"Cost of buying or renting a condo in Calgary tumbles as supply nears record levels"},"content":{"rendered":"

According to Anne-Marie Lurie, chief economist for the Calgary Real Estate Board<\/a> (CREB), a spate of new construction and development in Calgary is leading to lower prices for apartments and condos in the city.<\/p>\n

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\u201cWe\u2019re seeing a lot of rental construction happen across the city,\u201d Lurie said. \u201cYou know, a lot (of) new developments.\u201d<\/p>\n

With 1,774 units available in March, according to CREB\u2019s<\/a> latest stats on housing starts, the inventory is just shy of the record high reported during the financial crisis of 2008.<\/p>\n

\t\t\t\t\tThe Calgary Real Estate Board says the number of condos for sale in Calgary in March was just short of the record high set during the financial crisis of 2008.\t\t\t\t <\/p>\n

\t\t\t\t\tGlobal News\t\t\t\t<\/p>\n

While the supply is up, the cost of purchasing a condo is down according to the latest numbers from the Calgary Real Estate Board.<\/p>\n

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The average price of $300,300 in March is about nine per cent less than the same month last year.<\/p>\n

\u201cIn terms of how the market is shifting is we\u2019re really seeing additional supply choice, relative to the demand,\u201d said Lurie. \u201cSo softer conditions for sure for that apartment condo style product. That\u2019s something that we\u2019ve been seeing for several months (and it\u2019s) just really persisting into spring.\u201d<\/p>\n

\t\t\t\t\t\"Get<\/p>\n

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The increased supply and lower prices also mean its a good time to buy a condo, according to Calgary realtor Ariel Buenaventura of ReMax First.<\/p>\n

\u201cOne hundred per cent. It\u2019s definitely a buyer\u2019s market for condos. I\u2019d say a pretty solid strategy would be to sit and watch the market as it declines in prices, but there comes a point where the property\u2019s price is so attractive that another person\u2019s going to see that and snap it up,\u201d said Buenaventura<\/p>\n

\u201cSo there\u2019s kind of this balancing act that you have to say, OK, this is probably the bottom. We got to buy this thing or else somebody else will.\u201d<\/p>\n

Buenaventura estimates many condos that were on the market for 30 days or less last year are on the market for double or triple that this year before being sold.<\/p>\n

The lower cost of purchasing a condo, claims Buenaventura, is also turning many prospective buyers into renters.<\/p>\n

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\u201cRental rates right now are falling because there\u2019s so much inventory coming online. There\u2019s a lot of purpose-built rentals,\u201d said Buenaventura.<\/p>\n

\u201cAlmost every single crane that you see downtown, those are building rentals, there\u2019s office conversions happening, and because of that you\u2019ve got a more affordable rent.\u201d<\/p>\n

\t\t\t\t\tCalgary realtor Ariel Buenaventura says the number of new condos being built and office conversions being done in Calgary is also driving down both prices and the cost of rent.\t\t\t\t <\/p>\n

\t\t\t\t\tGlobal News\t\t\t\t<\/p>\n

While overall the supply of condos is up and prices are down in Calgary, CREB claims some areas of the city are also more affected than others.<\/p>\n

\u201cCity Center hasn\u2019t seen as much of an adjustment as opposed to the northeast,\u201d or the southeast, said Lurie.<\/p>\n

\u201cHigher levels of price adjustment is either because there\u2019s a lot of supply in those areas where there\u2019s lots of new construction and a lot of new developments happening \u2014 so in the northeast all the way down into that southeast \u2014 as opposed to other areas (where) we\u2019re just seeing some modest adjustments, like the northwest, city center and to a lesser extent some of the south\u201d added Lurie.<\/p>\n

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The buyers market for condos is forecast to continue for the rest of this year and into 2027.<\/p>\n

\t\t\t\t\t\t\"Click<\/p>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tOpportunities abound for 1st-time homebuyers as housing market softens\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t&copy 2026 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"According to Anne-Marie Lurie, chief economist for the Calgary Real Estate Board (CREB), a spate of new construction…\n","protected":false},"author":2,"featured_media":587464,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194293],"tags":[49,2798,224113,204501,210282,48,41398,46,134,44],"class_list":["post-587463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-calgary","tag-ca","tag-calgary","tag-calgary-condo-market","tag-calgary-housing-market","tag-calgary-real-estate-board","tag-canada","tag-creb","tag-economy","tag-money","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/587463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=587463"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/587463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/587464"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=587463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=587463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=587463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}