Condo buyers looking for essentials, not luxuries

An increasing number of condo buyers are choosing developments that are positioned near “practical” amenities and not fancy cafés and bars.

Forget the nail bars and high-end coffee offerings. If investors plan to re-sell their downtown condo unit, they need to start picking developments that have or plan to provide grocery outlets.

That is the situation in Calgary where developers are trying to meet the growing demand for larger grocery chains, and not just small convenience stores. Proposals for six new supermarkets in the core have been submitted across a number of condo-dense areas.

Cash-rich but time-poor young professionals are looking for all encompassing stores with the focus on healthy and convenient food produce. Aging baby boomers are also increasingly looking for developments that have such retail space attached.

Other residents in Calgary, and especially those living in entry-level rental towers and senior complexes, are looking to be in close proximity to larger outlets, such as No Frills.

With more residents choosing car-sharing above car-ownership, landlords are being encouraged to focus their investment away from parking spaces and in developments that offers a greater ‘walkability’ score to all amenities and services.

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