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Multi-family designs offer the sweet spot in affordability

When this homebuyer chose Logel Homes’ Waterside in Mahogany, the decision ‘was all about value.’

Affordability. It’s a word that’s on everyone’s lips these days, especially when it comes to the basic necessities like housing. But builders are ramping up their strategies to mitigate and tackle the issue with some innovative housing structures and floor plans that provide plenty of choice at great price points

“Affordability is definitely critical,” says Brayden Logel, president of Calgary-based Logel Homes. “And, the most affordable built form right across the country is the four- and five-storey wood-framed greenfield apartment-style condominium project.”

Unlike regions such as the Greater Toronto Area and British Columbia’s lower mainland, Calgary real estate still remains reasonably attractive and affordable, notes Logel.

“Especially multi-family products in suburban areas,” he says, adding the sweet spot in pricing comes in at under $600,000. That’s the number most people can qualify at, and it’s where most of the demand is and the largest group of buyers.”

With more product flooding the market (according to the Calgary Real Estate’s December 2024 report, multi-family inventory levels are sitting at 2.5 months of supply), prices, which have risen considerably over the past few years (15 per cent year over year, says Logel), are beginning to stabilize.

“Our condo prices are up 50 per cent over the last three years, but in 2025 we’ll probably see between five and eight per cent price growth, which is much more normalized,” says Logel.

Logel Homes, which has won BILD Calgary’s Multi-family Builder of the Year Award four years consecutively, picks what it calls “A-plus locations” in suburban master-planned communities with ample amenities and great walkability for its developments (it currently has 10 on the go, including one in Canmore), with price points that appeal to a wide range of buyers from first-timers to empty-nesters. Average price points are around $350,000, although buyers can step into a one-bedroom home in some of its developments with $250,000.

Certainly, for first-time home buyer Erickson Keeler, 22, affordability was key, as was quality, and with his background in architectural design, a great floor plan was mandatory.

“I’ve been working since I was 14 and, ever since I got my first job, I’ve been saving up for a home. It’s always been a goal for me,” says Keeler, who attended school in Lethbridge for architectural animation and has recently segued into real estate and is in the final stages of the realtor program.

He toured show homes and interviewed builders for almost a year before finding the “right home” at Logel Homes’ Waterside in Mahogany project. He purchased the Findlay 2 model, a 753-square-foot, two-bedroom, two-bathroom plan on the fourth floor with an outdoor terrace that overlooks Lake Mahogany.

“For me, it was all about value. I can really speak to the community — it has lakes, anything that I could ever dream of it’s here,” says Keeler.

Waterside in Mahogany is comprised of 639 one-, two- and three-bedroom homes, situated across eight apartment-style condo buildings that are four and five storeys tall. The project is located steps from Lake Mahogany, with many homes offering views of lake, and is within a quick walk of Mahogany’s urban village with its selection of grocery stores and shops and services.

It wasn’t just the lake community of Mahogany that sold Keeler, it was the home’s design and the price point — the project offers plenty of choice with 21 floor plans.

“I  really fell in love with Logel’s floor plans. There is no wasted space, no unnecessary hallways. So, when you see 753 square feet, it’s actually 753 square feet of livable space,” he says. “Plus, Logel’s standards are so high. Many of the features that come standard; I would be paying for as upgrades with other builders. And, the condo fees are really low, a lot lower than other builders.

Keeler had several must-haves on his home wish-list, including a two-bedroom design with two full bathrooms, along with outdoor space, a parking stall and a storage locker for skis and bikes.

The home also had to be pet-friendly.

“For me that was non-negotiable. I wouldn’t have gone into the buying process if this project wasn’t pet-friendly,” he says, adding that he loves dogs and will be adopting a rescue dog when he takes possession.

The bedrooms had to be large, as Keeler is planning on renting out one of the rooms to a friend to subsidize his mortgage and generate some passive income.

Another selling point with the Findlay 2 design was the home’s oversized island, clad in stone, which Keeler was able to customize adding two waterfall edges and increasing the profile to three inches.

“To be able to do this in a condo at this price point is very rare,” says Keeler, who loves to cook.

“So, having a great kitchen was really important to me. And, having that kitchen island makes it feel like a full-blown home, not a condo,” he says.

Keeler was able to meet with Logel’s design team to choose other colours and finishes and was pleased with the experience.

“I was treated so well and was so comfortable through the entire process,” he says.

“This is 100 per cent the best value that I’ve found. To have a new build home in a new community that offers so much. After looking for a year, I couldn’t find anything that compares. I have a lake view out of my bedroom window and from the deck. I’m a two-minute walk from the dock. All I have to do is walk across the road and I am swimming.”

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