The real estate market has experienced explosive development with double digit price increases over the last two years from one side of Canada to the other. Many first-time buyers are experiencing the frustration of continually losing properties to opaque bidding battles or being priced completely out of the market due to inflationary pressures. Despite the difficulties of the current real estate market, some astute investors have focused on secondary markets in secondary cities and turned to townhomes as investment opportunities rather than single-family homes.
With the help of this straightforward approach, both investors and prospective homeowners are able to access the real estate market much sooner and either secure a home for their family or expand their real estate investment portfolios. Purchasing a townhome in SE Calgary, whether for habitation or as an investment, could put you on the road to a stable financial future.
The typical cost of a home has reportedly surpassed $1 million in Toronto and Vancouver, according to the Canadian Real Estate Association. Young people and new Canadians move to these cities in the greatest numbers because of the exciting nightlife, diverse cultures, and employment possibilities.
Even in Ottawa and Montreal, the typical cost of a home has climbed to $3.5 million. Potential homeowners and real estate investors are being discouraged from stepping onto the property ladder by these costs and the lack of available inventory. Housing costs in Calgary, a multicultural metropolis bursting with opportunity, can be up to 50% less expensive than those in Canada's major markets.Those choosing to engage in real estate in Calgary will move into their dream homes years sooner than they had anticipated. You'll see that townhomes in this area make excellent investments.
We can use the same approach to investing in Calgary as we did to investing across the nation now that we have discovered a secondary market with all the opportunities of some of the bigger centres. While housing costs in many of Calgary's most desirable neighbourhoods run from $600,000 to $700,000, other parts of the city are considerably less expensive. Several communities in SE Calgary offer a secure, family-friendly atmosphere with great value growth potential.
The fantasy of owning the best home in the best neighbourhood drives us to scroll through listing after listing in search of the overlooked gem that never appears.
Others who have taken a more practical approach to the situation have evaluated it and concluded that a single-family home in the heart of Canada's largest metropolis may be out of reach for an increasing number of Canadians. Townhome investors in these smaller cities and in these developing neighbourhoods have established themselves as significant players in the estate market.
While many others wait and keep saving for the ideal home in the ideal location, they risk having their dreams of home ownership slip out of their grasp while those who have invested in a townhome in SE Calgary are already benefiting from capital growth and sleeping peacefully in their own home.
Top 5 Reasons to Purchase a Townhouse in Calgary
Calgary Condo Townhouse Purchasing a townhouse is the best option for you if you are prepared to make the move and purchase your first home for sale in Calgary but feel that the duties and upkeep that go along with a single-family home are simply too much for you. Townhouses have multiple stories, designated parking spaces or garages, are more prevalent in urban areas, are typically constructed on smaller lots of land, and share one or two shared walls.
Townhomes are typically condominiums, where a volunteer condo board establishes the rules for the neighbourhood and a professional property management company is in charge of upkeep of the exterior and common areas. Each homeowner is a member of the condominium and contributes to its upkeep through a monthly or annual condo fee. To persuade you even more, here are five reasons you should think about purchasing a condo in Calgary:
Five Motives for Purchasing a Townhouse in Calgary
1. Reduced Responsibility:
Although you share some ownership of the property when you own a townhouse, you are not exclusively in charge of taking care of things like roof repairs, landscaping, window and garage door repairs, snow removal, or rubbish collection.
2. Increased Neighbourhood Safety:
Having neighbours near by gives you the assurance that they will keep an eye out for and report any unusual activity or noise in the complex. Additionally, townhouse communities are frequently well-lit, and some include a security barrier. A house in a secure neighbourhood is much more desirable to both potential buyers and the present residents.
3. Lower Condo Fees:
Due to the fact that owners of high-rise condo apartments frequently have access to amenities and communal areas like workout facilities, bike storage, etc., townhouses have lower condo fees than condo apartments. Even so, some townhome developments do offer amenities like tennis fields, swimming pools, etc.
4. Lower Utility Costs:
Since the shared walls help to avoid heat loss, townhome owners typically experience lower utility costs.
5. More Privacy:
Contrary to popular belief, a townhouse typically offers more privacy than a single-family residence. This can vary depending on the builder. Townhomes share walls, but having quality construction and insulation makes a big difference.
Townhouses provide more seclusion when compared to condo apartment buildings because there are far fewer neighbours and no one above or below you.