‘Flippers’ replaced by condo dwellers
Shift to homes to live in instead of simple investment
Calgarians aren’t doing it as much as they were a year ago.
Those thinking about buying a condo for investment purposes has declined from just a year ago, says a national survey.
But despite a decline to 40 per cent this year, down from 52 per cent in 2009, Calgarians continue to lead the country in terms of those considering the investment route, says a TD Canada Trust poll.
But the number of flippers in the marketplace — people buying and reselling in a short period of time — has dramatically declined, says Christina Hagarty of Re/Max Realty Professionals.
“I am seeing a shift toward people buying a home to live in as opposed to speculators,” she says. “People are seeing a long-term value and aren’t looking to flip, (which is) what got us in trouble in the first place.”
Forty-two per cent of Calgarians polled say lower maintenance with condos versus other styles of homes is the biggest motivating factor for buying a condo.
Affordability is the second strongest driver — but only at 18 per cent.
“Calgarians continue to see the value in purchasing a condo as an investment strategy,” says Chris Wisniewski, associate vicepresident of real estate and secured lending for TD Canada Trust.
SEE AFFORDABILITY, PAGE J2
Carlimi and Jose Velazquez flip through an information booklet on a new townhouse they purchased at Mosaic at Aspen Hills by Heartland Homes.