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The pros and cons of condo ownership (Video)
Purchasing a condominium in Calgary, Alberta, offers a unique blend of urban living and being in the centre of things. To make an informed decision, consider the following key factors:
1. Historical Growth of Calgary's Condo Market:
Market Evolution: Over the past two decades, Calgary's condominium market has experienced significant growth, with a Cumulative Annual Growth Rate (CAGR) of 5.2% from January 2005.
Recent Trends: In December 2024, the average selling price of a condo in Calgary increased by 6.2% year-over-year to $338,100.
2. The PROS of Buying a Condo in Calgary:
Prime Locations: Condos are often situated in central areas, providing easy access to amenities, public transportation, and employment hubs.
Low Maintenance: Condo ownership typically involves less maintenance responsibility, as exterior upkeep and common areas are managed by the condominium association.
Amenities: Many condos offer shared amenities such as fitness centres, pools, and communal lounges, enhancing the living experience.
3. The CONS of Buying a Condo in Calgary:
Monthly Fees: Condo owners are responsible for monthly maintenance fees, which can vary and impact overall affordability.
Limited Control: Decisions regarding building maintenance, renovations, and other communal matters are made collectively, potentially limiting individual preferences.
4. Future Outlook for Calgary's Condo Market:
Continued Demand: With Calgary's growing population and urban development, the demand for condominiums is expected to remain strong.
5. Considerations When Buying a Condo:
Association Rules: Review the condominium association's rules and financial health to ensure they align with your lifestyle and investment goals.
Location: Choose a location that offers convenience, safety, and potential for future development, which can influence property value.
For Expert Guidance in navigating the Calgary Condo Market, consider reaching out to Stewart J. Lowe, an award-winning realtor with over 23 years of experience. In 2010, he became a Certified Guild Member of The Institute for Luxury Home Marketing, recognised for his proven sales and exceptional client service. Stewart is known for his friendly, warm, and professional approach, ensuring a seamless real estate experience. Why not request a no-obligation Marketing Consultation
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***As a Guild Member of The Institute for Luxury Home Marketing™ Team Leader Stewart J Lowe is part of an International Network of Real Estate Professionals who specialise in the Luxury Market. With the back-up of the Institute it makes sense for us to represent you, why not request a no obligation Marketing Consultation!
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Find out what your current home is worth in today's market.