The Calgary housing market is still a tough sell for many who want to buy a condo in a historic district, say real estate lawyers and real estate agents.
“The fact of the matter is, I think in a lot of the condos, you can afford it,” said real estate agent Mike Boulter.
“I think it’s reasonable for the average person.”
A condo in the Centennial district of Calgary, Alberta, in this May 21, 2017 file photo.
(Supplied: Mike Bouster)The condo market in Calgary is still volatile, said Real Estate Agent and Real Estate Expert David Zilber, who has lived in the Calgary area for nearly a decade.
“There’s been some good times and bad times,” he said.
“So, I still feel like I can buy a house in the area.””
The high end of what the Calgary Real Estate Board sees as the market’s current range is between $600,000 and $800,000, but the lower end of that range is even higher.”
So, I still feel like I can buy a house in the area.”
The high end of what the Calgary Real Estate Board sees as the market’s current range is between $600,000 and $800,000, but the lower end of that range is even higher.
In some areas, it’s closer to $800.000.
Zilber said some buyers are being pushed out of the city because they can’t afford to buy in the region, and they want to keep their current homes.
“That’s a real problem for many people,” he added.
The Calgary real estate board says prices in the central and western suburbs have been climbing since the recession and have been trending upwards in recent months.
In fact, the price for a single detached house in Calgary rose by $1,800 to $722,000 in January 2018.
Zesper said if you’re not paying too much for your home, you might consider a condo instead.
“If you’re paying $2,000 or $3,000 for a home and you’re going to live in a condo, that’s definitely worth a look,” he told CBC News.
“And, you know, some people have a lot more flexibility than others.”
The condo boom, coupled with the low interest rates, has put Calgary in the driver’s seat as Calgary continues to move up the global rental housing market.
The average annual rental in Calgary has increased by 5.1 per cent to $1.2 million in 2018.
The city is also seeing the start of a housing recovery, with the median price of a home increasing to $825,000 last year, according to the Calgary Board of Trade.