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Toma
05-02-2014, 01:11 PM
How high will it go?

Prices jumping $10k a week. Places selling with multiple offers in one day.....

Floods? Easy credit? Speculation/investors?

Crazy.

JordanLotoski
05-02-2014, 01:19 PM
Its slowed a bit in the past 10-14 days. Inventory is rising rapidly, We should hopefully see a healthy balanced market in the next few months.

ExtraSlow
05-02-2014, 01:30 PM
Low interest rates are definetly part of it. houses look mightly affordable at 2.99%.

Flooding has also put a lot more people into the market, and sometimes at pretty high price-points.

I think the whole concept of a "balanced" market is flawed. Who decides what is balanced? People tend to like price inflation, but how much price inflation is too much?

woodywoodford
05-02-2014, 01:53 PM
It's insane right now...buddy's put offers down on 5 houses in the last month or so, and lost every one to people going 10-15k above list by end of the first day. Also sucks for me cause I can't get out and look until weekends, by which point the good stuffs gone already. At least neither of us are in a rush I guess.

Neil4Speed
05-02-2014, 02:14 PM
Well for a number of reasons.

1. Rental market is hot, and it is expensive to rent quality condos.

2. Prices are low compared to salaries (compared to other Canadian cities)

3. Everyone wants to move in spring

4. Low Interest rates

rob the knob
05-02-2014, 03:40 PM
my brother says its like 2004 again

mrsingh
05-02-2014, 03:51 PM
My neighbour across the street just put his house up for sale. When my wife and I saw the price, we thought wow that is too high. C/S, three days later.

Just crazy.

max_boost
05-02-2014, 04:11 PM
Originally posted by rob the knob
my brother says its like 2004 again 2007.

It's an exciting time. :D

403ep3
05-02-2014, 04:26 PM
Very tempted to list my house that I bought less than a year ago heh. I wonder how much I can sell it for.. Sage hill, detached garage, 1500sq ft, single house.

canadian_hustla
05-02-2014, 04:33 PM
Originally posted by max_boost
2007.

It's an exciting time. :D

is it ever, especially in Tuscany. I think there are only 2 houses for sale under $500k and neither have an attached garage. Weird since most tax assessments for the entry level homes hover around $360k-$420k.

Speaking of Tuscany, MB i recall from some of your old posts that you live in Tuscany, am I right? I would be curious as to your insights on the $ amount of lift on home prices from the new LRT. so what do you think, 5% lift? 10% lift? maybe more?

I am tempted to sell my house in Tuscany just to cash out while the market is hot. Especially since my house is < 7 min away from the new LRT which hasn't opened yet.

ercchry
05-02-2014, 04:36 PM
think im going to toss up the woodlands house pretty soon here, if anyone is interested let me know... or im going to do some reno's and give that jordan guy some more money :poosie:

Toma
05-02-2014, 04:42 PM
I haven't bought a house in Calgary since the 90s lol. Couldn't believe the prices THEN lol.

G
05-02-2014, 04:44 PM
All you people who want to cash out of your primary homes...where are you going to live after? Mom and Dads? IF you are going to rent that will eat away your gains pretty quickly with the sky high rents now. If you bought in the last couple of years I don't see the point after all said and done with fees and cost of moving. Unless you bought in 2003 for 240k in the SW and want to sell now for almost triple....:poosie: But sell high buy high.

Weapon_R
05-02-2014, 04:44 PM
Almost 300 houses listed yesterday alone!

Inventory is going up rapidly.

max_boost
05-02-2014, 04:46 PM
Originally posted by canadian_hustla


is it ever, especially in Tuscany. I think there are only 2 houses for sale under $500k and neither have an attached garage. Weird since most tax assessments for the entry level homes hover around $360k-$420k.

Speaking of Tuscany, MB i recall from some of your old posts that you live in Tuscany, am I right? I would be curious as to your insights on the $ amount of lift on home prices from the new LRT. so what do you think, 5% lift? 10% lift? maybe more?

I am tempted to sell my house in Tuscany just to cash out while the market is hot. Especially since my house is &lt; 7 min away from the new LRT which hasn't opened yet. Nah negative. I'm inner-city. I can definitely not predict anything lol I pay attention because the more it goes up, the more beneficial it is to me in the long run. :D

guessboi
05-02-2014, 05:02 PM
Originally posted by Weapon_R
Almost 300 houses listed yesterday alone!

Inventory is going up rapidly.

In Calgary alone? That's crazy.

rob the knob
05-02-2014, 05:04 PM
10% lift in crime. breakins, vandalism, car theft and theft from car.


Originally posted by canadian_hustla


is it ever, especially in Tuscany. I think there are only 2 houses for sale under $500k and neither have an attached garage. Weird since most tax assessments for the entry level homes hover around $360k-$420k.

