Nov. 13, 2015 | Joel Schlesinger
Parking stalls becoming key bargaining chips in a buyers' market for apartment condos
Parking is at a premium in Calgary's inner city.
Granted, that's not new news. But its impact on the local resale residential housing market is now making waves, especially as a bargaining chip for sellers in the beleaguered apartment-style condominium sector.
Benchmark prices in Calgary fell overall by 0.7 per cent in October compared with the month before, and 1.2 per cent from October the previous year, according to CREB®'s most recent monthly housing summary.
The steepest decline, however, was in the apartment condo sector where the benchmark price fell 0.8 per cent to $288,300 and four per cent from October 2014. CREB® attributed the decline to a corresponding increase in months of supply, which approached six months. In other words, more supply created a downward pressure on prices.