Calgary's condominium market had a record-setting year with more that 4,700 condos in 2014, according to the Calgary Read Estate Board (CREB).

Condo sales are up 18 per cent over the previous year.

Townhouse sales also broke records in 2014, increasing by 17 per cent.

Ann-Marie Lurie, chief economist at CREB, says it comes down to supply. There simply aren't as many single-family homes priced under $400,000 in Calgary and condos are filling that void.

"There has been a rise in listings and lots of availability in those lower price ranges. And for many consumers, they have turned to the condo market within the city limits to fulfill that housing need," she said.

According to CREB, the average price for a Calgary single family home in 2014 was $553,147. Lurie said condos are more affordable for first-time home buyers.

She adds that changes in the economic climate in Calgary are expected to cool housing market conditions in 2015.