that more than 60 per cent of condo units in Calgary’s central neighbourhoods were rented out by investors –the largest share in Canada.
Indeed, seeking more space in the face of lifestyle changes, Calgarians usually live in a condo for up to seven years, Ms. Ku says, but in Calgary’s boom-and-bust economy, this often means condo owners have to choose between selling at a loss or holding on to their property until the market shifts – and many choose the latter.
“We want a space where we can have our family visit and feel comfortable, and for us to be comfortable in our own space,” she says. “So that got us thinking we need[ed] to stretch our wings and leave the downtown to find something with at least another bedroom.” Having purchased the Beltline condo in the summer of 2015, when condo prices were starting their steep decline, Mr. Meier decided to hold on to the property instead of selling at a loss when he and his wife moved out in 2021. “[We’re] waiting for the market to turn around a bit more in terms of the value of properties in the condo market,” he says.
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