In the last part of the series, we’ll compare the lifestyle that typically attracts individuals to purchase a home or a condo in Calgary. If you missed the previous parts of the blogs, you could click here to start from part 1, which sheds light on Calgary’s real estate market.
LifeStyle: Living in a condo offers many benefits, which includes eliminated yard work or shovelling, less space to clean and maintain, and more. For many, it is a lifestyle that allows them t focus more on enjoying their home rather than taking care of it.
Some niche buyers who would benefit from living in a condo in Calgary include:
First Time Buyers
First time home buyers purchasing a condo as their first home is generally a significant investment, especially given the decrease in price, making it slightly more affordable. It requires less of a down payment and mortgage expenses. It is also suitable for single or young couples who are starting their homeowner's life. First time home buyers typically consist of millennials, who on average are purchasing their first homes later than previous generations. Across Canada, the average age for a first time home buyer is 32 years old.
Living in the city, especially to be closer to work, appeals to many professionals to ease their commuting. Condos offer little upkeep and provide more proximity for public transit, helping you save even more.
Seniors who are looking to downgrade, especially if they have an ‘empty nest’ would greatly benefit from purchasing a condo. The reduced requirement of the workload from maintaining the yard, taking out the trash and shovelling the driveway provides a more efficient lifestyle. Also, condos are generally in prime locations with grocery stores, parks, business and transit system in the area offering easier access for their needs.
Investors can benefit from the slower market by gaining a better price for their investment property. Whether it is for an income property or a short exit plan, such as home flipping, the slower market leaves for more opportunity for cash flow and future appreciation. Given the lowered home prices, more financial opportunities may be found in homes rather than condos.
The majority of Gen X, aged between 35-45, have families. Purchasing a home typically suites the lifestyle of a family better with more space and a yard, especially if they are looking to stay in the house for a more extended period. On average, it takes about three years for a home to appreciate, given the correct market conditions.
Given the budget and lifestyle, the Calgary real estate market is a great time too, whether it is a condo or a home. If you’re looking to speak to an expert to buy or rent a house, contact our specialists today.