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