A history of Condos in Calgary and average prices
Time flies, 5 years ago in December 2006 the average price of condos in Calgary was approximately $280,000. From May and into October of 2007 the price was as high as approximately $328,000. From the high into the spring of 2008 there’s was a bit of a pull back to approximately $310,000. From the third quarter of 2008 average prices dropped as the world financial recession took hold. In January 2009 average prices were as low as $270,000. Luckily Calgary has remained a strong economic performer relative to its peers. The downturn hit us quicker and less severe than most places. Since we have rebounded faster and with more elasticity. Long term Calgary is expected by many to be an economic overachiever. Since the low there has been a gradual upward trend in the average price of Calgary condominiums but they still remain 9% below peak levels as of the end of 2011.
Condos in Calgary Forecast
Fast forward to today, January 2012. The average price of Calgary condominiums for the year 2011 was almost $287,000 which was 1% down from 2010. Going into 2012 it is expected that several positive economic trends in Calgary and Alberta will contribute to improved demand for all ranges of housing including condominiums. Condominium construction levels have also been down significantly from the building boom that occurred in the 2006 2007 and 2008 range. The Calgary Real Estate Board is forecasting condo sales to reach 5,700 transactions in 2012 but the average price is expected to stay relatively stable at $290,000.
7 Tips to buying a condo in Calgary
- Get the right advice
- Examine all of your options
- Think about your long term plans
- Be patient and make an informed decision
- Consider how your condo will compliment your lifestyle
- Work with a Certified Condominium Specialist REALTOR®
- Remember, buying a condo should be fun and no pressure or stress!
Questions about Buying a Condo in Calgary?
Contact me directly on my cell at 403-370-4180 for answers! I am looking forward to helping you in any way that I can!