5 years old condo in Sagehill has reassessment : Home owners panic

First of all, let me bring to your attention how is apartment real estate market doing in Calgary. 


There is high demand for apartments priced between $200 K to $300 K as this could used for rental and investment property for home buyers. 


Higher the pricing lower demand in Calgary real estate market. Also note since it is buyer's market home buyers have too many choices right now. We could observe in Calgary city construction of new apartments all over the city which means we have too much supply.  


If you are planning to downsize apartment is a good choice. There are no commitments to clear snow as condo fees covers most of the issues of condo maintenance.  


It is also important when you buy condo what condo fees covers.  Please go through condo documents and do professional review of condo documents.


Higher condo fees do not mean you gets higher benefits. Some of the older condo have no funds accumulated and there could be also re-assessment being done and hence need to be careful of that. 


One of my clients recently reported even new condo in Sage Hill, Calgary just 5 years old has made assessment and now home owners having battle with builder and condo board.  It is sad but true.


Hence home buyers beware.

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