Condominiums in Calgary's Beltline
During the past decade, many cities in Canada experienced the doubling or tripling of housing values. Affordable housing is now the hot button topic as home ownership becomes only a remote dream for many. It has been a different story for Calgary.

It has been almost 10 years since the collapse of the world energy markets, deeply impacting the Alberta economy. Calgary's housing and downtown office markets were devastated. In the interim we have endured the high and lows from the COVID-19 pandemic, followed by subsequent sharp increases to inflation and interest rates.

The apartment condominium market in the Beltline has been slow to recover from the highs of 2014, when property prices peaked and supply was limited. Ten years later, listing supply has contracted sharply with just over a month of inventory. However, prices are just starting to climb back to the peak of a decade ago.

In April 2023, the benchmark price for an apartment condo in the city centre was $329,700.The takeaway is apartment condominiums in Calgary's vibrant Beltline Community offer extremely good value with potential upside. Even better, Alberta has no land transfer fees, vacancy taxes or rent controls. As a Certified Condominium Specialist® and inner city resident for 20 years, I would be pleased to discuss your next steps to buying or selling a condo.

Not a Typical Spring

The message "Alberta is Calling" has been heard loud and clear.  A net increase of 41,124 people coming to the province in the last quarter of 2022 is putting pressure on the inventory of housing available.  The spring season is when the highest number of listings typically come to the market.  However, as May begins, there is just over a one month supply of listings .  In April, the benchmark price for a detached house in Calgary hit a new high of $661, 900. 

In the spring 2023 Housing Market Outlook, CMHC notes "continued strength in the energy sector will support demand for housing in Calgary". However, it is expected that the city's housing sales volumes will moderate from 2022, but "the demand for housing in 2024 and 2025 will be sustained from "interprovincial and international migration".  Finally "affordability in the rental market will decline as vacancies continue to decrease and rents continue to rise."  If you are considering a property sale or purchase, contact me for a conversation about your next move.  

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