Calgary Home Buyers Leaning Towards Smaller Properties

Posted by Alan Zunec on Thursday, June 2nd, 2011 at 10:42am.

The fact that there are buyers out looking for homes is one sign that Calgary is emerging from the recent recession. But the needs, and wants, of those buyers appears to be changing somewhat. The opinion that smaller may be better is catching on because more and more people are being drawn to the condo and multi-unit housing markets.

Tim Logel, a longtime player in the home building industry, is just one to notice that trend. He is president and part owner of Cardel Lifestyles, a firm that has five multi-family projects underway in the Calgary area, all in varying stages of development. One, Panorama West, located in Gentar’s Panorama Hills, just held their grand opening. Rather than the usual 100 interested parties looking at the four model condos in the past month, there were more than 600. That is good news for a development that will eventually have four buildings and 288 units.

It is also a promising sign for the firm’s four other projects, which include Riverside Townhomes in the Chaparral Valley, McKenzie Town’s Prestwick Place, Cranston Place and the Lighthouse Landing project in Country Hills.

The increased interest in condos is also evident in the sales, which for the first quarter of 2011 numbered 776. Compare this to the 333 sold during that same time period last year. Multi-family home starts are also ahead of last year, numbering 921 this year and 900 for the first four months of 2010.

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