Over the past several weeks I have visited many of the new condominium towers that are currently being marketed in the Calgary area. Calgary is seeing a boom in high rise condominiums that will be constructed in the next 3 -5 years. As many as 2500 new condo units are slated to be constructed in the inner city alone. Many of these new towers are already boasting, even before construction has started, a record number of pre-sales.
For a condominium buyer, selection of new product has never been better! Most upcoming buildings offer prospective buyers several show suites to view, showcasing extremely attractive features and amenities. A new condo can also offer a wide range of customized options that can be upgraded to complement each buyer’s individual style and taste.
After choosing your new condo don’t let the excitement wear off as you will need to be prepared to wait. If building construction hasn’t started yet, it may be up to 36 months until you take possession of your dream condo. As the pre-sales attest to, people are more than willing to endure the delay. Also, on a positive note in most cases waiting up to 36 months to take possession may allow for your property to increase in value.
Another reason for buyer’s patience is the current state of the resale condo market. With Calgary’s economic prosperity, more and more people are moving here and not many are leaving. This has put pressure on the resale market. Not many listings are coming on the market and when they do, they don’t last long! It is not unusual to have multiple offers on properties these days.
Buying at today’s prices, buyers are looking to see their units appreciate in price even before they take possession. The way housing prices in Calgary have performed over the past 3 years, this is a fairly safe assumption! Keeping in mind investors are thinking the same way and many of the pre-sales in these new towers are investor purchases.
When it comes time to move in, you may want to have the majority of your neighbours owning their units, rather than renting them. Ask informed questions of the sales people at the time you purchase to avoid surprises once you move in. A professional real estate agent can go a long way to ensure your condo investment is sound on many fronts.