Calgary Real Estate Blog

The Alberta government has announced it is opening the Condominium Property Act for review and public consultation, something that hasn’t been done in thirteen years. It’s about time, I’d say. Apartment-style condominiums have become the de facto starter home: they’re relatively low cost, often come with appealing amenities for singles and couples, and tend to be located where the action is rather than in quiet suburbs (although there are plenty of non-central condos in the city too, holding special appeal for seniors and young families). Calgarians love condos, is my point, and in my opinion management companies have been, shall we say, benefitting a little too much because of it.

What’s my beef with some management companies? Well, among other things, the fees they charge owners for copies of their own condominium documents at the time of sale are simply ridiculous: $400 for a complete package is common these days. To put that in perspective, condo sellers might pay in the neighbourhood of $600 to their lawyers for that same transaction, with all the various tasks a lawyer performs; the management company is getting two-thirds’ that amount to merely run a photocopier or upload docs to an online repository. To make matters even more absurd, the documents requested belong to the condo corporations, yet those corporations don’t see any of the money paid to the management company for putting them together – and they’re already being paid a fee by the condo corp!

Of course things are never quite this black and white, and I’m sure management company reps would have a thing or two to say in response. But my point is, our market continues to boom and a good chunk of the properties changing hands are condos. There’s not going to be a better time to let the government know what is and isn’t working with the Condominium Act. Beyond the fees charged at the time of sale, warranty issues, dispute resolution, board governance and a host of other elements could use tweaking; I encourage anyone with skin in the game to take the government up on its offer to listen to what you have to say. Participate in the survey and make your voice heard.

An interesting article from the Globe and Mail, published a couple weeks ago, suggests women – and particularly single women in their twenties – are shopping for condos more and more. Even in married couples, it’s the ladies’ sense of taste that usually wins over when it comes to choosing a property (which means foosball in the living room’s probably not going to cut it). Condo developers are responding by putting a greater focus on security, lighting, and in-suite storage.

This shouldn’t really be a surprise to anyone: there’s a reason ‘man caves’ are usually in the basement or the garage, out of sight. We (men) often just can’t differentiate between a feature or styling choice that’s awesome on its own and one that actually works in a space. We know it, and we embrace it.

What would you look for in an apartment-style condo, and what would be a deal breaker? Is the Globe’s article on the money? Respond in the comments below.

Splashed across the cover of this week’s Maclean’s magazine is the rather sensational and alarmist headline, “Inside the Great Real Estate Crash of 2013,” highlighting a piece on what may or may not be a Canada-wide bubble in the housing market. The gist is that sales are down across every major city in the country – everywhere, that is, except Calgary, where properties are moving at a healthy pace. This little tidbit isn’t mentioned in the article proper – doesn’t fit into the overarching narrative – but is noted as part of a chart indicating national trends, where our fine city receives the only green ‘up arrow’ in a sea of red downers.

While condo buyers in Vancouver and Toronto are rightfully concerned that a sudden glut of properties combined with a potential economic downturn could lead to rough waters ahead, there is little indication that Calgarians face the same risks.