Can you empathize with this sentiment?
” About tired of renting and would like to buy, but buying when the average single family home in Calgary has never cost more scares the crap out of me.”
Concern with buying a SFH when prices are at all time highs is one reason why Calgary buyers are turning their attention towards the condo market – specifically, townhomes.
It’s true that single family home prices are now at the highest level they’ve ever been. It has taken 6 years, but prices have finally eclipsed the previous highs seen back in 2007.
The same can’t be said of Calgary’s condo market.
Comparatively speaking, condominiums are more affordable and are still below peak pricing which buyers find a measure of comfort in.
It’s no wonder that the resale condo market is booming with high sales growth. Even new condo sales are at the strongest levels since 2006. (click to read article)
Earlier this year I had asked: “What’s the next best thing when prices become unaffordable for those looking for single family homes?” The answer was: Townhomes. The y/y growth in townhome sales is evidence of that now.
Year-to-date townhome sales are up 22.18%, followed by Apartments with a 14.58% y/y increase and single family homes which are up 7.36%.