Calgary realtor says condo prices continue to tumble, demand for detached homes on the rise
CALGARY -- Calgary’s real-estate market has held steady throughout the COVID-19 pandemic, with demand for condos falling and demand for detached homes rising.
Realtor Justin Havre, with REMAX First, says many people are considering ditching their condos for more space in single-family homes.
“There’s obviously been a lot less desire for condominiums due to the density of how people are living and how people are looking to get more space,” said Havre.
He adds that condos offer less space between neighbours using similar common areas, which in a pandemic, has turned people away.
But he says its good news for the buying market.
“The average price for a condominium has dropped by about 7.52 per cent,” said Havre.
Right now prices are 23 per cent lower for a condominium, adding September was the strongest on record for the housing market in six years.
“We are seeing condos that used to be priced at $225K, (and) are now trading for $150,000.”
He suggests that developers are holding off on new builds unit they can sell off units or turn them into rentals.
Empty office towers in the downtown has also seen an exodus of people wanting to live close to the core, as they can work from home.
“With less people working downtown, there’s also less demand for downtown condos,” said Havre.
Havre expects the condo market to bounce back in the future, but says if you are looking to sell and make some sort of money on your place, you should keep it in pristine condition.
“You need to also have a compelling price and you got to look at it as if you’re in the shoes of a buyer,” he said.
In June, a Royal Lepage house price survey found that first-time home buyers and immigrants were driving the market.