Speaking of Tuscany, MB i recall from some of your old posts that you live in Tuscany, am I right? I would be curious as to your insights on the $ amount of lift on home prices from the new LRT. so what do you think, 5% lift? 10% lift? maybe more?

I am tempted to sell my house in Tuscany just to cash out while the market is hot. Especially since my house is &lt; 7 min away from the new LRT which hasn't opened yet.

Toma
05-02-2014, 05:23 PM
People with money use transit?

Toma
05-02-2014, 05:29 PM
Originally posted by G
All you people who want to cash out of your primary homes...where are you going to live after? Mom and Dads? IF you are going to rent that will eat away your gains pretty quickly with the sky high rents now. If you bought in the last couple of years I don't see the point after all said and done with fees and cost of moving. Unless you bought in 2003 for 240k in the SW and want to sell now for almost triple....:poosie: But sell high buy high.

No one that bought in 2003 or before has only one home....

msommers
05-02-2014, 06:05 PM
No one hey lol

Toma
05-02-2014, 06:18 PM
Originally posted by msommers
No one hey lol

lol.... well, ok, bit of a stretch....

Weapon_R
05-02-2014, 06:20 PM
Originally posted by guessboi


In Calgary alone? That's crazy.

I think it was actually 238 yesterday. 130+ by noon today. Sold homes are going off market at a similar rate but things were hotter when 200 were sold and much less were going up for sale.

BerserkerCatSplat
05-02-2014, 08:37 PM
Yeah things are still pretty fast-moving right now, had one sold out from under us tonight, literally while we were in the house making the decision to put the offer in. :rofl:

msommers
05-02-2014, 09:51 PM
Where were you potentially buying??

BerserkerCatSplat
05-02-2014, 11:18 PM
That one was in Southview, we're mostly interested in the Dover/Southview/Raddison area, depending on the neighborhood.

pheoxs
05-03-2014, 08:50 AM
Unfortunately I ended up in a multiple offer situation as well. First day house was on the market we viewed at 3pm and already an offer in, by the time we submitted one there was a third as well. Apparently ours wasn't the highest offer but better conditions / possession date so they accepted it. Still one day on market and 5k above asking

BigMass
05-03-2014, 10:16 AM
May 1st a flood of stuff hit the market. Early part of the year was brutal for buyers. Now the prices are still high but a bit more selection. Only annoyance is when something is not selling yet the seller refuses to negotiate a fair market price. Rental market has a huge role to play in that. People list hoping they can get a high price and if it doesn't sell NP, they'll just rent it out. Frustrating as a buyer to deal with those people.

JustinMCS
05-03-2014, 01:35 PM
It's funny how many people want to sell high, but then where are you going to live? Sell high to buy high? Move in with parents again? No thanks!

In my building there have been a lot to sell even though we have a big assessment coming up, people just don't care! They need somewhere to live I guess and my location is hot hot hot.

samo147
05-03-2014, 10:34 PM
Originally posted by JustinMCS
It's funny how many people want to sell high, but then where are you going to live? Sell high to buy high? Move in with parents again? No thanks!

In my building there have been a lot to sell even though we have a big assessment coming up, people just don't care! They need somewhere to live I guess and my location is hot hot hot.

Is the building in bridgeland?
If it was I might have been looking at the same building but decided not to cause of the assessments

speedog
05-04-2014, 07:38 AM
Originally posted by Toma
No one that bought in 2003 or before has only one home....
Really?

Please provide something to support your statement above.

BigMass
05-04-2014, 07:57 AM
Originally posted by speedog

Really?

Please provide something to support your statement above.

exaggeration for effect. Common in conversation. You don't need to grill him for that. One thing for sure is that there are a lot of regular joe's in Calgary that have more than one house. Not only that, lots of wanna be Donald Trumps. At work all I hear people talking about is schemes in how they can finance more and more properties with as little down payment as possible. God help them and the average tax payer that is insuring their mortgages if Calgary ever goes south.

Chandler_Racing
05-04-2014, 09:21 AM
I seem to recall Beyond having its share of real estate doom and gloom. Where are they now?

03ozwhip
05-04-2014, 09:34 AM
Been thinking of listing my house too and downsizing, it would be a good time for it. My aunt listed her house in April, had 4 people bidding on it within 3 hours of it being for sale and sold for 45k over asking price, absolutely insane.

My buddy lost out on 4 houses while looking and finally got a place after paying a bunch more over asking. It really makes a person think.

msommers
05-04-2014, 01:35 PM
Originally posted by speedog

Really?

Please provide something to support your statement above.

Above your post haha.


Originally posted by Toma


lol.... well, ok, bit of a stretch....

