There is a demographic mix in Calgary that has made the condominium market expand rapidly. Calgary has seen condos once referred to as empty nesters and baby boomers develop and grow rapidly. Different individuals from all walks of life are coming forth to acquire condominiums in Calgary. Initially, this was a preserve of the rich but currently this goal is being pursued by all.
The condominium homes have become popular over the past few decades. Many people are opting for condos and shunning the apartment style, townhouses, and villas just but to mention a few. According to the various statistical figures, the market share of condos has tripled over the past two decades.
The number is likely to go up going by the current trends. According to the housing experts, the condominiums will likely account for slightly under 50 percent of the overall real estate market share.
Why do people prefer condominiums?
One of the reasons as to why individuals prefer homes to the average single family home is their prices. They are more affordable than the latter. Most of the individuals buying homes today are people under the age of 50. There are different categories of people in this age bracket, with most being first time buyers with young families. Every coin counts to these individuals because of the high costs of raising a family. Of the two options provided, these people will go for the condos.
The condos account for one-fifth of the housing market of Calgary. There has been a tremendous growth bearing in mind that the figure was at one-tenth ten years ago. It is from this growth that the experts expect them to account for over 46% housing market in Calgary by 2020.
Buying a condominium
Investing in a condo in Calgary is one of the best decisions one can make at the moment. Just like the other assets, the home will appreciate in value to unmanageable figures in future. More and more people are in demand for homes even as the world’s population increases. This is, therefore, an open door for many investors, especially in the real estate. They can buy the condos now and sell them in ten years when the prices have gone up. Buying a condo in Calgary is a long-term security assurance to the buyer.
Waiting to retire?
Many people wait to retire before they own homes. However, with the affordable condos in Calgary, the individuals do not have to wait till then. With a few years’ savings after employment, individuals can be able to raise part of the cash to buy condos. Condos are a must have for all families. Some of their benefits include stability, private ownership, and long-term investment value.