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Originally Posted by stampsx2
What’s everyone’s take on where condo prices are going in the next ten years? The frustrating part is that they have been flat for the last decade while single family homes keep increasing. I fear that the gap between condos and single family homes will just keep getting bigger.
Personally i blame the city for building up and mandating stopping sprawl ten years ago. I think we are seeing the effects now with a single family home supply shortage.
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I see them going up. As people get pushed out of detached housing they look for alternatives, and there's a trickle down effect. The days of working class people being able to afford detached homes is long over in Vancouver, Victoria, Kelowna, the greater Toronto area, etc... And Calgary is likely part of what next wave, if it isn't happened already.
Plus we're seeing demographic and lifestyle changes. People without kids don't need houses. If I didn't have kids I'd probably opt for a modern condo, with everything taken care of vs living in a house that requires maintenance, yard work, etc...
An issue with Calgary's condo scene specifically is that there isn't that much benefit to living right in the core in Calgary, as the social scene there is weak. Calgary also has a lot more land that they could still freely develop towers on, so that's going to affect supply issues.