All these choices, and we’ve barely scratched the surface of possibilities. Choosing the perfect condo comes down to affordability and lifestyle, and unless you’ve worked through the delicate equation of much you want to spend vs. the kind of life you live (or want to live) your search for the perfect address could take a very long time. The Calgary condo market is vast, and with all its various extensions and permutations (high rise, low rise, apartment, town home, villa, downtown, midtown, beltline…the list goes on) it is a market that has finally carved a stronghold for itself in a city that has long been dominated by single-family homes.

Over the last decade, multi-family unit construction starts have increased an impressive 29 per cent in Calgary, from 1,698 in the year 1994 to a whopping 5,775 by 2004. Although the market experienced a minor cooling trend in the 18 months prior to August 2005, experts agree that starts and absorptions (industry talk for purchases) will maintain current levels of activity and enjoy growth over the long term – a trend that can largely be attributed to a steady influx of new Calgarians. “In migration has a lot to do with the growing popularity of multi-family developments,” says Richard Corriveau, Senior Market Analyst at CMHC. “You have a lot of new people coming to the city from all over country. Not all of them can afford to enter the real estate market in single-family homes, and many of them prefer not too.”

Indeed, the price variance and locations of both new and existing developments provide plenty of leeway for cost sensitive and lifestyle driven buyers alike. While there is a definite demand for suburban apartment-style units, the hotspot among buyers these days is the beltline/downtown district, running from about 24th Avenue to Eau Claire between 14th Street and Macleod Trail. “These are lifestyle driven purchases,” explains Corriveau.

“These buyers want to be close to work and the places their friends and co-workers frequent. With Calgary’s growing size, living centrally has great appeal for many people.” The numbers prove it: forty percent of all units currently under construction in Calgary are in the central sector. “For ownership units, that’s an all time record,” says Corriveau. But high demand breeds higher prices. Among the twenty-plus developments currently selling or on the verge of presale in the area, most hover around $300 per square foot – and that’s just the average.

By contrast, buyers who are willing to make the commute and live amid the peace and quiet of Calgary’s suburbs are able to pay considerably less. Average price in the far reaches of the city ranges from approximately $119,900 to $160,000 depending on the type of unit purchased.

Of course, these are broad generalizations; trying to encapsulate the Calgary condo market is tantamount to shoving a size 10 foot into a size 6 shoe. “Diversity is the only commonality in today’s condo market,” says Kendra Milne, Marketing Coordinator for Streetside Development Corporation. “There really is a product to suit everyone, and the demographic of buyers is as broad as the offerings themselves.”

Quite true: nowadays, everyone from empty nesters to young professionals is a potential buyer, and there’s no telling who will buy where – although developers are quite adept at making predictions. “There are trends, definitely,” says Milne. “Villa developments away from the core tend to be the choice of mature buyers; semi-retired couples or empty nesters who are looking to downsize, for example. Whereas apartment-style developments tend to appeal to young couples and other first time buyers.”

No matter who the buyer may be, however, there are certain features all potential owners are apt to look for. “Beyond location, buyers are more than ever conscious of added value,” says Milne. “Things like ensuite laundry and underground parking have become standard. On site exercise equipment, quality finishings, views – those kind of things have become every bit as important as location.” Certainly, while living centrally has its advantages, the growing number of suburban developments is irrefutable evidence that many buyers look beyond the trends to find their ideal home. “Many suburban buyers simply want to stay in the neighbourhoods they know and love,” explains Milne.

While new units typically take the forefront in buyers’ minds, resale units are an equally hot commodity. “The possession date can by anywhere from 12 to 18 months for a new unit,” says Calvin Buss, President, Millennium Realty. “That can be a long time to wait. Buying a previously owned condo averts that inconvenience. You just move in, and you’re bound to pay less than you would for something brand new.” Average resale periods vary depending on location, with the fastest sellers being midtown high rise units.

Still, there are those who would rather rent than own. “I’ve seen developments where 20 to 25 per cent of ownership was strictly for investment,” says Buss. “There are buyers who go in at the presale stage just to flip the property at the point of completion to make a profit, and others who rent to people that want all the benefits of a condo lifestyle without any of the responsibility. Not everybody wants to buy, and in this market, they don’t have to. There’s always the option to leave the ‘fixing things’ to someone else.”

While the range of multi-family offerings in Calgary may appear to cover the needs of every buyer, there is one market segment that has been virtually overlooked: the family market. “It’s an area that hasn’t been explored by our industry to the extent that is should be,” says Brad Milne, Vice President and General Council at Statesman Corporation. “It’s the next step. Town homes attract some families, but there’s no reason why you couldn’t have an apartment style condominium with facilities that cater specifically to children. I think it would be fantastic, and I think it will come.”

With the price of land continually on the rise, multi-family developments are almost certain to become more commonplace, even in outlying suburbs. Milne predicts a future shift in the approach these kinds of developments will take. “I think you’re going to see more mixed-use projects, where you get that commercial element,” he says. “You’ll have the amenities within walking distance which encourages people to leave their vehicles where they are. The idea is to create neighbourhoods where people interact, and simultaneously address the city’s densification issue.”

Looking forward, the feeling for Calgary’s condo market is very positive. “There are no wild fluctuations on the horizon,” says Richard Corriveau of CMHC. “The market is stable and interests rates are expected to stay favorable, at least in the foreseeable future.”