In a real estate market that is at a steady simmer throughout the Edmonton region, St. Albert’s condo market is taking it up to a rolling boil.
In Edmonton, with a greater selection of old and new apartment-style condominiums, duplexes and rowhouses, forecasters say it’s “steady as she goes” with modest increases in prices and sales volume predicted in 2014 over the past year. There, condo sales now make up nearly 30 per cent of total sales, as first time buyers enter the market or baby boomers downsize in favour of a maintenance-free condo lifestyle – no show to shovel or grass to cut.
“There has been a shortage of lower-priced homes all year, which has pushed value conscious buyers up-market or into condos,” said Realtors Association of Edmonton president Greg Steele.
The reasons for buying a condo may be the same in St. Albert, but prices are a bit higher here too, averaging $264,000 compared to $241,000 in Edmonton. Condos, duplexes and townhouses account for less of the market here too, at 24 per cent of sales in 2013, or 278 units, compared to 872 single family homes that sold.
“Single family homes are more popular here, but there’s still a desire for apartment-style condos, and a definite need for townhouses and half-duplexes. Because many condos are just for adults, it’s the all-age, family-friendly condos that are lacking,” said Ryan Boser, associate broker with Sarasota Realty. “Up to now, especially for first-time buyers, Edmonton has often been a more affordable option.”
Sarasota is addressing the lack of family-friendly condos with a planned development in North Ridge called Avions. The 28, two and three-bedroom half-duplexes with tandem garages and three-storeys of space, will be priced in the $330,000 to $340,000 range and are geared to all, from young couples with children to empty-nesters looking to downsize, but who still may want a yard and to be in a diverse neighbourhood.
There’s also anticipation for Botanica, an adult condo complex along the Sturgeon River on the former site of Hole’s Greenhouses. The open-concept, luxury condos, some 290 suites in total, will feature concrete construction, high ceilings, oversized windows and luxury finishes (hardwood floors, quartz countertops, private balconies).
Botanica sales associate Dan Lepine said 40 units have already been snapped up in the 116-unit phase 1 of the complex, set to open in mid to late 2015.
“People love the suites – being on the river – and the on-site commercial development. They want to get in and enjoy the view and amenities,” Lepine said.
Condo buyers do have to be aware of different bylaws and insurance needs than that for single family homes. Owners need only buy contents insurance –condo fees cover the extra insurance for the entire building. And buyers are advised of restrictions upon purchase – common ones relate to age, pets, decorating of balconies, use of common property and renovations to the unit.
“Single family homes typically give homeowners more control – more freedom – but certain areas also have architectural controls – types of shingles, colour of home and fence, and landscaping requirements,” said Boser. “It really depends on affordability, and what lifestyle you’re after. There’s definite freedoms that come with condo ownership too.”
