Cheers for Condos
I talk a lot about the detached home market in Calgary, and how remarkably well its doing, but our city’s condo market is also on fire right now. The Herald reported recently that new condo sales are near the records set in 2005 – when prices were significantly lower – as people look to live closer to the action of our downtown core.
Condos have a lot of great benefits for the right homebuyer. First, you get the financial advantages of owning a home with a lot of the mitigated responsibilities (for things like shoveling snow, replacing the roof, and so on) that go along with renting. Second, singles may feel a greater sense of security living in a highrise condo building, surrounded by helpful neighbours and with a monitored entrance, rather than in a big suburban home. Third, a major element of the condo lifestyle is living with less stuff: you just plain don’t have the room to store a pile of collectables, and so you learn to live with less.
It’s not for everyone, of course, and it does have risks: a poorly managed condo board can leave maintenance undone, for example, leading to major repairs paid for out of residents’ pockets. For those who do their research and know what they’re getting into, though, condos hold a lot of value and appeal. If you think you might like getting into the condo market, give me a call or visit my web page to view those I currently have listed.
Tags: calgary alberta real estate, calgary condo, Calgary Herald, calgary home market, calgary real estate, calgary real estate statistics, Real Estate Forecasting, real estate trends
