Current Calgary's real estate market

[blownz]

^ sure they are up over a year ago, but they have been dropping for the past few months. And a decent amount too.

[Super_Geo]

Yeah, but it drops every winter... prices should pick up a bit next spring/summer. Hopefully it becomes stable.

[whodiman]

Month Avg Price Median Price
June 498k 439k
July 505k 435k
Today 450k 405k


from www.bobtruman.com and www.creb.com

[USED1]

You can always tell who the homeowner are and who the guys are that missed the boat. The guys that missed the boat are the ones always saying the market is dropping.

[Antonito]

Originally posted by USED1
You can always tell who the homeowner are and who the guys are that missed the boat. The guys that missed the boat are the ones always saying the market is dropping.

And the guys that say that the market will recover are the homeowners. What else do you expect? Are you going to pray for the price of your house to drop?

[Mangina]

Originally posted by USED1
You can always tell who the homeowner are and who the guys are that missed the boat. The guys that missed the boat are the ones always saying the market is dropping.

werd son.

[Pacman]

Originally posted by Antonito


And the guys that say that the market will recover are the homeowners. What else do you expect? Are you going to pray for the price of your house to drop?

I own a place and, yes, I'm hoping the value of it drops.

The reason.....I'm looking to upgrade to a bigger place that will cost more money. So if my place drops 30% and the house I want drops 30%, I will save myself some money.

[89coupe]

Originally posted by Pacman


I own a place and, yes, I'm hoping the value of it drops.

The reason.....I'm looking to upgrade to a bigger place that will cost more money. So if my place drops 30% and the house I want drops 30%, I will save myself some money.

Im with yah!

[USED1]

Originally posted by Pacman


I own a place and, yes, I'm hoping the value of it drops.

The reason.....I'm looking to upgrade to a bigger place that will cost more money. So if my place drops 30% and the house I want drops 30%, I will save myself some money.

I agree with you too.

[Toma]

Myself, I own several, all bought well before the boom.... and I hope they drop because I want to own 10 - 12, and I cant afford them at this level.

From a slumlord point of view, this market is for the dogs. Rents have note even remotely kept pace with prices.

A house that I paid $140'k for in ~2000 rented for $850 a month up, and $650 a month down. Now its worth $400k and it rents for $1050 up, and $900 down.... wooptie fuckin do..... and extra $450 a month for an extra $260k worth of house

Pretty soon we will end up like the suburbs of L.A. Million dollar homes that rent for $1500 a month.

[Antonito]

Well then you all should have not been such lazy bitches and bought those places before. Try going to the bar less

[riceboi]

It's all about supply and demand. The price will edge up if the inventory level drops in the next two months. So far, I have not seen this yet. It will be until Mar/Apr next year that you will see prices stable. As I said before, there are buyers out there they just don't want to make offers now since they think the prices will slide further -- can't blame them. Once the R/E is stablized you will see more offers on the table. I, personally, don't think this R/E market will crash, Calgary fundamentals are way too strong -- if anything, prices should go up. Lets hope that it's not like California. Compared to other international markets, we're still underprice.

[Antonito]

Originally posted by riceboi
Calgary fundamentals are way too strong -- if anything, prices should go up.

I keep hearing about the "fundamentals" of real estate markets, but know nothing of them. Could someone explain?

[mikestang]

If you look at edmonton and calgary's market compared to any other big markets in Canada... we're still behind in price per square foot - yet we have the hottest economy.

So no, don't expect things to drop for much longer.. it's a correction which happens to every market... There are still a few builders in both markets that are building steadily - some have been capping floors and stopped new home construction due to the (in edmonton) 12,000 market listings.. which are now slowly starting to come down.. as for condo prices, condos are the first to come up and the first to fall... property taxes and condo fees are rising in both markets...

As for interest rates, the banks will not allow the rates to go up - if that happens our dollar will be destroyed, thousands of houses will go into foreclosure within a couple years.. it would be a suicidal move for our economy, worse than what the states are going through... the only scary part about that - is we usually tend to follow the states market, just hope that changes this time around with the strength of alberta...

Plus in all honesty, if you really want a house you can get one.. I'm 20 and I'm moving into my new house at the end of the month... and I have a new truck.

[modded46]

Originally posted by thrasher22
^^ I'm in IT too, our company is posting record profits as of late. Just because house prices are falling it doesn't mean calgary is shitting the bed, its just a correction for the unnatural growth the last couple years.

That being said, I want prices to soar come spring

If you're looking for a change PM me

[freshprince1]

Originally posted by riceboi
As I said before, there are buyers out there they just don't want to make offers now since they think the prices will slide further -- can't blame them. Once the R/E is stablized you will see more offers on the table.

that's me, 10% DP ready, getting pre-approved this week, grabbing a root beer and sitting back to watch the show. Hopefully I can time things ideally.


*plug* On that note, anyone with a starter home under $330K in the new SE, feel free to pm me.

[rc2002]

Originally posted by mikestang
As for interest rates, the banks will not allow the rates to go up - if that happens our dollar will be destroyed

Actually our dollar will do just the opposite. If rates go up then the dollar will go up.

[whodiman]

Originally posted by richardchan2002


Actually our dollar will do just the opposite. If rates go up then the dollar will go up.

This is true. Simply economics again. If rates go up, your Govt bonds become attractive to other countries. When other countries buy your bonds they must use your country's currency. When they buy your currency the demand goes up thus increasing the price of the currency.

[SilverRex]

Originally posted by mikestang
If you look at edmonton and calgary's market compared to any other big markets in Canada... we're still behind in price per square foot - yet we have the hottest economy.

So no, don't expect things to drop for much longer.. it's a correction which happens to every market... There are still a few builders in both markets that are building steadily - some have been capping floors and stopped new home construction due to the (in edmonton) 12,000 market listings.. which are now slowly starting to come down.. as for condo prices, condos are the first to come up and the first to fall... property taxes and condo fees are rising in both markets...

As for interest rates, the banks will not allow the rates to go up - if that happens our dollar will be destroyed, thousands of houses will go into foreclosure within a couple years.. it would be a suicidal move for our economy, worse than what the states are going through... the only scary part about that - is we usually tend to follow the states market, just hope that changes this time around with the strength of alberta...

Plus in all honesty, if you really want a house you can get one.. I'm 20 and I'm moving into my new house at the end of the month... and I have a new truck.

do you know of a fact banks will not raise rates? I mean Canada is growing pretty fast there if they they raise rates how in the world are they going to stop the insane inflation we are experiecing? When things do not become affordable anymore, that also kills the economy.

I notice on creb.com that the average sale price for single home once reached 500k, and now is down to 450k. So that is a 10% drop already. Correction yes, that is quite significant, if it drops another 50k then that is a huge drop. We wont know until next summer/fall.

[The Cosworth]

I have no IDEA what it will do, but I hope condo's go back down to when I graduated.

I could have bought a 1 bedroom condo near silver city in Panorama for $79,000 in 2004 and now they are selling close to $300,000's

I can't afford that shit