Over the past several years, potential homebuyers may have found themselves struggling with the rising cost of housing, but in one segment of the real estate market, things are looking up.
April data from the Calgary Real Estate Board shows that two types of the condominium market — row houses and apartment-style units — are seeing increasing inventory alongside slow sales.
That has resulted in a significant year-over-year decline in the benchmark price. Row homes are down roughly six per cent, at $422,800, while apartment-style units are averaging $300,375 through the first four months of the year, down nine per cent from 2025.
One realtor says it’s presented one of the rosiest markets for first-time homebuyers.
“With the increased affordability and inventory, it’s really giving buyers the ability to choose,” explains Anna Kaufman with the ARK Real Estate Team.
Kaufman says many of her buyers are exercising that right to be choosy these days — in part because of condo fees or the threat of special assessments on some potential properties.
“Typically when we’re dealing with first-time homebuyers, they’re on a limited budget, so when we’re talking about special assessments, they may just not have that (money available).”
Condo fees are paid by owners of each unit to fund building maintenance, property upkeep and any services that may be contained within the complex.
In Alberta, the average cost is roughly 50 cents to $1 per square foot.
But as some of the province’s older condo buildings come of age, the time comes for large-scale undertakings such as roof replacements, balcony waterproofing or parking garage repairs.
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One expert says such fixes can cost owners thousands of dollars in a short period of time if a condo board decides to enact a ‘Special Assessment.’
“Nowadays, I’m seeing it more and more,” says Keowna Furuness, a condo document reviewer with Condo Check.
“It’s a combination of large ticketed items coming up, but also a way of keeping it so (condo boards) don’t have to significantly increase the fees to build up that fund.”
“In the end, the numbers have to balance,” explains Shameer Gaidhar of the Calgary Inner City Builders Association.
Gaidhar has worked on several multi-family projects that require future owners to pay condo fees.
“You can have low monthly condo fees and eventually get hit with a special assessment, where you’re going to pay a lot … or you can have high condo fees, where there’s lots of extra money left in the reserve fund.”
Gaidhar says the landscape surrounding condo fees shifted significantly in Alberta when the provincial government introduced amendments to the Condominium Property Act more than a decade ago.
“They required (condo boards) to have a reserve fund,” Gaidhar explains. “Some of those old buildings never had a reserve fund … so when those repairs are needed, who’s going to pay for them?”
Furuness says that experience varies drastically from building to building.
“I see it in newer ones, I see it in older ones … it really just depends on how (the condo board) is building up that reserve fund, and the work that’s needed.”
Condo fees can fund general maintenance and upkeep of the exterior of the building and surrounding property, as well as put money away for larger repairs, such as a roof replacement or balcony refinishing.
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In some cases, condo buildings are facing fee increases in the 10 per cent range. Coupled with multiple special assessments in the span of several years, that could cost the average unit owner between $3,000 and $4,000.
“We call it the ‘COVID catch-up,” Furuness says. “A lot of condos were having to delay work … then we had the really big inflationary increase, which has been the big squeeze on condos.”
Gaidhar says newer buildings typically come with more amenities and that developers like him are being extra cautious when setting the initial condo fees for the first owners who move in.
“People used to look at condo fees and say, ‘The cheaper the better.’ Nowadays, that’s not how it is — they want to make sure it’s adequate. They understand the importance.”
“It’s the same thing in a single-family home. If your roof starts leaking and damaging your home, you’re going to pay for it in the end,” Gaidhar says.
Ultimately, realtors like Kaufman say the condominium market will remain a great stepping stone for first-time home buyers and suit the lifestyles of certain people from all walks of life.
“Condos aren’t simply a building. It’s really more an ownership style,” Kaufman says. “There’s definitely a range (of options) depending on the client.”
All three experts agree that awareness is a buyer’s best friend.
“There are really reputable companies that manage most buildings. It really depends on a client’s risk tolerance,” Kaufman says.
“The favourite words I get when I get compliments are, ‘I didn’t know that’ or ‘you saved us from getting into a condo we couldn’t afford.’”
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