For those looking to buy a home, there are many options available. As the value of single-family houses rebound in Calgary, Alberta, the assessed value of condos has gone down in the city. These trends may influence those who are looking to purchase residential real estate in the area.
According to assessment notices mailed to property owners by the City of Calgary, the median assessed value of a condominium in the Alberta City for 2018 is down $10,000 compared to last year. This is the third year these values have declined from the peak median value of $290,000 in 2015. Other types of residential real estate saw a dip due to economic issues following 2015; though, unlike condominiums, the value of stand-alone homes increased between 2016 and 2017.
There are a few possible reasons that the median value of condos continues to drop. One is an increasing level of supply due to new construction. The Calgary Real Estate board says that these new units are having an impact on pricing. Currently, there are 116,036 taxable residential condos in Calgary compared to 111,198 at the beginning of 2017 and 108,016 in 2016.
New construction is one of the many things that can impact the value of residential real estate. Those looking to buy or sell property in Alberta should be aware of how these issues may affect their purchase as well as what laws are involved in buying or selling property. Those looking to purchase or sell property in Alberta should find a lawyer who can help with the many legal issues involved.
Source: Calgary Herald, "Condo assessments drop in Calgary as supply outpaced demand", James Wood, Jan. 4, 2018