But realistically if I had bought 10 years ago, I'd probably have more than one or at least have a joint-venture rental with someone. Well, on paper. But life always throws curve balls at you (re: children) so who really knows. House value alone for folks who purchased pre-recession has been pretty darn good. I think of a couple people who bought up in Tuscany, must be laughing these days!

redrocket
05-04-2014, 01:48 PM
From what I can tell from realtor.ca in my area things have slowed a ton there's 5 houses now that have been up for at least a month as to the month before that houses were selling in days

speedog
05-04-2014, 01:59 PM
Originally posted by msommers


Above your post haha.



But realistically if I had bought 10 years ago, I'd probably have more than one or at least have a joint-venture rental with someone. Well, on paper. But life always throws curve balls at you (re: children) so who really knows. House value alone for folks who purchased pre-recession has been pretty darn good. I think of a couple people who bought up in Tuscany, must be laughing these days!
But it all really means nothing if you sell and then re-buy in the same market area. Our home is probably worth 4 times what we paid for it in 1996 but it's all a moot point if we sold and rebought in Calgary.

msommers
05-04-2014, 02:11 PM
In the same upswing, absolutely! But some have definitely lucked out in the buying and selling because of our latest bust/boom, and are ahead of the game -- calling it predictive power lol.

redrocket
05-04-2014, 02:18 PM
I do love how I made a post about 2 years ago about calgary house prices and most people sounded like dooms day prepper's and were saying its a bad time to buy. Boy am I glad I didnt listen and bought anyway hah

msommers
05-04-2014, 02:27 PM
When everyone else thinks the market is terrible, buy.

se7en
05-04-2014, 02:41 PM
Oh man, you guys should see the housing market in medicine hat. You can literally buy a mansion for under 500k. I really thinking of upsizing because I have a ton of equity in my house.

chinostyles
05-04-2014, 05:15 PM
Are the flood of new listings in certain neighborhoods or spread out around the city?

What about the fact that the city is not releasing permits for new land... Does that concern anyone?

nzwasp
05-04-2014, 09:40 PM
Originally posted by chinostyles
Are the flood of new listings in certain neighborhoods or spread out around the city?

What about the fact that the city is not releasing permits for new land... Does that concern anyone?

I remember that there was an article in the news about 6 months ago stating that there can't be any new construction in the west part of the NW due to lack of sewer facilities.

Maybe thats the reason. I think they are having a hardtime finishing rocky ridge due to that problem.

Aside from that in my area (springbank hill / montreux) there are houses selling a day after listing without even going conditional.

Cos
05-05-2014, 07:09 AM
.

cloud7
05-05-2014, 01:07 PM
The market is hot, but you still need to price them right. There are places that have been on the market for months and still have not sold. Some people are listing their homes for a ridiculous amount of $ right now... and apparently way overpriced to a point that people are not making offers on them. Right now, things are selling well but smart people are still making offers that are below listed price. There is no point in rushing to get into something you'll regret later. Good properties are always around, you just need to do the homework.

n1zm0
05-05-2014, 01:28 PM
Originally posted by Cos
Friends are shopping in the $800-$1mm range and are not seeing near the movement we are seeing in the $400-$500 range. We cant even get a chance to look at one without it being under contract.


Yeah it's crazy, we just started looking in 400-600 range, new ones show up, book time to see then sale pending already. I feel like I should actually just rent my townhouse rather than sell it, don't want to shack up with the parents while we find a place but also everytime were out at friends places they always seem to say 'there's nowhere to rent right now, you know how hard it was to get this place?'.

Xtrema
05-05-2014, 01:43 PM
$300-$600K are still hot. Over $600K, less so.

There was a divorce special that was on the market for $730K and went for $630K as the seller can't wait.

Cos
05-05-2014, 02:54 PM
.

jwslam
05-05-2014, 03:11 PM
Originally posted by Xtrema
$300-$600K are still hot. Over $600K, less so.
Is it just me or do I see a lot of these coming up as "conditionally terminated" after a week or so?

ColoDano
05-05-2014, 04:03 PM
I have been in awe in our neighborhood, the majority of houses that go on the market have sold within 3-5 days. There are a couple that have not, one is priced super high, and the other I have a feeling is a real dump inside, since the price seems reasonable.

Next door neighbor is retiring and moving to his place in BC, put his place on the market a few weeks ago and it was on the market 3 days, and his asking price was 50k over what he had mentioned wanting for the place 2 years ago. Funny part is, the guy buying it plans to move his family out from BC, and hasn't even told them yet.

Xtrema
05-05-2014, 04:26 PM
Originally posted by jwslam

Is it just me or do I see a lot of these coming up as &quot;conditionally terminated&quot; after a week or so?

I have not seen a lot of these but I do see price adjustment when someone is too greedy.

A couple of $1M homes on my street has readjusted to $900K last week. They have been on the market since winter.

