Calgary real estate prospects

[vengie]

Bro's.
Jyoti has spoken. She said owning a home is a bad thing.
Sell out to the state.

[max_boost]

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Word.

The gov can easily just squeeze people out of their houses by their legal means. Ie. Increase property taxes on already inflated housing value/assessment.

Retired folks with one principle property in Vancouver can no longer even afford to live in their home they have owned for 30 years. While these folks have equity of over 2-3m, their best option is to sell and relocate somewhere cheaper. Perhaps, out of Canada. Its ridiculous to see how on paper these people are rich, but they are struggling to keep up with cost of everything. While for investors, they are not as susceptible to these inflationary costs as they forward to burden to tenants.

Well assuming retired folks with 2-3mill house that’s paid should be able to get a 50% heloc easily and just run off that till they die lol the max_boost way. No need to relocate from Vancouver to crappy Calgary.

[arcticcat522]

Supply and demand isn't speculation. With the crazy amount of immigration we have seen and expect to continue, I think it kinda is fundamentals.This could change at any time due to Gov. policy. Not stated policy, but, enacted policy. Immigrants want the "American Dream" house with a yard and a white picket fence.

[ExtraSlow]

Buster trusts the government to follow through on its promises.

[arcticcat522]

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Buster trusts the government to follow through on its promises.

"Shifty eyes"

[Buster]

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Buster trusts the government to follow through on its promises.

Repped.

[suntan]

Only extended job losses will lower prices.

Not sure how tHe StAtE would buy up homes. They don't have enough money to make a dent.

[mr2mike]

Neighbour is offloading his home for $250k more than he bought it for in Apr2023. Easy $$$. Never actually saw the homeowner.

[Buster]

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Supply and demand isn't speculation. With the crazy amount of immigration we have seen and expect to continue, I think it kinda is fundamentals.This could change at any time due to Gov. policy. Not stated policy, but, enacted policy. Immigrants want the "American Dream" house with a yard and a white picket fence.

Demand isn't the same as desire.

[max_boost]

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Neighbour is offloading his home for $250k more than he bought it for in Apr2023. Easy $$$. Never actually saw the homeowner.

Link?

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Demand isn't the same as desire.

Sfh is a want not a need lol
Make condos great again!

[ercchry]

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Well assuming retired folks with 2-3mill house that’s paid should be able to get a 50% heloc easily and just run off that till they die lol the max_boost way. No need to relocate from Vancouver to crappy Calgary.

Probably tough to get a regular HELOC unless they have wealth outside of the home
.

In BC they can defer their property taxes, so less of a concern anyways

[max_boost]

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Probably tough to get a regular HELOC unless they have wealth outside of the home
.

In BC they can defer their property taxes, so less of a concern anyways

Really? Did rules change or something?

My heloc is 53% but that’s on 470k and not 2mill lol oh it be fun if it was on 2mill house lol or is there a cap on the amount and it’s not % based haha

[ercchry]

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Really? Did rules change or something?

My heloc is 53% but that’s on 470k and not 2mill lol oh it be fun if it was on 2mill house lol or is there a cap on the amount and it’s not % based haha

Income… you have to qualify it as 25yr am, and P+/-(whatever rate they get) + 2%

Or else falls under a net worth product, which needs to be specific liquid investments depending on lender (ie. use 70% of value from an rrsp, but $0 from a lira)

[max_boost]

So get the heloc before you retire is what you’re saying lol
The bank can’t take it back after you stop working, right.

[ercchry]

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So get the heloc before you retire is what you’re saying lol
The bank can’t take it back after you stop working, right.

Hypothetically they can call the loan for many reasons, but probably won’t if you’re not in arrears. Bigger issue is if you have corp accounts with them as well, if the corp financials fall then they can call every single loan and foreclose on the house and use the collateral charge they registered at 110% of value to collect on every other loan.

[msommers]

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Neighbour is offloading his home for $250k more than he bought it for in Apr2023. Easy $$$. Never actually saw the homeowner.

Jesus. What's that as a percent increase?

[max_boost]

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Hypothetically they can call the loan for many reasons, but probably won’t if you’re not in arrears. Bigger issue is if you have corp accounts with them as well, if the corp financials fall then they can call every single loan and foreclose on the house and use the collateral charge they registered at 110% of value to collect on every other loan.

Extreme but Good to know

[mr2mike]

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Jesus. What's that as a percent increase?

35% it's nutty. All they did was rezone to RCG from RC2 recently.

[max_boost]

Let us know if it sells
Record breaker

[88CRX]

House on our street was listed in the fall, never sold, took off the market. Just listed again last week and sold for $150k more then it was listed for only 6 months ago. Nice house, didn't appear like any work was done on it over winter. Bet they're thankful it didn't sell last fall hah.