Choosing between a condo and a house in Calgary is more than just a matter of personal preference; it’s a decision influenced by a variety of factors such as affordability, lifestyle, and long-term investment goals. As Calgary’s real estate market continues to thrive, thanks in part to its increasingly diversified economy, the question of “condo or house?” becomes even more pertinent.
The Calgary Real Estate Landscape
One of the most significant shifts in Calgary’s market in recent years has been the city’s move toward economic diversification.
While Calgary was once heavily reliant on the oil and gas sector, it is now embracing a broader range of industries, including technology, healthcare, and renewable energy. This diversification has had a ripple effect on the real estate market, making the city an increasingly attractive option for both homeowners and investors.
Affordability is another factor that sets Calgary apart. Unlike cities such as Toronto and Vancouver, where skyrocketing prices have made homeownership a distant dream for many, Calgary offers a more attainable entry point into the real estate market.
Jesse Davies, a prolific Calgary-based Realtor and head of the Jesse Davies Team, weighs in: “Calgary’s shift towards economic diversification has been a game-changer for the real estate market. As we see the city broaden its industry focus, it’s creating a more stable and appealing environment for both homeowners and investors. Affordability remains another strong point. Here, you’ll find a range of options, from starter homes to luxury condos, catering to a diverse demographic of buyers. But beyond the price tag, Calgary offers an exceptional quality of life. The natural beauty, active lifestyle options, and strong sense of community add an invaluable layer to any real estate investment.”
Affordability
Condo
When it comes to affordability, condos often emerge as the more budget-friendly option, especially for first-time buyers or those looking to downsize.
The average condo price in Calgary is generally lower than that of a single-family home, making it easier to enter the real estate market. Additionally, condos usually require a smaller down payment, which can be a significant advantage for buyers who haven’t amassed a large savings fund. However, it’s essential to factor in monthly condo fees, which can sometimes offset the initial cost advantages.
House
On the flip side, houses in Calgary, although more expensive up front, come with the added benefit of land ownership. This provides more space for families and offers the potential for future property value appreciation. Houses also tend to have a better resale value compared to condos, making them a more secure long-term investment. While the down payment and maintenance costs are higher, the potential for building equity over time can make it a worthwhile investment.
Location and Lifestyle
Condo
In Calgary, condos are often strategically located in bustling downtown areas or near key transit hubs, offering easy access to work, entertainment, and amenities. This is particularly beneficial for those who value an urban lifestyle, close to cultural venues like the Calgary Tower, the Arts Commons, or the numerous festivals that the city hosts. Proximity to the C-Train and bus lines also makes commuting more convenient, reducing the need for a car and the associated costs.
House
Houses in Calgary are generally found in more suburban or residential areas, offering a different kind of lifestyle. These locations provide more space, quieter surroundings, and the added benefit of being close to schools and community centers. However, living in these areas usually requires owning a vehicle, as public transit options may be less frequent or convenient compared to downtown locations.
Commenting on the lifestyle choices available in Calgary, Jesse Davies observes: “Whether you’re drawn to the vibrant energy of downtown condos or the serene landscapes surrounding suburban homes, Calgary offers a lifestyle choice for everyone. Condos provide the convenience of urban living right at the heart of culture and transit, while houses offer a tranquil setting, often close to nature and family amenities. Your choice between the two will not just be a real estate decision, but a lifestyle decision. In Calgary, location is more than a geographical point; it’s a blueprint for the life you wish to lead.”
Investment Potential
Condo
Investing in a condo in Calgary can be a strategic move, especially given the city’s economic diversification and growing job market in sectors like technology and healthcare.
Condos often have a lower entry cost, making them accessible for first-time investors. However, it’s important to consider the resale value, which can be influenced by factors like building amenities, location, and condo fees. While condos generally offer a good return on investment, especially in popular areas, they may be harder to resell compared to houses due to market saturation or specific condo rules.
House
Houses in Calgary offer a different kind of investment potential. The initial cost is higher, but houses often appreciate in value more consistently, particularly if they are in sought-after neighborhoods. The added benefit of land ownership can also contribute to a higher resale value. Moreover, the option to rent out a basement or a room provides an additional income stream, making it a more flexible investment. Given Calgary’s focus on community development and its appeal as a place to live, houses here are often considered a more stable long-term investment.
Conclusion
As one of the most dynamic and exciting real estate markets in Canada, there really isn’t a bad choice when it comes to investing in a condo or a house. It all comes down to your personal needs.
Offering his expert perspective, Jesse Davies states: “The Calgary real estate market is as diverse as the people who call this city home. Whether you’re leaning towards the low-maintenance appeal of a condo or the expansive freedom that comes with a house, each option presents its own set of financial and lifestyle considerations. The key is to align your choice with your long-term goals and current circumstances. In Calgary, whether you’re investing in a property or a lifestyle, you’re making a decision that will shape your future.”
The right choice ultimately hinges on your individual circumstances, including your financial situation, lifestyle preferences, and long-term goals. Working with a specialized Realtor can provide invaluable insights and guidance, helping you navigate Calgary’s complex real estate market to make an informed decision. Whether you opt for the urban lifestyle of a condo or the spacious environment of a house, each has its own set of advantages and drawbacks that will shape your experience of living in this vibrant city.
If you’re looking for experienced and knowledgeable Realtors deeply connected to the Calgary real estate scene, you can connect with Jesse Davies and the Jesse Davies Team.
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
