Want to own a home near Calgary without a huge price tag? Airdrie may be a good place to start. Many first-time buyers and downsizers look at townhomes and condos because they usually cost less than detached houses. This guide shares the best neighborhoods in Airdrie to explore for these home types, what they cost and how to buy with care.
Zolo's Airdrie report for September 19 to October 17 shows these average sold prices:
Detached: about $568,000
Townhouse: about $438,000
Condo: about $228,000
That report covers part of a month, so the numbers will change. Still, the gap is clear. A townhome costs about $130,000 less than a detached home, and a condo costs far less again.
Lower price. You can often get in for less money.
Smaller down payment. A lower price means less cash up front.
Less work. Many condo and townhome complexes cover snow removal and yard care.
A good first step. You can build equity and move up later.
There are trade-offs too. You may pay monthly condo fees, share walls and follow building rules.
The best neighborhoods in Airdrie for your budget depend on what is for sale today. These are good communities to begin with. Descriptions are from a local community guide; check what is available before visiting.
Kings Heights. This community has a mix of detached homes, duplexes and townhouses. Near schools, shopping, and Highway 2; the guide states it is attractive to first-time home buyers.
Windsong. Newer homes and very walkable in Windsong. You will find townhomes, duplexes and detached homes with modern designs.
Bayside. The canals and waterfront residences are hallmarks of Bayside. The housing options include townhomes, large detached homes. A townhome could offer you the same setting as a detached home for a lower cost.
Coopers Crossing. This is an integrated community with pedestrian-friendly streets and open space. Detached properties are its main claim to fame, and there are a number of condo listings along Coopers Common as well.
Lanark Landing. The townhome development is a newer development by McKee Homes on Lanark Boulevard SE. On REW, the 2 to 3 bedroom townhomes run from $425,000 and up. Ask for the most up to date information as prices and availability may vary.
A townhome often has more space, a small yard and sometimes a garage. It suits couples and small families. A condo usually costs less and needs less upkeep, which suits singles, students and downsizers. Think about how much room you need, how long you plan to stay and how much you want to pay each month.
In Canada, the minimum down payment is 5% of the first $500,000 of the price. Here are two examples:
$438,000 townhome: $21,900
$228,000 condo: $11,400
If you put down less than 20%, you must buy mortgage insurance. The fee is about 4.00% of the mortgage at 5% down, and it is usually added to your loan.
First-time buyers can get help saving. A First Home Savings Account lets you add up to $8,000 a year, with a $40,000 lifetime limit. The Home Buyers' Plan lets you borrow up to $60,000 from your RRSP.
Alberta has no land transfer tax, which helps. You still pay small land title and mortgage registration fees.
Read the condo documents. Look at the bylaws, budget, reserve fund report and meeting notes. Ask your lawyer to review them.
Know the monthly fees. Ask what they cover, such as heat, water or insurance.
Watch for special charges. Ask if big repairs are planned and who pays.
Check the rules. Some buildings limit pets or rentals.
Visit more than once. Go on a weekday evening and a weekend to check noise and parking.
Compare the full monthly cost. Add the mortgage, fees, taxes and utilities.
Ask about resale. See how long similar homes took to sell nearby.
Prices and listings change fast, and each building has its own rules. A local REALTOR® can compare communities, spot problems in condo documents and help you write a strong offer. That support matters even more on your first purchase.
Ready to find an affordable townhome or condo in Airdrie? AJ Sidhu is a REALTOR® with Urban Real Estate Services Ltd., serving Airdrie, Calgary and Chestermere. AJ helps buyers set a budget, search listings, book showings, prepare offers and negotiate. AJ's website reports more than six years in real estate and over 100 homes sold. Ask for details and recent references, as you would with any agent.
Tell AJ your budget and must-haves, and get a clear plan for your first home.
AJ Sidhu, REALTOR® Urban Real Estate Services Ltd. Serving Airdrie, Calgary and Chestermere, Alberta Phone: +1 (403) 667-0048 Email: ajsidhurealty@gmail.com Website: ajsidhu.ca
Call or message AJ today for a friendly, no-pressure chat about Airdrie homes.