Interesting statistics are coming out of a research paper put together by TD Canada Trust recently. According to their research, 40% of Alberta home buyers purchasing a property for the first time are doing it on their own. The nationwide percentage sits at 43%.
According to Jessy Bilodeau, a TD Canada Trust specialist for mobile mortgages, young professionals are motivated by low interest rates and are purchasing a condo.
In Calgary, condos offer more affordability for first-time purchasers. The average price for an apartment condo in Calgary between September 1st and the 19th was $280,854 while the cost of a home purchase was $466,722.
Further statistics also show that 55% of men purchase their first home without a co-purchaser, compared to 31% of women. Stats Can released figures this week showing that between 2006 - 2011 the amount of households containing only one person increased 10.4%, which accounts for 27.6% of the overall total. This is the first time that households containing only one person exceeded the amount of households with couples having children under the age of 24.
With these interesting statistics showing up it's understandable why Calgary's condo boom is set to explode. With more households containing one or two people only, condos make a perfect fit. An apartment condo offers more options for singles and young couples without children and is much more affordable than a family home.
This will make the forecast for Calgary real estate all the more interesting in future years as singles and couples that have purchased these condos decide to upgrade to a single-family home. It wouldn't be surprising to see a scramble for single-family residences in the upcoming 5 years.
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