Most of my Realtor friends echo what Jordan said, more units are coming on and the market is balancing out. I think a lot of retiree are taking advantage of this surge and move out to Okanagan area where I think it's been stagnate for the last little bit as more money flowed to US.

colinderksen
05-05-2014, 06:53 PM
What's the most popular price range in Calgary right now?
Lower condo/townhouse pricing, medium starter house/move up?

BigMass
05-05-2014, 07:18 PM
boomers are starting to retire and many want to cash out and downsize. That will add a lot of needed supply to the Calgary market. Might not be just this second but it will hit in the next couple years for sure. This hot market is very tempting for that type of strategy. This is going to put a downward pressure on suburban housing and increase pressure on the 300-500 condo range which is what we're seeing now. Good location condos around 400k are selling instantly.

ExtraSlow
05-05-2014, 07:43 PM
I'm hoping a bunch of people are selling 2 mm inner city homes in four years. That's my plan. :dunno:

Sugarphreak
05-05-2014, 07:52 PM
...

max_boost
05-05-2014, 08:10 PM
Originally posted by ExtraSlow
I'm hoping a bunch of people are selling 2 mm inner city homes in four years. That's my plan. :dunno:
I'm with you on that one.

msommers
05-05-2014, 08:16 PM
Originally posted by Sugarphreak


Most savvy retiree buyers are going to be looking for somewhere to live long term for as long as it is sustainable, so big flights of stairs are going to start getting really unpopular.

Until they build an elevator

http://bbsimg.ngfiles.com/1/20172000/ngbbs4ad39438ea981.jpg

baygirl
05-05-2014, 08:18 PM
Originally posted by msommers


Until they build an elevator

http://bbsimg.ngfiles.com/1/20172000/ngbbs4ad39438ea981.jpg
Friends just built a house in Bearspaw, and included an elevator shaft in case they need it in later on lol

Sugarphreak
05-05-2014, 08:42 PM
...

nytrydr89
05-05-2014, 08:43 PM
Originally posted by Xtrema
$300-$600K are still hot. Over $600K, less so.

There was a divorce special that was on the market for $730K and went for $630K as the seller can't wait.

link to this?

Xtrema
05-05-2014, 09:08 PM
Originally posted by nytrydr89


link to this?

Not on MLS any more. Other than major structural issue on inspection, it shouldn't return to market.


Originally posted by Sugarphreak

Most savvy retiree buyers are going to be looking for somewhere to live long term for as long as it is sustainable, so big flights of stairs are going to start getting really unpopular.

I'm looking for bungalow for my folks, those ain't cheap as the city is reducing lot sizes.

you&me
05-05-2014, 09:46 PM
Originally posted by msommers


Until they build an elevator

http://bbsimg.ngfiles.com/1/20172000/ngbbs4ad39438ea981.jpg

It didn't click at first, but I finally figured this was the reason why it seems like ~50% of new infills around Marda Loop are now being built with elevators. Considering the prices and the most likely demographic able to afford them, it makes sense...

ZenOps
05-06-2014, 06:44 AM
I don't like real estate personally. Other than owning as primary residence, percentage-wise its a terrible investment, especially considering you have to pay yearly taxes on it.

HpYHrbz6V4c

The money supply (money printing in Canada) has gone up 4.5x in the last decade. If you go by that, even housing in Calgary is deflationary per dollar printed (and much much worse everywhere else)

Oil being $3.36 per barrel in 1970 would be more indicative of percentage year on year "growth" without taxation. Or iron ore being $13 per ton back in 2002 (more like $130 per ton in 2014)

If Canada continues at the rate of 4.5x money printing every decade, technically all houses in Calgary should be about $5 million average in about 15 years, on which you will be paying probably $20,000 per year in taxes. The $500,000 house now does not magically grow wealth unless you find someone who wants to buy it, in the meantime - you pay taxes on it.

Beware of what you wish for. "real" estate is somewhat based on the greater fool theory, in that if you can get someone to buy it for more than you paid for it, its all good... But if one stops the engine of "growth" or money printing - it does become a taxable liability and can be abandoned and stripped faster than a Detroit minute.

The biggest warning: Housing can become like Cars and used cars. Eventually - Peoples attitiudes will change, and as soon as you buy a house, its value will drop 30% because its used. With each sucessive year, it can absolutely depreciate in value just like a used car.

jwslam
05-06-2014, 07:13 AM
Originally posted by ZenOps
The biggest warning: Housing can become like Cars and used cars. Eventually - Peoples attitiudes will change, and as soon as you buy a house, its value will drop 30% because its used. With each sucessive year, it can absolutely depreciate in value just like a used car.
Houses have never been an appreciating asset :dunno:
It's the land; There's only 3 rules to buying and that's location, location, location. Sure my house will be "used", but so is every square inch of land in the city. Unless you somehow go into unchartered territory i.e. go to Mars, you're getting used land and my lot's location is where I'm going to get return on based on demand.

