crazy real estate in Calgary

[linamarcy]

Houses are crazily expensive in Calgary now. A house that was 700k last year is now 1.1 million.
A townhouse that was 260k last June, has been sold last month for 320k.
Where is Calgary real estate really heading to?
Investors are probably getting richer, but the regular Josh Moe can't even buy time to save for his down payment.
Is it better to buy outside of Calgary? Cochrane, Chestmere, Airdrie, Olds maybe? Do you guys think prices will up in this in those towns as well?
I'm confused and am not sure what to do.

[fajita123]

Things are definitely hot in Calgary.

Sales are up, active listings are down, median price is up 9.7% since Feb '13 and the benchmark price is now $478k for SFH.

The CREB is predicting 3.8% price growth in 2014.

The nearby bedroom communities aren't much cheaper. Olds would be considerably more affordable, but that's one hell of a commute.

http://www.creb.com/public/2014_Forecast_Report.pdf

http://www.creb.com/public/seller-resources/housing-statistics.php

[Sugarphreak]

...

[JordanLotoski]

Things are Crazy right now. Booked 5 homes to show today, 2 where already under contract, one had 3 offers. I wrote on one of them and while i was sending another offer came in.

If your looking to buy do it sooner then later as the market is trending up and If i had to guess I would say 5-7% higher by years end (despite the 3.8% Creb is forecasting)

:thumbsup:

Here are some examples...these are a few from today

see list and sold prices

http://abmls.mlxchange.com/DotNet/Pub/EmailView.aspx?r=980817533&s=ALB&t=ALB

http://abmls.mlxchange.com/DotNet/Pub/EmailView.aspx?r=727108894&s=ALB&t=ALB

http://abmls.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1142136978&s=ALB&t=ALB

http://abmls.mlxchange.com/DotNet/Pub/EmailView.aspx?r=581587434&s=ALB&t=ALB

If anyone needs help with their purchase, give me a call we can have a coffee and explore some options.

[BigMass]

Originally posted by Sugarphreak
Looks like things are about the same as last summer... which is saying a lot because normally it softens up this time of year.

Might be in for an interesting spring market if things keep up

or you could say it's the same as 2005 2006. Problem when prices keep going up is that people stop buying at some point. I know a few people including myself that are not willing to just dump random stupid amounts chasing bubbles. Calgary still has the problem that it's a transient city and people will leave in droves the second the oil and gas market slows down. Half the people I work with are from BC or out east and they even said as much.

[Type_S1]

I think now is the time for the "realtors make too much money organization". Such a load of crap what I'm being charged by these people. The system is built to be unable to sell without one though.