CREB announced this week that Calgary condominium sales are up 20% from the same time last year. The trend in our city is that more people are buying condos, and choosing the downtown lifestyle as well, but why?
Len Wong shed some light on this in an interview with CBC News today:
The average single family home price in Calgary is $550,000 and Calgary realtor Len Wong says affordability is a big part of the reason for the increase in condo sales.
“The new projects are 400 to 600 square feet, which is very small units,” he said. “So they’re catering to more of that first-time buyer mode.”
Condos are also a more affordable option for buyers, as more apartments are being listed than sold, putting downward pressure on prices.
If you have questions about the condo market in Calgary, feel free to contact us or chat with us on Twitter.