Sugarphreak
05-06-2014, 07:23 AM
...

ZenOps
05-06-2014, 07:27 AM
Yes, housing is constantly depreciating in real value.

The way to "win" in this market is to become a slumlord.

What worries me is that if money printing accelerates to 500% every decade, people will eventually catch on that housing pricing is the biggest tax grab of all. And if the slumlords start abandoning, then its game over ($1 houses)

Like Californians who owned their houses, but then couldn't afford the basic taxes each year (or utilities like 22 cent/kwh electricity in LA) a couple decades into the future. People just left and ran into the hills.

roopi
05-06-2014, 07:29 AM
Originally posted by Sugarphreak
I am not a big fan of home elevators... they always sound awesome, but in reality they are small, super slow, and if you get stuck in one it isn't like anybody is around to help you out.

Still slow but no worry about getting stuck. :rofl:

http://jonathansson.com/sites/default/files/upload/Levant_mod_totalset2.jpg

freshprince1
05-06-2014, 09:44 AM
For once, timing has worked to our advantage. We bought a spec home under construction back in February before things got really crazy, so the price was actually really good for a significantly larger house than we are currently in now.

We listed our current house last Monday at $30K higher than what I was hoping to get when we calculated the costs of affording the new home back in February. Accepted an offer for $900 under list later that night. So we have the equity, the increased value since buying in 2008, and the extra $30K bump since February.

Conditions close this Friday, I'm trying not get too ahead of myself.

ZenOps
05-06-2014, 11:47 AM
I'm pretty sure I'm not the only one praying to Jeebus that the IMF is right and that Canada is 60% overvalued, and will be dropping in estimates the upcoming years.

That means that the government will have a tougher time justifying more than a few percent increases in taxes.

I'm praying they estimate Calgary housing back to $90,000 per house if possible. Please holy Jeebus, bring it back down.

Tik-Tok
05-06-2014, 11:51 AM
Originally posted by ZenOps

I'm praying they estimate Calgary housing back to $90,000 per house if possible. Please holy Jeebus, bring it back down.

Yeah, the 80's worked out so well for Calgarians.

corsvette
05-06-2014, 12:14 PM
Originally posted by Tik-Tok


Yeah, the 80's worked out so well for Calgarians.


Worked out well only for those who had money. My Dad in law was busy buying up all kinds of land close to Calgary for dirt cheap in the 80's. He basically retired at 50, and still has a big chunk of land and other real estate.

BigMass
05-06-2014, 12:41 PM
Originally posted by ZenOps
I'm pretty sure I'm not the only one praying to Jeebus that the IMF is right and that Canada is 60% overvalued, and will be dropping in estimates the upcoming years.

That means that the government will have a tougher time justifying more than a few percent increases in taxes.

I'm praying they estimate Calgary housing back to $90,000 per house if possible. Please holy Jeebus, bring it back down.

no such thing as the "Canadian realestate market". You have the Vancouver market, the Toronto market, the Calgary market, etc. They're thousands of KMs apart, different economies etc. Vancouver could be %60 overvalued while Calgary is undervalued. Just can't paint everything with one broad stroke. Even in Calgary there are multiple markets depending on location and type of home. Some sell instantly, others stay on the market for months or more. The people talk how the US Housing market collapsed while $50,000,000 apartments in Manhattan where as hot as ever. Too many factors involved. Personally I don't see a scenario where Calgary goes down anytime soon. Its one of the strongest economies in North America. If people leave Calgary, where are you going to go? Fact is, tens of thousands are moving hear every single year.

JustinMCS
05-06-2014, 05:45 PM
Originally posted by samo147


Is the building in bridgeland?
If it was I might have been looking at the same building but decided not to cause of the assessments

im in renfrew but one block from bridgeland so people call our block "bridgeland" all the time

you&me
05-06-2014, 05:53 PM
Originally posted by Sugarphreak
I am not a big fan of home elevators... they always sound awesome, but in reality they are small, super slow, and if you get stuck in one it isn't like anybody is around to help you out.

I should have been more clear - when I said "it makes sense", I meant that I could see why builders were spec'ing them. Personally, I agree - too many negatives and I'm not old enough to need one yet :rofl:

Gives me an idea for a new thread - over / under rated features in a home...

Sugarphreak
05-06-2014, 06:30 PM
...

Xtrema
05-06-2014, 08:31 PM
Originally posted by ZenOps
I'm praying they estimate Calgary housing back to $90,000 per house if possible. Please holy Jeebus, bring it back down.

Impossible. Unless Tony Stark and arc reactor is real.

rage2
05-06-2014, 08:44 PM
Originally posted by Chandler_Racing
I seem to recall Beyond having its share of real estate doom and gloom. Where are they now?
Sitting with their fingers crossed trying to convince themselves that it'll crash next year so they can buy, meanwhile paying huge rents to slumlords like max_boost. :rofl:

ZenOps
05-06-2014, 10:13 PM
I don't know that slumlording the higher end will work anymore. Now that they have shut the door on the $800,000 immigrant Visa.

