A question of neighbourhood

For the prospective homebuyer Calgary has a number of different options.

For the prospective homebuyer Calgary has a number of different options. Aside from the obvious choices like condo or house, there’s also the question of which quadrant you want to live in and what you can afford.

Right now some of the hottest neighbourhoods in the city include Hillhurst, Sunnyside and the Mount Royal area.

“People like it because they can walk down 17 Aveune,” said Bonnie Wegerich, president of the Calgary real estate board.

She said for young professionals these neighbourhoods can combine work and play in one area.

“I think some people, if they’re looking in the Hillhurst, Sunnyside area, (they like that) it’s close to downtown. And it’s a mature area, they like the idea of the mature trees and the shops that are near by.”

In these areas, Wegerich said, most people are looking at condos, since costs go up the closer you get to downtown and condominiums can be a more affordable option.

“I find most people that are buying condos are in the $250,000 range,” said Cathy Lewis a mortgage consultant for Jencor Mortgage Corporation.

She said that breaks down to about $1,100 monthly after a five-per-cent down payment and before condo fees.

At the same time there are other popular neighbourhoods outside the core of Calgary, said Wegerich, including Evanston.

“It depends on where they want to be,” she said.

“It’s the fact that they want that new single family home that’s a little bit more affordable than downtown. That they can have a dog, and a couple kids and run around.”

For a home in some of the newer communities on the edges of Calgary, Lewis said home-hunters can expect to spend somewhere in the $375,000 range.

She said that’s a good deal considering the current interest rates in Canada.

“It’s a positive market,” said Lewis.

“Interest rates are so low that homes are more affordable as opposed to a few years ago when interest rates were much higher,” Wegerich agrees. “There’s lots of good choices out there … you just have to decide what you want as a buyer.”

 
 
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