Market Value: Condos of all kinds

These three condo listings reflect the variety for buyers in Calgary and surrounding area markets — from entry-level to mountain luxe.

Article content

Calgary’s condominium resale market has gone from ice-cold during the economic downturn before the pandemic to red-hot post-pandemic.

Driving its resurgence is the segment’s relative affordability with the benchmark price of a condo apartment in the city. The benchmark hit an all-time high of $320,000 in November driven by low supply, as well as higher borrowing costs and record high prices for single-family detached homes and other housing types, which are increasingly out of reach for first-time buyers.

Advertisement 2

Article content

Article content

At the same time, a strong economy combined with comparatively low prices than other major cities have drawn unprecedented out-of-province interest with an influx buyers — be it investors or individuals moving to Calgary. The following new listings shown here illustrate the variety of choice in Calgary’s resale condominium market — from an affordable starter home to million-dollar mountain villa-style apartment.

Beltline living without a belt-tightening price

Address: 506-923 15th Ave. S.W. (Beltline District)

Type: wood-frame, penthouse

Size: 825 square feet

Condo fees: $630 a month

List price: $375,000

List date: Nov. 29, 2023

Listing agent: Julie Dempsey, Royal LePage Benchmark

After not generating interest earlier in the year, this apartment penthouse recently re-listed, prompted by a spate of similar Beltline apartments selling quickly in recent weeks, says Dempsey, the listing agent. Renovated and move-in ready, what makes the two-bedroom unit notable is its price-point, given its location in one of Calgary’s most cosmopolitan communities. That’s especially so for out-of-town buyers from larger markets like Toronto and Vancouver.

Article content

Advertisement 3

Article content

“While I may not be able to draw direct comparisons of Calgary’s market to Vancouver or Toronto, I can confidently state the overall pricing of local condos has been undervalued for the past decade,” Dempsay says. “This creates a favourable environment especially for individuals looking to invest in this market segment.”

She adds that “the unit’s impressive 11-foot ceilings are a truly rare feature in the condominium market.” Other notables are vinyl-plank flooring, quartz countertops in the kitchen and the four-piece bathroom, a french-door refrigerator and a Bosch ultra-quiet dishwasher.

bridgeland-real-estate-market-value
The great room in this Bridgeland condo. Photo by Supplied /Postmedia

Central living at an affordable price

Address: 9-635 Marsh Road N.E. (Bridgeland-Riverside)

Type: Low-rise

Size: 1,072 square feet

Condo fees: $787 a month

List price: $299,000

List date: Nov. 10, 2023

Listing agent: Rebecca Chamberlain, Chamberlain Group

Across the bridge from downtown, this two-bedroom, 1.5-bathroom condominium apartment is ideal for young professionals or those seeking an investment rental property in an in-demand neighbourhood.

“Imagine strolling through the charming streets, exploring local boutiques, and discovering trendy cafes and restaurants that cater to every palate,” says listing realtor Chamberlain, about Bridgeland-Riverside, home to quirky shops, the Calgary Zoo and Telus Spark Science Centre. Built in 1982, the unit offers views of downtown from its balcony, a gas fireplace and an underground parking stall.

Advertisement 4

Article content

spring-creek-condo-canmore
The kitchen in the Spring Creek condo in Canmore. Photo by Supplied /Postmedia

Mountain living for a cool million

Address: 304-505 Spring Creek Dr., Canmore

Type: Low-rise

Size: 1,152 square feet

Condo fees: $935 a month

List price: $1,018,900

List date: Sept. 27, 2023

Listing agent: Brad Hawker, Royal LePage Solutions

The two-bedroom, two-full bathroom mountain-villa condo is perfect for those seeking year-round living in the Bow Valley, or to own as a vacation getaway and investment property. Built in 2008 and located in Spring Creek, the property is “close to trails for walking and biking to downtown,” says Hawker, the listing agent. “Within Spring Creek itself, there are also several restaurants and a wine store.”

Among the condo unit’s best features are its kitchen with granite counter tops, a gas range, and stainless steel appliances. The property also includes a third bedroom, or den, along with new Cypress hardwood flooring throughout.

Article content