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Thread: Buy a condo now? Or wait a couple years?

  1. #1
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    Default Buy a condo now? Or wait a couple years?

    I have been hearing a lot of opposing arguments for condo's right now, and when the best time to buy would be. We had a chance to walk around a bit downtown over the weekend, and found a couple beautiful condo's that are in a great location (one just finished being built, other is a hole in the ground with completion date in 2009). We wouldn't be moving to Calgary permanently until probably 2010 or 2011, but we want to buy something brand new, close to work and to our taste, and the ones we found fit that.
    But what does everything think the value will be in the next few years? I know there are something like 9000+ condo's entering the market in the next little while, which will obviously drop the price. But is it going to drop a substantial amount, or is the fact that people are moving to Calgary every day even it out?

    Along the same lines, what does everyone think of the developer Resiance?
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    I would wait. I am planning to buy in a couple of years myself a brand new condo as well so I am in the same boat. Just wait, overall market is slowing down and I don't see there beeing a lack of condos anytime soon since like you mentioned, there is a ton to be completed by the end of this year alone

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    Wait it out but something you might want to consider is that the 40 year mortgage wont be around to much longer.

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    Default Re: Buy a condo now? Or wait a couple years?

    Originally posted by Euro_Trash
    but we want to buy something brand new, close to work and to our taste,
    If location is high on your priority list then, maybe waiting isnt' such a good idea.

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    From an agent's mouth to here, "There is an excess of condos on the market right now which means you can bargain a little more with sellers, even as much as 15k." I heard on the radio about a month back that condo sales are down as much as 50%.
    Ultracrepidarian

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    Default Re: Buy a condo now? Or wait a couple years?

    Originally posted by Euro_Trash
    But is it going to drop a substantial amount, or is the fact that people are moving to Calgary every day even it out?
    Right now there's net migration OUT OF the province and it's a pretty safe assumption out of Calgary as well.

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    calgary is going to be WAY too crowded for it's size in the next few years, don't you think?

    look at transit for example...DISGUSTING
    look at deerfoot, mcleod, 17th
    how are they gonna accodomate any of these new people?!

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    Originally posted by Dumbass17
    calgary is going to be WAY too crowded for it's size in the next few years, don't you think?

    look at transit for example...DISGUSTING
    look at deerfoot, mcleod, 17th
    how are they gonna accodomate any of these new people?!
    transit is disgusting here because of calgary's footprint if it wasnt so spread out and more centralized the transit system would be a lot better. traffic? again i blame that on calgry's footprint forcing a LOT of single passenger cars, if Calgary had better planning we wouldn't have these kind of traffic headaches.

    but thats my opinion coming from selling my condo and looking at new porperties. half of the propoerties i looked at were vacant.

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    Give it another 12-18 months when all current projects finish with peak of vacancy rate. House prices are going down which will put these condo out of flavor for a while.

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    I am looking too but I think this is the right time because there is no evidence that the market will go up or down so its a buyers market and you can offer lowballs of 20k-30k less than asking price and you still have a good chance the will accept it as the price of houses are lower now too so it's a Win Win for both the buyer and seller cause ya they loose 20k on a condo but they save 40k on a house so it's all good

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    Originally posted by brown_guy
    I am looking too but I think this is the right time because there is no evidence that the market will go up or down so its a buyers market and you can offer lowballs of 20k-30k less than asking price and you still have a good chance the will accept it as the price of houses are lower now too so it's a Win Win for both the buyer and seller cause ya they loose 20k on a condo but they save 40k on a house so it's all good
    You gotta be careful, if you get into any real estate now, you better make sure you'll be in it for at least 2-3 years or you will have have negative equity.

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    Default Re: Buy a condo now? Or wait a couple years?

    .
    Last edited by 01RedDX; 10-18-2020 at 10:24 AM.

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    Default Re: Re: Buy a condo now? Or wait a couple years?

    Originally posted by 01RedDX


    I owned a Resiance condo for 5 years, nothing but good things to say. They are considered an upscale builder. Right now, they have a massive project in the works called the Midtown. It is slated to be completed in 1 - 2 years, just in time for the Calgary condo bust. Is this the one you're considering?
    Thats the one
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    .
    Last edited by 01RedDX; 10-18-2020 at 10:24 AM.

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    Originally posted by 01RedDX
    ^ Yeah, I think you should stick to that plan. Downtown condos will make the biggest gains whenever a boom does return to Calgary, but over the next couple of years the prices will probably slide another 10-20%.
    With that said, do you think I should wait a while before putting down a deposit (with the possibility of prices sliding), or just offer less on the condo and put the deposit down?
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    .
    Last edited by 01RedDX; 10-18-2020 at 10:23 AM.

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    What has progress been like on Mid-Town? From what I can see from my office, that hole in the ground has been just that, a giant hole in the ground....for a while now.

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    As of June they had level 5 parkade complete

    Originally posted by 01RedDX
    ^ There's no harm in waiting with all signs pointing to a drop in pricing, unless you are really picky about specific floorplans, levels or views.
    I guess it makes sense to make a commitment sooner rather than later then, since we are trying to be pretty picky
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    Default Re: Buy a condo now? Or wait a couple years?

    Originally posted by Euro_Trash

    Along the same lines, what does everyone think of the developer Resiance?
    Which project are you looking at?


    Edit: reading > me...... Midtown it is.

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    Also I guess, just give it a good thought if downtown living is for you. Location sounds great, but when you're across from a few bars, you can expect things such as drunk people during weekends (maybe even in your building to pre-drink and party), maybe more vandalism / littering / etc. While it may not be a problem or concern at first, after a while, it gets annoying. Everything from litter, damaged common areas, crime, etc, that may affect the re-sale.

    There is another thread discussing houses vs condos and consider that as well. If you are thinking of starting a family in the future sometime, do you even want to move into a condo only to move out a couple years later? If the market is going to be bad at the time you want to sell to upgrade...?

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