Home ownership has changed in the past 5 years in Calgary and area. Townhome sales have increased to make up 17% of all sales. A wide variety of people are buying townhomes today as it is a good choice for first time buyers, those that wish to downsize and also those trying to reduce costs. Builders are coming up with a variety of great new floor plans to suit all types of buyers, be it empty nesters, professional individuals or young families. In the first quarter (Q1) of 2024 detached homes made up 44% of sales whereas 5 years ago 61% of Calgary residents could afford a detached home, Townhome ownership went from 13% to 17% of all buyers and apartments made up a whopping 30% compared to just 15% 5 years ago. Apartment living is actually the big story with the average price only increasing from $285,000 5 years ago to $337,000 today. Whereas Townhomes have increased from $300,000 to $465,000. Increased costs to live today have forced many to make some big lifestyle changes. However, it's all relative. Calgary is still a very affordable big Canadian city to live in. Be thankful a newer duplex or townhome isn't costing you $1 to 2 million+ like in Vancouver or Toronto.
If you are looking at buying or selling, be it new or preowned, make sure to contact me as I can help you navigate the world of the resale environment and also new home builder sales and make sure you get the best location and value possible.