Calgary Beltline condo's price sinks in a ‘downward-moving market'

Globe and Mail

4 hours ago

836 15 Ave., S.W. No. 2002, Calgary
Asking price: $424,900 (Mid-March, 2025)
Previous asking price: $449,900 (Early March, 2025)
Selling price: $414,000 (May, 2025)
Taxes: $2,244 (2024)
Property days on market: 67
Listing agent: Kamil Lalji, CIR Realty; Buyer's agent: Joel Gwillim, CIR Realty
The owners of this two-bedroom condo a few blocks north of 17th Avenue hoped to sell it in the mid $400,000s, aware buyers would likely counter with a lower amount. Its appearance on the market in March seemed perfectly timed – it was the only unit available in the 21-year-old high-rise – until another property was put up for sale at an asking price $25,000 less than theirs.
'We were the only listing in that building, then the day after, someone else listed a similar size unit for $424,900,' said agent Kamil Lalji.
'We dropped to $424,900 within a couple of days.'
Around the time this unit had its 10th visitor, a buyer came forward with an offer $10,900 lower than the revised asking price, and a deal was done.
'At this point, we're in a downward-moving market,' the agent said. 'Prices are dropping, and inventory is increasing.
'You don't know how far down things will drop, so sometimes, it's a race to the bottom.'
This 875-square-foot unit has a wide and shallow layout with bedrooms on opposite sides of a living room with an electric fireplace and sliding doors to a balcony with a gas hookup.
Set back from the floor-to-ceiling windows is a kitchen and two four-piece bathrooms, all with updated quartz countertops and mosaic tile backsplashes.
The unit comes with a storage locker and parking spot. Monthly fees are $740 and cover heating and water in addition to concierge and use of recreational amenities.
'It's a nice, bright, airy unit with really good views of the mountains, and it's south-facing as well,' said Mr. Lalji.
'It's close enough to the core, but far enough that you're not right in it. There are good restaurants, bars and grocery stores all within a five-minute walk, so it's definitely a nice spot.'