Even if it dropped to $90,000 I probably would not buy in. There is no telling if it would be a sudden drop, or a multiyear drop.

And since I'm already north of 40, I doubt I'd ever live long enough to see a significant upturn in real estate (that would beat the amount of money printing anyhow) I don't think I'm in the right cycle to live it.

If anything, bailing on existing real estate now and walking the world like Cain might be in the cards.

sputnik
05-07-2014, 06:43 AM
Originally posted by Chandler_Racing
I seem to recall Beyond having its share of real estate doom and gloom. Where are they now?

Telling us that it will CERTAINLY crash next year... just like they have been saying for the past 5 years now.

Marsh
05-07-2014, 07:04 AM
Originally posted by Cos


Probably a great time to sell but a terrible time to buy in my opinion. Literally every person in my cubicle row at work is selling their place. There are TONS of FS sales all over the neighborhood. Feels too rushed.

I don't get it. If you sell your place, you still have to buy a new house anyways, so even if the market is "Hot", are you really walking away flush with profit? Doesn't make sense to me

BigMass
05-07-2014, 07:11 AM
Originally posted by Marsh


I don't get it. If you sell your place, you still have to buy a new house anyways, so even if the market is &quot;Hot&quot;, are you really walking away flush with profit? Doesn't make sense to me

no, because everybody in Calgary (on beyond.ca) owns 2-3 houses so if they cash out 1 or 2 they still have a place to live right?

Type_S1
05-07-2014, 07:39 AM
^ didn't you read the poll, only a portion of beyond is at that level.

I am a slumlord and love it. Making 50% over my mortgage cost is unreal. I want to buy another place to rent out but as others have said before...most of the decent stuff is gone within a day. Looking on the outskirts of town in new builds now. Some new townhouse builds going up with 1 car garages for low 300's and could likely rent out for $1800-2000/month.

Sugarphreak
05-07-2014, 08:18 AM
...

Xtrema
05-07-2014, 08:40 AM
Originally posted by Marsh


I don't get it. If you sell your place, you still have to buy a new house anyways, so even if the market is &quot;Hot&quot;, are you really walking away flush with profit? Doesn't make sense to me

You never make $ on primary residence. You actually want to upgrade during bad years since the cost in difference is lowest but the downside is may be tough finding a buyer.

Now for some slumlords, this could be time to cash out, at least for high maintenance/older properties. But at current rent/vacancy rate, it's really tough to let go.

G
05-07-2014, 09:47 AM
Originally posted by Marsh


I don't get it. If you sell your place, you still have to buy a new house anyways, so even if the market is &quot;Hot&quot;, are you really walking away flush with profit? Doesn't make sense to me

Well for our case we're selling not because we want to pocket the cash. We have $700k in equity that is sitting in a house we don't really consider our dream home. I bought this place back in 2003 when I was single and didn't want to pay rent or live with my parents so I just picked a spec home for $235k in West Springs. Fast forward 11 years, a wife and 2 kids later and having the house was paid off awhile ago we did like the idea of living debt free but that got old after a while. So instead of just blowing money on useless shit every month we decided to build something better. My thinking is that if we don't sell now we might never sell. Our plan all along was to pay off the mortgage, save a load of cash then build our dream home with no mortgage. But going over the numbers and taking into consideration the market, interest rates, our age and a bunch of other factors it just makes sense to sell now and borrow the difference..money is just too cheap. So cheap to borrow it just makes no sense to use our savings and investments to build. Our mortgage on our new place will be the same price as our nanny.

I contacted Jordan (the best realtor in Calgary imho not only because of his work eithics but also because there is that instant bond and trust because of Beyond :thumbsup: ) and got this shit rolling. We are building a ~1.2 a few blocks from my current home. I will do a full review once the build and sell is final.

ercchry
05-07-2014, 11:03 AM
Originally posted by Type_S1
^ didn't you read the poll, only a portion of beyond is at that level.

I am a slumlord and love it. Making 50% over my mortgage cost is unreal. I want to buy another place to rent out but as others have said before...most of the decent stuff is gone within a day. Looking on the outskirts of town in new builds now. Some new townhouse builds going up with 1 car garages for low 300's and could likely rent out for $1800-2000/month.


Might have something for you. But your inbox is full.

cidley69
05-07-2014, 12:04 PM
Originally posted by Type_S1
^ didn't you read the poll, only a portion of beyond is at that level.

I am a slumlord and love it. Making 50% over my mortgage cost is unreal. I want to buy another place to rent out but as others have said before...most of the decent stuff is gone within a day. Looking on the outskirts of town in new builds now. Some new townhouse builds going up with 1 car garages for low 300's and could likely rent out for $1800-2000/month.


