Why Lifestyle (Not Timing) Is the Primary Factor to Consider
There’s a familiar homeownership dream: you’re ready to buy a home now but can’t yet reasonably afford a semi-detached or detached house, so you purchase a new, more affordable condo you can enjoy today, planning to eventually upgrade as values rise.
However, unlike cities such as Toronto and Vancouver, where condo prices have soared over the past decade alongside the broader real estate market, Calgary hasn’t followed that script.
Calgary’s story has been one of slower appreciation with some backpedalling. Compared with other Canadian markets, condo values in our city have been more modest, with occasional dips that take time to correct.
So, if you’re considering purchasing a condo in Calgary, here are some essential, market-specific points to help guide your decision before you buy.
Oversupply Generally Shapes Calgary’s Condo Market
Calgary isn’t short on ambition. Our skyline has grown steadily, like other metropolitan cities, with new towers rising from the Beltline to the East Village. And with the recent surge in international and intraprovincial migration, it would be easy to assume condo prices are likely to steadily rise, as they have in Toronto and Vancouver.
But the numbers tell a different story. From 2021 to 2024, many Calgary condo owners were thrilled to see the median price increase to $342,200 — a nearly $75,000 advance from 2015 (see chart below).
While those numbers may seem encouraging, consider that in Vancouver, during the same period, condo prices increased by almost $400,000.
It’s also worth noting that in the first half of 2025, median condo prices in Calgary decreased by approximately $7,000 to $335,300. This indicates that, although inner-city construction has surged, demand for condos has returned to relatively modest levels, and it’s currently a buyer’s market again for condos in Calgary.
Why?
In addition to record migration rates finally slowing, it’s essential to remember that geographically, Calgary has room to grow as well as the zoning flexibility that allows for continued development of affordable single-family homes on the city’s outskirts.
For many buyers — especially young families moving from pricier markets — detached housing in Calgary remains within reach, pulling demand away from condos and reducing the urgency that typically drives condo price appreciation in denser cities.
The result is generally high inventory, often stagnant prices (especially in downtown areas), and a slower-moving condo market, particularly for properties without standout features.
So What Does That Mean for Buyers?
The decision to buy—or invest in—a condo in Calgary should be grounded in the realities of our market, not just timing or speculation.
Too often, buyers enter the market thinking, “I’ll get in now, ride the market up, and upgrade later.” But in Calgary, that logic can backfire. With median condo values growing slowly and even declining at times, there’s no guarantee you’ll build the equity needed to trade up or cash out when the time comes.
Over the years, we’ve seen many buyers get stuck: unable to sell without taking a loss, or holding onto a unit longer than planned while waiting for the market to recover. For example, in 2015, the median condo price in Calgary was $270,800. By 2021, it had decreased to $247,900. The average buyer who purchased a condo in 2015 would have had to wait approximately 8 years until 2022/23 for median prices to rise above their purchase price.
The same caution applies to investors. If your primary goal is appreciation, Calgary’s condo market may not deliver the returns you're hoping for. High inventory, flat pricing, and ongoing competition from newer buildings make it challenging to speculate on price increases or profit from resale.
Lifestyle First: The Real Reason to Buy a Condo in Calgary
Despite the market-specific realities, condos can still be a fantastic option for many people—if they support or enhance your lifestyle goals, not just your financial ones. Rather than chasing appreciation, potential condo buyers should focus on lifestyle fit.
Ask yourself:
- Do you value walkability and being close to the action?
- Do you anticipate your family size staying the same for the next 3–5 years?
- Is low-maintenance living a priority?
- Do you travel often or want a home you can lock and leave?
If you answered yes to these questions, a Calgary condo could be the right choice.
Find the Right Fit for You
The benefit of having a high-inventory condo market, as we do in Calgary, is that you typically have a wide range of options to choose from, so there’s no need to rush your decision.
We always counsel buyers to take their time. The best condo isn’t always the flashiest — it’s the one that fits your life like a glove. A well-chosen condo offers flexibility, ease, and freedom. Amenities such as concierge service, underground parking, and on-site gyms can genuinely enhance your daily life.
Focus on how the property enhances your day-to-day living. Will it simplify your routine? Offer walkability? Let you downsize with dignity?
It’s helpful to spend significant time in the neighbourhood before buying. Experience the area over a few seasons. Make sure it’s somewhere you’ll thrive, not just tolerate. And remember, not all buildings are equal.
Be selective:
- Look for well-managed properties with healthy reserve funds.
- Choose locations with staying power, not just hype.
- Understand condo fees and what they cover.
Final Thoughts
Ultimately, buying a condo in Calgary isn’t about trying to time the market. It’s about making a choice that aligns with how you want to live. In a city with more space and more options, clarity around your lifestyle priorities matters more than chasing short-term gains.
Condo ownership can be advantageous when it’s rooted in purpose. When your purchase aligns with your needs, your rhythms, and your future plans, you’ve already made a wise investment, regardless of how the market moves.
Ignore the noise. Skip the speculation. Focus instead on what matters most: your quality of life.
When you buy for lifestyle over timing, you gain peace of mind, everyday comfort, and a home that works for you.
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Want to chat more about the pros and cons of buying a condo in Calgary’s market?
📞 Call us today at 403-401-4222
💬 Or reach out online at www.trungbien.ca
