How to find condos for sale in Calgary under $300,000
The condo apartment market in Calgary was on a downward trend from 2015 to 2020. This provided an excellent opportunity to get into the market.
Since mid-2020, Calgary apartment prices have jumped in value. The HPI Benchmark Metro Calgary price rose from $241,000 in June 2020 to $306,000 in July 2023 - a 27% increase over two years.
The number of condo purchases has seen a boom in 2023, higher than any previous year. In contrast, house purchases were lower in 2023 than in 2021 and 2022.
Condo apartment prices in Calgary have risen more consistently over the past three years than in the rest of Canada. Still, Metro Calgary’s condo affordability is better than any other major Canadian city.
Given the popularity of condos in Calgary, how can I get one?
This is a buyer's guide to condos for sale in Calgary under $300,000. We will cover everything from where to find these condos to what to look for when making an offer.
Where to find condos for sale under $300,000
You can find condos for sale under $300,000 in Calgary in several different places. Here are a few of the best areas to look at:
The Benchmark price is based on the typical apartment in the area. A typical home has features that are common within a particular community. The typical or average home is identified through various characteristics, including square footage, number of bedrooms, and number of bathrooms.
The typical apartment in downtown Calgary is a one-bedroom plus den and one bathroom.
How to find the right property
Sometimes, people feel they are being manipulated by real estate agents who play the “Goldilocks” three-tier pricing game.
They show you an awful affordable home even though they know you wouldn’t buy it.
Then, a dream home that is above your price range, and you couldn’t buy it if you wanted to.
Finally, they show you a home that completely exhausts your budget and is perfectly acceptable.
Given those three choices, you quickly decide to take the third home.
But what if five homes in the area are similar to the third option? If the agent told you about them, you would want to view them all, making your decision more difficult. However, while this selection of homes might take more effort, it could result in you getting more value for your money.
Here are some tools you can use to ensure the real estate agent is presenting you with all the options.
Ask an AI Tool
Ask an AI like Bing or ChatGTP-4 that has access to the internet. We tested Bing with a search, and it brought back some results. The benefit of the AI is you can copy-paste the list into a Word document or Excel spreadsheet and add comments next to each address. With searches of listings online, you would have to copy each property one at a time into your tracking document.
Here is a test we ran using Bing AI. While it didn’t follow our instructions perfectly, it provided the results in a matter of seconds. You can continue to ask for more refined answers, too. Over time, an AI can comb through listings to provide an optimised shortlist faster than any human.
Manual Search of Realtor.ca
Several real estate websites list condos for sale in Calgary. Realtor.ca is the only impartial source. Popular sites like Zoocasa and Zolo are intended to drive you toward signing up with one of their affiliated real estate agents. Most listing sites have the same information as Realtor.ca. The real estate agent takes the same property profile and posts it to multiple sites.
Talk to a local real estate agent
Real estate agents can also help you find condos for sale under $300,000. They have access to listings that are not always available to the public, or they might be aware of properties that are being prepared for a listing so you can get early access. You should have your own real estate agent to complete a purchase, so you might as well find one you like early in the journey.
A local agent who specialises in apartment sales should have good knowledge of the condition of local buildings, the political pulse of building condo boards, which buildings are dominated by landlord owners who might want to perform minimal maintenance, and which buildings are owner-occupied and are getting more TLC.
What to look for when buying a condo under $300,000
When buying a condo under $300,000, there are a few things you should keep in mind:
Location: Location is always important when buying a home, but it is especially important when buying a condo. Condos in desirable locations tend to appreciate in value faster than condos in less desirable locations.
Size: Condos under $300,000 are typically smaller than more expensive condos. If you have a family, you may need to consider a two-bedroom condo or a one bedroom condo with a den. If your priority is living space, then focus on Calgary East and Northeast.
Amenities: Condos with amenities, such as a pool, gym, or parking, tend to be more expensive. However, these amenities can be of great value if you use them often. Buildings with gyms and pools typically have higher monthly maintenance fees, so compare the difference in maintenance fees to the cost of a monthly gym membership nearby. Ideally, you only want to pay for amenities that you will use and get value from.
Condition: The condition of the condo is also important. Assuming the monthly maintenance fees are equal, condos that are well-maintained tend to sell for more money than condos that are not well-maintained. Review the homeowners association or condo board meeting minutes, their reserve funds, and the depreciation report (if one is available).
Owners Association/Corporation fees: Condos have condominium corporation or homeowners association fees that cover the cost of common areas, routine maintenance, setting aside a reserve for major repairs, and amenities. Fees can vary depending on the condo building ownership, the amenities, and the size of common spaces.
Making an offer on a condo under $300,000
When making an offer on a condo under $300,000, it is important to be prepared. Here are a few tips:
Do your research: Before making an offer, be sure to research the condo market in the area. This will help you determine a fair offer price for the condo.
Get pre-approved for a mortgage: Getting pre-approved for a mortgage will show the seller that you are serious about buying the condo. Typically, a real estate agent will want you to be pre-approved before you begin viewing properties.
Be prepared to walk away: An accepted offer is not an automatic win. Before making an offer, determine the maximum you would be willing to offer. Keep it to yourself. This shouldn’t be your first offer price, it is a line in the sand beyond which you commit not to negotiate.
Make a competitive offer: Be prepared to make a competitive offer. This will increase your chances of having your offer accepted. Your first offer should not be your best offer. Most sellers expect to negotiate, and some can be offended if you refuse to negotiate. Leave yourself some wiggle room.
Be prepared to negotiate: The seller may not accept your first offer. Be prepared to negotiate on price, closing date, or other terms of the sale. You are negotiating a fair price for the property. If the seller insists their home is worth more than you think it is, and you are correct, that means you can walk away and find a better deal buying from someone else in the area.
Buying a condo under $300,000 can be a great way to get into the Calgary housing market. There are a number of great options available, and with a little bit of research, you can find the perfect condo for your needs.