What place are you talking about here? Got more info on this?

benyl
05-07-2014, 01:37 PM
Originally posted by G


Well for our case we're selling not because we want to pocket the cash. We have $700k in equity that is sitting in a house we don't really consider our dream home. I bought this place back in 2003 when I was single and didn't want to pay rent or live with my parents so I just picked a spec home for $235k in West Springs. Fast forward 11 years, a wife and 2 kids later and having the house was paid off awhile ago we did like the idea of living debt free but that got old after a while. So instead of just blowing money on useless shit every month we decided to build something better. My thinking is that if we don't sell now we might never sell. Our plan all along was to pay off the mortgage, save a load of cash then build our dream home with no mortgage. But going over the numbers and taking into consideration the market, interest rates, our age and a bunch of other factors it just makes sense to sell now and borrow the difference..money is just too cheap. So cheap to borrow it just makes no sense to use our savings and investments to build. Our mortgage on our new place will be the same price as our nanny.

I contacted Jordan (the best realtor in Calgary imho not only because of his work eithics but also because there is that instant bond and trust because of Beyond :thumbsup: ) and got this shit rolling. We are building a ~1.2 a few blocks from my current home. I will do a full review once the build and sell is final.

WUT?

I think I just saw a cow jump over the moon. haha

I guess you couldn't live next to the cell phone tower? That house would have been painful to leave to get to a major road anyway.

We are tempted to sell or rent and move into something smaller. haha. My neighbor has just put his house up for rent. $5800. In-fucking-sane.

G
05-07-2014, 02:56 PM
Originally posted by benyl


WUT?

I think I just saw a cow jump over the moon. haha

I guess you couldn't live next to the cell phone tower? That house would have been painful to leave to get to a major road anyway.

We are tempted to sell or rent and move into something smaller. haha. My neighbor has just put his house up for rent. $5800. In-fucking-sane.

That house on the hill is CS...somebody doesn't mind the cell towers I guess. My new place isn't going to be much bigger at a little over 2700 sqft but it will just be nicely appointed. :thumbsup: We chose our location because I want my kids to remain in the same school.

faiz999
05-07-2014, 04:09 PM
Originally posted by Marsh


I don't get it. If you sell your place, you still have to buy a new house anyways, so even if the market is &quot;Hot&quot;, are you really walking away flush with profit? Doesn't make sense to me

i suppose u could rent for the time being, wait till the market cools and then snipe something when you aren't competing with several other potential buyers.

the real question becomes, how long will the market take to cool and by how much?

Xtrema
05-07-2014, 04:17 PM
Originally posted by faiz999
the real question becomes, how long will the market take to cool and by how much?

We already explored this, even if you can time another 2008 recession exactly, Calgary dropped ~15% from peak to bottom and took 5 year to climb out of that bottom and peaked again.

Even another NEP comes in won't kill Calgary because everyone in the world need our resources.

BigMass
05-07-2014, 04:17 PM
Originally posted by faiz999


i suppose u could rent for the time being, wait till the market cools and then snipe something when you aren't competing with several other potential buyers.

the real question becomes, how long will the market take to cool and by how much?

IMO Calgary is on a long term steady trend upwards. The % increases will probably subside but the city has made the transition from small hick town where people only come for money to a good sized international city that's the target for businesses, investors and immigrants that want to live here. If you look at cities in the US Like Seattle or Portland, markets can cool and stall but those places don't have drops in house prices anymore. They're just too attractive in terms of places to live. Calgary is hitting that level . I have yet to hear one good well laid out argument to how house prices will come down anytime soon specifically in Calgary. (interest rates are not going up in the next 20 years so don't try that argument)

Neil4Speed
05-07-2014, 04:21 PM
Originally posted by BigMass

(interest rates are not going up in the next 20 years so don't try that argument)

Why is that (I'm not challanging you, just wondering why you think that)

max_boost
05-07-2014, 05:54 PM
Originally posted by BigMass


IMO Calgary is on a long term steady trend upwards. The % increases will probably subside but the city has made the transition from small hick town where people only come for money to a good sized international city that's the target for businesses, investors and immigrants that want to live here. If you look at cities in the US Like Seattle or Portland, markets can cool and stall but those places don't have drops in house prices anymore. They're just too attractive in terms of places to live. Calgary is hitting that level . I have yet to hear one good well laid out argument to how house prices will come down anytime soon specifically in Calgary. (interest rates are not going up in the next 20 years so don't try that argument)

Do we thank Nenshi for making Calgary so chill????

ZenOps
05-07-2014, 11:00 PM
Housing in Canada is on a 30, closer to 35 year bull run.

