Should I Buy a Condo in Calgary?
Should you buy a condo in Calgary? This question is understandable, especially given the uncertainty of the past year and the flux in condo and house prices.
However, Calgary condos for sale continue to be an attractive purchase for first-time buyers, not least of which because they don’t require as much upkeep as a home. No gardening (unless you like potted plants), no shovelling, a guaranteed parking spot, and fewer headaches. What more could you want?
Whether you’re looking for a new home or a property investment, it’s essential to make sure that you analyze the condo market or have a real estate agent in Calgary do it for you.
Are Condos a Good Investment in Calgary, Alberta?
Condo investors have many factors to consider when shopping around, such as:
Let’s start with some facts.
As of April 2021, the average sold price for Calgary condos was $265,229. Meanwhile, the average Calgary home costs $510,908. From that perspective alone, you can see that an immediate choice will relate to the amount of money you have to spend on Calgary real estate.
Depending on your budget and financial circumstances, a house might be out of the question right off the bat. A condo can be the perfect choice if you want to start building equity in a property, but don’t yet have the ability to shell out the necessary funds for a house. And of course, you can always sell your condo and level-up to a house later on.
While condos can be an excellent investment because they are less expensive than owning a single home, they can also be great with respect to your lifestyle and objectives. It’s not everyone's dream to have a sprawling homestead with acres of land to maintain and picturesque, purple and blue mountain ranges in the distance, after all.
Calgary condos are often the residence of choice for single individuals or couples who prefer a more minimalist lifestyle, or something nearer to the heart of the city. And while Calgary condos do have on-going ownership costs, those payments can be uber-convenient when you consider the fact that the condo board pays a company to take care of all the building’s repairs and maintenance.
Is there a flickering lightbulb in the parking area? A door that won’t quite close properly? A strange smell coming from a carpet near the entrance? Call the maintenance people - it’s not your problem! Throughout Calgary, Alberta, we have helped many new condo investors with understanding what to expect from this type of venture.
Condos tend to be built in areas with higher population density. They’re nearer to public transit, closer to vibrant shops, pubs and restaurants, and tend to be built in urban areas. But whether you’re buying condos in Calgary, Alberta or Montreal, Quebec, you should always make sure that you take into account the surrounding area as well. While condos and city-living go well together, part of city living involves growth, and the construction of new buildings.
If you love the view from your condo, ask your real estate agent about the possibility that your view might be blocked by the construction of a new multi-story property in the near future. Great real estate agents tend to have more inside information on a neighborhood’s plans for development than regular buyers.
But if you’re considering a condo for your first home, or want to buy a condo as a real estate investment, you will want to get an idea of what your return on investment (ROI) will be over the long-term. The best people to ask about an ROI strategy in a Calgary condo would be those that need to understand the market for a living.
Professionals like those at Calgary House Finder can help you understand the long term market trends, recommend good neighborhoods for your lifestyle, provide advice on mortgages, lawyers, home inspectors, offers, closing costs, and all the various elements that must come together for you to take possession of the home of your dreams at an appropriate and affordable price.
Will Calgary House Prices Go Down?
One thing is for sure, no one is certain if Calgary’s prices will drop for condos or houses.
While opinions can be divided at times, the Canadian Real Estate Association predicts that prices across the country will stay strong. Real estate professionals keep their finger on the pulse when it comes to the housing market, and according to them, right now is a great time to purchase a condo.
The real estate market is red hot with buyers clamoring for property options, so it can be difficult for buyers to get the new property they want sometimes, with seemingly everyone offering way over the asking price. However, even though it can be difficult to land the Calgary condo you have your eye on, it doesn’t mean you shouldn’t try.
It’s always in your best interests to speak with a Calgary real estate agent to determine if you’re in a good position, especially first-time homebuyers. For more information on the basic aspects of condo living, consult our blog.
Buy Your Condo with the Calgary Real Estate Professionals
Being a property owner comes with a lot of responsibilities, including paying the mortgage and other bills. Whether it’s your first time looking for real estate, if you’re searching for a condo near good schools, or if you’re on the lookout for a worthwhile investment to help jumpstart the process of building long-term wealth, we can help you find the right Calgary condo.