While home prices in Calgary continue to skyrocket, condo demand in the city seems to be outpacing other property types, with some buildings being more affordable than others.
A recent report found home prices in the city are a whopping $50,000 higher than last year, with the current benchmark price for a single-family home in Calgary sitting at $679,500.
The same report found condo prices were almost half that price at $350,700, but the year-over-year increase was higher, up 15% from last year.
If those numbers feel out of reach to you, the latest analysis from the digital real estate platform Wahi found which condo buildings in Calgary have the lowest condo fees, and their median sold prices are far below average market prices.
Wahi
The analysis found condo fees ranging from $191 to $265 for units ranging in price from $78,500 to $346,000.
“For homebuyers who are considering buying a condo, maintenance fees are an important factor to consider when figuring out their budgets,” says Wahi CEO Benjy Katchen.
“At the top end of the market, maintenance fees can add from $2,000 to north of $4,000 to monthly expenses.”
A variety of factors contribute to overall condo fees, including the size of a unit and encompass building insurance, maintenance of common elements, amenities and some utilities.
Older buildings are also more likely to have higher condo fees because of more frequent repairs, and as an added plus, they sometimes have larger units.
To the surprise of some locals, all of the condos with lower fees were in the city’s west, with some located in trendy areas like Kensington and Mission.