To suggest that its over seems ludicrous to many, but there are others who simply see it as long overdue for a correction. Locally, a Calgary real estate crash may coincide with a currency panic (both US and Canadian dollar)

Seems ludicrous to many that Californians may run out of both water and electricity at any price this year too (but its definitely there)

Its never in a real estates agents interest to even suggest the possiblity of a downturn. Just like its a brokerage houses interest to never suggest that the market can go to zero. They have to keep you in the game to get their cut (without any of the risk, because they do not own the asset or liability as it may be) It never in the banks interest to suggest either of those scenarios either.

I find that those that are easily charmed by the "wealth effect" or rising pricing on homes based on factors like money printing are usually the easiest to fall victim to ponzi schemes. The housing market (and pension plans) being government state sponsored ponzi schemes. If you take the road that the government will never screw you over at any point in your life, and it ends up being true - then you win, otherwise - you lose. The charmed generation of the 1960's may just have got away with it, the rest of us? I don't think so.

TomcoPDR
05-07-2014, 11:03 PM
Originally posted by ZenOps
Housing in Canada is on a 30, closer to 35 year bull run.

To suggest that its over seems ludicrous to many, but there are others who simply see it as long overdue for a correction. Locally, a Calgary real estate crash may coincide with a currency panic (both US and Canadian dollar)

Seems ludicrous to many that Californians may run out of both water and electricity at any price this year too (but its definitely there)

Its never in a real estates agents interest to even suggest the possiblity of a downturn. Just like its a brokerage houses interest to never suggest that the market can go to zero. They have to keep you in the game to get their cut (without any of the risk, because they do not own the asset or liability as it may be) It never in the banks interest to suggest either of those scenarios either.

What would Anders do?

masoncgy
05-08-2014, 09:17 AM
Originally posted by BigMass


IMO Calgary is on a long term steady trend upwards. The % increases will probably subside but the city has made the transition from small hick town where people only come for money to a good sized international city that's the target for businesses, investors and immigrants that want to live here. If you look at cities in the US Like Seattle or Portland, markets can cool and stall but those places don't have drops in house prices anymore. They're just too attractive in terms of places to live. Calgary is hitting that level . I have yet to hear one good well laid out argument to how house prices will come down anytime soon specifically in Calgary. (interest rates are not going up in the next 20 years so don't try that argument)

Recession? It plopped 10%+ in Calgary depending on where you were living in the city in 2008-09. I worked for a major builder when the market fell apart and it wasn't pretty watching all these amateur 'flippers' lose everything... nor was I very pleased with the 15% drop in value of my rental property purchased in early 2007.

I'm one of those who isn't overly optimistic about the housing market, but I don't live in Calgary any longer, so while I have my opinions about what may or may not happen, I'm no longer tied to the housing market there and what goes on in my own region is different than back home.

When you compare Calgary to other markets and look at average income levels, it's a pretty affordable city in comparison. That said, I have no clue how the average household survives in Vancouver or Toronto... and eventually I am sure I will wonder the same about Calgary.

Xtrema
05-08-2014, 09:42 AM
Originally posted by Neil4Speed


Why is that (I'm not challanging you, just wondering why you think that)

Because the world's leading economies can't afford to do so.

You got to have a major economy that prop up and surpass the west. China was going to be it but it has been showing signs of destabilizing, much like Japan years back.

BigMass
05-09-2014, 09:34 AM
Originally posted by Neil4Speed


Why is that (I'm not challanging you, just wondering why you think that)

Rates cannot rise because the largest debtor in the history of planet earth is the US government which would be unable to service its debt levels in an increasing rate environment. The banks that got bailed out during the financial crises would become insolvent, housing would collapse again and the stock market would shit the bed. Every other government in recent history has adopted a fiat money system, racked up unsustainable debt levels and the world uses the US dollar as it’s reserve currency. To not completely destroy GDP numbers, countries that export must import inflation from the US and keep rates low (China, Japan, Canada). The only ability to ever pay off debt is to monetize it. That means money printing and inflation. This also means rates cannot rise. Canada cannot raise rates until the US does due to reliance on the US for export/trade, political and national security reasons. The US is not going to raise rates so that seals the deal for us in Canada and the rest of the world. Everything is far to intertwined in a giant web for individual countries to be able to exercise economic and political sovereignty.

Canucks3322
05-09-2014, 12:35 PM
Originally posted by Xtrema


We already explored this, even if you can time another 2008 recession exactly, Calgary dropped ~15% from peak to bottom and took 5 year to climb out of that bottom and peaked again.

Even another NEP comes in won't kill Calgary because everyone in the world need our resources.

Thing is though. .. how much longer will they need or resources???

Milk2%
05-09-2014, 12:42 PM
Originally posted by Canucks3322


Thing is though. .. how much longer will they need or resources???

Till its allllll gone. So a very long time. Past our generations