A report in today’s Calgary Herald says that there is a growing demand for townhomes among new home buyers. While year to date sales to September 30th are down to 866 from 983 the year before, they have been continuing to grow throughout the fall and may surpass 2019 and 2018 total numbers. Why are these particular type of homes selling so well? In a word – Covid19.
While condo apartments may offer closer proximity to downtown , having to walk down a hall with other people passing you, sharing an elevator with strangers is now a scary thing to do. People who live in condos spent 10 weeks this year staring out one window. Now they want views out front and back, the security of their own front door and no elevators. Add to this the fact that town homes are larger and have more room for home schooling and home offices and it’s no wonder that town homes are facing a resurgence in popularity.
Another nice feature of town homes is the patch of grass you get. This is nice for warm days when you want to sit out. Once again, the pandemic made us all more aware of the outdoors. Some town homes also come with garages or car ports, which are an attractive feature in a city that gets hail every summer.
Finally, a great new feature of town homes is that some of the new projects are available without condo fees. It’s possible to get a new town home that ‘s a lot larger than an apartment for the same monthly payment when you subtract the condo fees and add the payment to your mortgage payment. With historic low interest rates you might qualify for a town home that’s easily 50% larger than the condo you would have bought last year, pre-covid.
Be sure to contact your favourite Dominion Lending Centres mortgage professional to see how much home you qualify for and to get a pre-approval.