If you plan on shopping for a condo in Calgary anytime soon, your search may be a tad more challenging than you anticipated. A recent article in the The Globe and Mail reported that Calgarians who are in the market for a condo will find themselves having fewer choices to pick from. According to the article, less than 500 available new condos were listed for sale as of April, and only 15 new condos were on the market.
Demand for Condos Remain Strong
The limited supply didn’t put the slightest dent in condo sales, however. In fact, condo sales have actually increased, according to Calgary’s real estate board. More than 2,000 condos were sold during the first half of 2014, an increase of 21 percent for the same period in 2013. In addition, the number of for-sale listings for existing condos rose to 1,051, up 13.1 percent from 2013.
You may fare out better by electing to buy an existing condo instead, but be prepared to pay a more. Prices for existing condos have risen 10.6 percent, but it’s still cheaper to buy a condo in Calgary than it is to buy a single-family home. The average sale price of a single-family home in May 2014 was $554,652, up 6.3 percent from 2013. The average sale price of a condo was $315,953, an increase of 1.89 percent. Condos now make up one-fourth of all real estate listings in Calgary.
Only time will tell if this current trend will continue, if the market will get even tighter or if prices will continue to climb. Even if prices steadily increase, it may still remain cheaper to buy a condo than to buy a house in Calgary. It seems the demand for condos will remain strong whether or not there is a tight market, and there will always be property owners looking to sell their condos to individuals with the best offer.
Ready to Buy or Sell a Condo?
If you’re looking for a new condo in Calgary, you can make your search less daunting by compiling a list of features, amenities and any other attributes you want in your new condo so you don’t waste time looking at condos that don’t meet your criteria. You could also let an Okotoks Real Estate professional do all the legwork for you so you can focus on other things, like packing and shopping for new furnishings for your new home.
Our seasoned and knowledgeable real estate professionals at Okotoks Real Estate are ready and willing to help you find the perfect one for you. If you have a condo to sell, we can come out to take a look at it and suggest ways to make it more appealing to prospective buyers and get them to quickly make an offer.
