Imminent Housing Crash

[vengie]

Originally posted by kaput


This condo is still for sale. The price has been reduced by another $10k to below my sale price. About a 7 percent drop now.

What building is this in??
I had my condo in Keynote 2 listed, but after a few lowball offers I opted to rent it out instead. Currently cash flowing $5/month .

[7thgenvic]

Originally posted by vengie


What building is this in??
I had my condo in Keynote 2 listed, but after a few lowball offers I opted to rent it out instead. Currently cash flowing $5/month .

What floor plan is that?
Most of 2 bedrooms in the Keynote that are on rentfaster are 2200ish

https://www.rentfaster.ca/calgary-co...uite-in-108582

This was the most expensive I found in there.

[vengie]

Originally posted by 7thgenvic


What floor plan is that?
Most of 2 bedrooms in the Keynote that are on rentfaster are 2200ish

https://www.rentfaster.ca/calgary-co...uite-in-108582

This was the most expensive I found in there.

My unit is a 1 bed 1 bath "Acoustic" floorplan.

The on you listed is also the "Acoustic", but a 2 bedroom, and also fully furnished.

[BavarianBeast]

People seem to be selling their vacation homes first haha. Been looking at homes in Calgary for the past couple months and haven't seen very much decline. Homes seem to still be moving off the market fairly quickly at relatively high prices.

Decided to pick up a condo on the Okanagan for a bargain instead.

[7thgenvic]

Originally posted by vengie


My unit is a 1 bed 1 bath "Acoustic" floorplan.

The on you listed is also the "Acoustic", but a 2 bedroom, and also fully furnished.

That's insane! Good for you.

All the 2 bedrooms fully furnished at going for around 3k, with the ones renting out around 2k.

And your getting 5 F*C*ing k?

Find me a someone to rent out my unit!

[BavarianBeast]

Perhaps he means he pockets $5 after paying his mortgage

[BavarianBeast]

Perhaps he means he pockets $5 after paying his mortgage

[Tik-Tok]

Originally posted by BavarianBeast
Perhaps he means he pockets $5 after paying his mortgage

Yeah, I don't see a 'K' in the $5 cash flow post, lol

[max_boost]

Either way the old archery would have been proud. Cash flow + haha

[vengie]

Originally posted by 7thgenvic


That's insane! Good for you.

All the 2 bedrooms fully furnished at going for around 3k, with the ones renting out around 2k.

And your getting 5 F*C*ing k?

Find me a someone to rent out my unit!

You are definitely mis-interpreting my post...

Cash flowing $5 a month after the mortgage/insurance/ condo fee's/ property tax is covered.

Not $5000/ month

[Disoblige]

For those that rented out their downtown condo (one bedroom and two bedroom), did you guys rent it out unfurnished or furnished? And whatever you chose, how come? I'm undecided.

[gkAeris]

Originally posted by Disoblige
For those that rented out their downtown condo (one bedroom and two bedroom), did you guys rent it out unfurnished or furnished? And whatever you chose, how come? I'm undecided.

I don't have anymore DT condos. but when I did, I personally found that there is no point renting it furnished. everyone has difference tastes, and most of the time they picky, unless you are doing a executive rental then you do usually have them furnished...

I even had extra utensils and furniture but in the end I just gave them all away. from my experience no one likes furnished for long term anyways....

most of the tenants I had were there for year contracts....

[S-FLY]

Originally posted by vengie


My unit is a 1 bed 1 bath "Acoustic" floorplan.

The on you listed is also the "Acoustic", but a 2 bedroom, and also fully furnished.

Acoustic is only a 1br/1bath.

The 2br/2bath floor plans were:
Lounge (SE facing) XX01 unit number and Vintage (NW facing) XX10 unit number.

[BerserkerCatSplat]

Originally posted by Sugarphreak
Ouch, out of the blue the condo market is tanking this month... down -17.4% year over year for average price

http://www.creb.com/Seller_Resources...ng_Statistics/

And, four days later, it's evened out to -5.21% with still half a month to go - not great but still not a crash of any sort. Doesn't make a lot of sense to compare month-to-month until the month is up, there's just too much daily fluctuation.

[Sugarphreak]

...

[pheoxs]

Originally posted by Sugarphreak
Hopefully things are good going into the summer months, unless there is some sort of dramatic shift in the O&G market, I've pretty much decided on listing and downsizing to a condo

Anybody want a bungalow with a 4 car attached garage



The median is still over -7%, and we are halfway through the month already. Houses and town homes seem like they are holding out a lot better.

It could just be oversupply of the condo market causing this, there are a lot of office vacancies and that means less people wanting to work/live downtown at the moment.

I wonder how much of it is people dumping rental properties and how much of it is people upgrading with prices calming down?

I guess probably more people dumping properties at this point since houses havent come down yet, so people are still probably waiting to upgrade

[Sugarphreak]

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[pheoxs]

The one upside is that although sales are slowing, the # of new listings are also slowing down by an equivalent amount (-26% May '15 vs May '14). Hopefully this helps clear out some of the excess supply and calms things down.

[HiTempguy1]

Originally posted by Sugarphreak


That would explain why the median price has dropped off so much, this might be a crash for low-mid range condo's.... not more expensive units that people actually live in.

I'd argue the exact opposite.

I don't have the time to, but if the downtown condo market could be removed from the rest of the data, it would be interesting to see what starter condos/inexpensive ones are going for. Us poor folk aren't buying "low-midrange condo's" downtown for $350k as a "starter home"

I also find your focus on downtown interesting; while important, downtown does not represent the majority of the city. I would look elsewhere to try and find trends, downtown has always been the most sensitive to market fluctuations.

[Sugarphreak]

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