The Calgary condo market has seen a rollercoaster of changes since 2007, characterized by dramatic highs and lows. This fluctuation has left many condo owners holding onto their properties, unable to sell at desired prices. Despite this, the market shows potential for those currently owning or considering buying a condo. Financial strategies, such as understanding the concept of a terminal loss, which can be offset against income, are crucial for navigating this market. The market's current state also reflects a discrepancy in value appreciation compared to cities like Toronto and Vancouver, where condos have seen substantial increases in value.
Condos in Calgary are primarily seen as starter homes, often lacking the amenities that attract families, leading to a preference for houses. However, with the average condo price remaining relatively stable since 2007 and the high cost of detached homes, there's a growing interest in condo living. This shift is especially relevant among first-time buyers and changing demographics where families are started later in life. Furthermore, the condo market is expected to become more attractive to downsizers or 'right-sizers' seeking a change in lifestyle. Looking ahead to 2024, we predict strong growth in the condo segment, driven by these evolving market dynamics and the increasing need for affordable housing options.
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