Calgary real estate prospects
After reading comments from you guys in the landlord/real estate investment thread, I am wondering what the long term prospects are for Calgary Real estate. Many of you have said it is not worth investing in Calgary and the value is dropping. I am interested in buying a house in Calgary for when and if I decide to relocate back. Even though most of your are grim on the real estate, the housing value in Calgary is still high in my books. Average decent/newer house is still well over 600k and old houses with the bigger lots are still around 500k (ie. charleswood, huntignton hills etc.).
My preference would be to have a place with lots similar to Huntington Hill (I lived there when I was young). Reason is the lot size and the alley access for cars/garage. I would like to turn the backyard into a concrete yard such that I can park cars/trucks/trailers etc. I remember my family sold my grandparents home for less than 200k a millennia ago. While today, these houses are going for 400-600k. Given the age of the physical house, the key value is the lot itself. However, the location itself is not amazing. Perhaps buying a place outside Calgary like Chestemere would meet my requirements while getting a newer house?
Even after so many years of "recession", I fail to see this reflected in the real estate market. Globally, almost all cities (especially big cities), RE have continued to soar to record highs. Hell, RE in many Asian countries are hitting all time highs with double digit growths - THIS QUARTER.
I understand being a landlord is shit. The return may be a wash given the maintenance and repairs and headache. But in the long run, housing value continues to go up and affordability seems to diminish. Also, if I decide to move in I would not have to worry about inflated real estate (mainly land value). What are your views?