‘Flip­pers’ re­placed by condo dwellers

Shift to homes to live in in­stead of sim­ple in­vest­ment

Calgary Herald - Calgary Herald New Condos - - Front Page - MARTY HOPE

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.

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