23 Jul Are Condos For Sale Calgary a Good Investment?
The price of homes remains high across Canada, despite interest rate cuts. As such, many aspiring home buyers continue to be sidelined in the face of an expensive real estate market. However, those who are willing to compromise may be able to achieve their dreams of homeownership with a condo. Condominiums persist as a more affordable option for buyers—especially at an entry-level. In this article, we will cover everything you need to know about condos for sale Calgary. Follow along to learn more!
A Look at Condos for Sale Calgary
Amid a surge in population, Calgary has seen a fast-paced real estate market. Condo sales soared by 24% year-over-year in April, reaching 822 units, as reported by the Calgary Real Estate Board (CREB). This surge was driven by over 1,000 new residential listings, although inventory levels remain about 35% below historic averages.
In terms of prices, the benchmark for a condo in Calgary increased by 18% from the previous year, hitting $346,200. Notably, the northeast and east districts of the city experienced price jumps of over 30%, whereas the central areas of Calgary saw a 13% rise in condo prices.
CMHC data found that “purpose-built rental and condo construction starts in six major housing markets combined to reach all-time highs last year in Toronto, Vancouver, Calgary, Edmonton, Ottawa, and Montreal”. This indicates that there is a demand for condos and more affordable housing throughout Canada. These types of homes continue to be a great investment for first-time buyers, middle-class families and retirees. Additionally, if you are looking to get your feet on the property ladder, condos can be a great way to start.
Contact me Today!
Those looking to buy or sell condos for sale Calgary should consider hiring a REALTOR®! For more information about buying or selling in this awesome city, contact me today. I’d be happy to help you achieve your 2024 real estate goals. Moreover, don’t forget to visit my social media for the latest updates and more. If you want to stay informed about Calgary real estate news, be sure to check back with me next month for more real estate-related information.