Buying a condominium means you're buying into a form of home ownership that's different from a single-family dwelling.

A condominium generally refers to the privately owned unit you'll call home and the common areas, which can include hallways, the exterior of the building, green space and other areas for which owners share responsibility.

If you were to choose a theme for real estate in the Calgary area in 2012, perhaps it would be the "year of the pleasant surprise".

Heading into 2012, CREB® predicted an 11 per cent increase in sales, citing the persistent record low interest rates that have greeted Canada homebuyers since 2009 as a key contributor to the increase. Instead, the Calgary area experienced a 23 per cent increase in year-over-year sales in October and is headed for equally positive numbers by the end of the year.

Calgary's residential sales are continuing to show positive growth.

Sales increased by 15 per cent on a year-to-date basis in 2012, and were up eight per cent this November compared to last. With nearly eight consecutive months of double-digit, year-over-year sales growth, the city's inventory levels are decreasing, as new listings haven't been able to keep up. However according to CREB®'s monthly stats, the ratio between sales and inventory shows the market remains in balanced territory.

CALGARY RESALE MARKET REMAINS IN BALANCE

Inventories continue to fall, but sales growth eases to keep market stable Calgary, December 3, 2012 – Residential sales in the City of Calgary have increased by 15 per cent on a year-to-date basis, and were up 8-per-cent in November compared to the same month in 2011.

Nearly eight consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up. However, the ratio between sales and inventory indicates the market remains in balanced territory.

MARK on Tenth, a $100 million condominium project by Qualex- Landmark has been announced for Tenth Avenue and Eighth Street SW in Calgary.

The first stage in construction has commenced with crews beginning to dismantle the existing building on the site, which was formerly West Canadian Graphics.

Condos continue to be a big draw for Calgary buyers. According to the latest numbers from CREB®, Resale totals for condo apartments grew to 276 deals last month, up 17 per cent from 236 last year, with sales in both apartment and townhouse condos increasing last month compared to the same time in 2011.

Demand for condos in the Calgary market comes in stark contrast to Toronto, where condo sales plunged 20.5 per cent in the third quarter of the year, despite a 6.5 per cent rise in new listings.