People looking to purchase Calgary condos in the downtown area should hurry, unless they want to lose out on their dream unit to someone else. According to a report from 660 News, the demand for downtown condos is making the local real estate market sizzle:
Calgary ranks as the top real estate market in the country, in a new report on the urbanization of property investment in Canada.
The Emerging Trends in Real Estate report for PWC and the Urban Land Institute says the exodus of people from the suburbs to the inner city isn’t just a trend anymore, it’s the ’new normal’.
PWC Calgary Partner, Ian Gunn, tells 660News, a lot more people are choosing to live closer to where they work, to avoid commuter gridlock.
The study conducted by the Urban Land Institute and PWC also showed that the driving force behind this “new normal” are young families and millennials. This shouldn’t be much of a surprise as the Calgary economy is booming, which translates to more jobs becoming available.
If you are currently looking for a place to call your own in the sprawling city of Calgary, take note that the high demand for condos can make the search quite difficult. Therefore, millennials should prepare themselves accordingly. With that in mind, here is a quick guide to buying condos in downtown Calgary:
Get Your Finances in Order
First of all, you’ll want to get your finances in order, starting with your credit score. You can easily request a free copy of your credit score once a year from Equifax or TransUnion. This should always be done as early as possible to give yourself time to fix any problems you may find.
Second, you should seek pre-approval for a mortgage if you require financing. By being pre-approved for a mortgage, sellers are more inclined to entertain your offers as you will be able to pay faster than a person who has only secured pre-qualification.
Hire an Experienced Realtor®
As much as possible, work with a trusted Calgary Realtor®, like Christine Ordze, with experience in handling downtown real estate. A Realtor® understands the unique setting of downtown properties, making it easier to find the best properties for you. Similarly, providing a detailed a description on your wants and needs also speeds up your search, a significant advantage when buying in hot real estate markets.
(Source: Calgary’s ‘urbanization’ is here to stay; 660 News; October 28, 2014)