Is Downtown Condo Living For You?
In the last year there has been an increase in the number of
buyers moving into downtown condominiums. With the closeness of
amenities and affordable prices it's easy to understand why
buyers want to live in a condo for sale in Calgary. Many buyers
see condo living as an attractive option because of the traffic
congestion nightmares, the longer commuting times and the ever
increasing construction of the Calgary roads. Traffic in the city
is probably the biggest factor for people making the move to
downtown condominium living.
A lot of buyers who work down-town don't have to deal with the
high cost of parking and the closeness to shops and restaurants
is a bonus as well. Condo living has became a more popular way of
living in the last 10 years. They look at condo ownership as an
affordable choice since the increase in the sale price to
residential detached homes in the last couple of years.
Choosing a condo for sale in Calgary is not just for the
first-time home buyer but for mature people as well who choose to
downsize and enjoy the convenience and simplicity of condo
living. Condo living and the lack of responsibility can be a
peace of mind for some people. Condo owners have the option to
travel for months and not worry about their pipes freezing.
The average size of a downtown condo is approximately in the 600
square foot range and the average sale price is $330,000. Condo
sales now represent at least a third of all properties sold in
Calgary. The price per square foot for the cost of real estate,
labor and materials is now in excess of $500.00 sq/ft.
The trend with buyers now is the purchase of condos and town
homes rather than detached single family homes. There's been a
decline in Alberta with homeowners purchasing single family
homes. This decline went from 84 percent in 1996 to 78 percent in
2006. And in Calgary the decline from home ownership to condo
ownership declined from 79 percent to 75 per cent since 2001 and
this trend is not likely to change any time soon.
It's easier to live downtown or in the belt-line area more than
ever with the construction of new buildings and the conversion of
existing apartment buildings to condominiums. There were 2,841
units under construction in the fall of 2007 in the belt-line
area, compared to 848 under construction in the downtown area.
Just over 2,100 units have recently been approved for
construction in the belt-line and 1,422 downtown. In the
belt-line, downtown and nearby neighborhoods more than 11,000
condos for sale are being proposed for the future. Looking at
these types of numbers you can see that there is a demand for
this style of living
Lynn MacKenzie is a former realtor and owner of MyCalgaryListing.com, one of Canada's most impressive FSBO resources. Lynn is an active consultant and author about the growing For Sale By Owner industry.