Many who want to retain a home as an investment are looking to downsize to a condo, and those seeking a first home are turning to condominiums as an affordable option.
Calgary, AB (PRWEB) February 28, 2013
According to a report recently released by the consulting firm AtlusGroup, sales of Calgary condos are as high as they have been since 2006, and are considerably improved from last year’s sales figures. This increase can be credited to several changes in Calgary’s condo marketplace, including additional inventory in the downtown core and more demand among young urban professionals to live and work in the downtown area.
Economic conditions also play into this positive growth cycle, which has affected more than just the Calgary condos marketplace, and has extended to home sales throughout the city. Developers are continuing to optimistically take on large projects as long as job security remains so high throughout the Calgary area, and is coupled with historically low interest rates. These two factors have enabled many prospective home buyers to make the leap into ownership, and have enabled new developments and all available inventory, particularly on the condo market, to sell well and encourage more production.
Although local job security is high, and the Calgary economy shows signs of life that other Canadian cities might envy, the general tenor of the global economic climate has affected buying choices and trends. Many who want to retain a home as an investment are looking to downsize to a condo, and those seeking a first home are turning to condominiums as an affordable option. Between these two demographics both seeking condos, it makes sense why these new projects throughout Calgary have done so well.
As a new generation of labourers comes to the forefront, urban-centered real estate purchasing has become a major trend, and condos are at the forefront once again. Most young professionals are not looking to settle down into a multi-family home in the suburbs, but are still looking to make their mark on the business world. At the same time, they recognize the wisdom of investing in real estate. A condo nicely bridges the distance between these two lifestyles, and ensures that they can be progressive with their finances while still maintaining the freedom necessary to pursue their work.
For these reasons Emethod Real Estate Inc, a reliable new real estate company specializing in the Calgary marketplace, is recommending that investors stay active in this area. The market forces that have caused this rise in Calgary property values are far from running their course, and promising figures are still on the horizon.
Options are wide open for young professionals in Calgary seeking a condo to meet their needs. Because of the trends described throughout this article, developers continue to work on aggressive schedules, doing everything they can do maximize Calgary condominium development, particularly in the downtown core where demand remains the highest. These condos promise to remain a great commodity and an excellent investment for years to come.