Real Estate

Pandemic condo purchase in Calgary jumps in value by $73,000 in 18 months

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211 13 Ave. S.E., No. 1706, Calgary

Asking price: $425,000 (April, 2023)

Selling price: $416,000 (April, 2023)

Previous selling price: $343,000 (November, 2021)

Taxes: $2,448 (2022)

Days on the market: 17

Listing agent: Kamil Lalji, CIR Realty

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The 914-square-foot unit has six appliances, plenty of counter space and a wide balcony off the kitchen.Rimy Reehal/Handout

The action

In a 13-year-old high-rise in Calgary’s downtown core, units sold in an average of 30 days this spring, yet this two-bedroom corner suite received an offer of $416,000 in about half that time.

“There were about three of them [listed] at the time: two were around $475,000 and one was $450,000,” said agent Kamil Lalji.

“This sold in about two weeks, but there are a lot of units in that building that never end up selling because they are overpriced, since sellers are just trying to recover what they initially paid.”

These sellers brought in $73,000 more than they paid the unit 18 months ago.

“[Almost] no one wanted to buy anything during COVID, then all of a sudden, Calgary and condos became cool again, which is different and very unique for our market,” said Mr. Lalji.

“As detached and attached housing rose in price and there’s an influx of people in the city, condos are affordable options.

He said an even bigger factor may have been the city’s skyrocketing rental rates.

“A lot of tenants have said they’ve had enough, so they’re going to buy something so no landlord can ever raise their rent again or kick them out.”

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The corner unit has expansive views of downtown Calgary.Rimy Reehal/Handout

What they got

This 914-square-foot unit is flooded with sunlight with nearly wall-to-wall windows in the living room and both bedrooms, as well a wide balcony off the kitchen.

The unit includes two full bathrooms and six appliances. Parking and a locker complete the package.

Monthly fees of $608 covers heating, water, concierge and recreational facilities.

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The two-bedroom corner suite sold for $9,000 under asking, but still brought a substantial premium over the previous purchase price.Rimy Reehal/Handout

The agent’s take

“It’s a nice corner unit with a nice layout,” said Mr. Lalji.

“You have windows on the east and north side with nice Calgary Tower and city views, and you could see the fireworks and all the action at Stampede.”