Micro-condos may have been the big trend in 2013, but some investors believe that the larger units will be the hottest resale property in the future.
Supersize it, and buy it now. That is the advice from a number of agents who are seeing a huge demand for larger condo units in urban markets.
A large cohort of baby boomers are fuelling this demand, with many unwilling to downsize to the standard condo size. “This market does not want the high-end luxury units at $3 or $4 million,” says Craig Rushton, a condo realtor in Vancouver and Calgary. "They want the luxury, the space and the amenities but all in the $1 to $1.5 million bracket."
There are a lot of homeowners who have built up large amounts of equity in their home and don’t want the hassle of the maintenance or up-keep,” he says. “They want a lock and leave unit in a good and safe community.”
Buyers, he says, are looking for units in the 2,000 to 2,500 sq. ft. range. A 2,650 sq. ft. unit in Calgary can cost around $1.4 million. In Calgary, five condos in the $1 to $2 million figure have been sold so far this year.
“There have been a few off-market sales as well. It is a small market but as more baby boomers now enjoy greater appreciation and see the type of units and amenities they can get, it is one that we should see more growth in.”
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