The Calgary condo market is seeing a downturn in prices, with row houses down six percent to $422,800 and apartment-style units down nine percent to $300,375, according to the Calgary Real Estate Board. Increased inventory and slow sales have created a buyer's market, particularly for first-time homebuyers.
However, experts caution that falling prices may be offset by rising condo fees and special assessments. Condo fees in Alberta average 50 cents to $1 per square foot, but older buildings facing major repairs like roof replacements or balcony waterproofing can trigger special assessments costing owners thousands of dollars.
Condo document reviewer Keowna Furuness says the trend is increasing due to "COVID catch-up" and inflation. Developers like Shameer Gaidhar note that new buildings are setting higher initial fees to avoid future surprises. Realtor Anna Kaufman advises buyers to factor these costs into their budgets, emphasizing that awareness is key to avoiding unaffordable properties.