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Thread: Calgary real estate prospects

  1. #521
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    A condo in our unit was C/S in 2 days. But I think it was truly a fire sale price, they will have lost like 70k plus fees.
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  2. #522
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    It does seem to be picking up a little in most areas now, my SW neighborhood has been on fire for a bit, but copperhood was still pretty weak, appears even over there it’s starting to tick up, less listings, more homes mid-$400k+ than sub/low $400k than even a month ago

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    Quote Originally Posted by pheoxs View Post
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    Some useless pointless stats for detached homes
    2019 total sales: 9,898
    2020 total sales: 9,949
    2021 YTD: 4,868

    So we're about 2-3 days away from having half the number of sales in 2019 or 2020 despite it still being April. Absolutely crazy.

    Also days on market keeps creeping down. 24 for April so far; March was 29; last March was 47; 2020 overall was 50; 2019 overall was 54. So things are definitely still moving quickly.
    DOM is misleading too, ours officially says 19, but we sold it to the 2nd people that came by about 28 hrs after listing, we initially sold to the 4th people that came thru shortly after the 2nd couple....wasn't until conditions came off that DOM ended.

  4. #524
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    Quote Originally Posted by dirtsniffer View Post
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    If you have a conditional offer and someone else makes an offer csn you tell the first guy to waive all conditions or go away.
    I think so but could be wrong. Our realtor never marked our house as C/S and continued to have us allowing showings while we waited the ~2 weeks for the conditions to waive

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    Quote Originally Posted by 94boosted View Post
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    I think so but could be wrong. Our realtor never marked our house as C/S and continued to have us allowing showings while we waited the ~2 weeks for the conditions to waive
    12.1 If the seller or buyer fails or refuses to complete this contract, the other party may seek all remedies, such as claims for depositsand damages, and reasonable costs including legal fees and disbursements on a solicitor/client full indemnity basis.

  6. #526
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    Crazy market for entry level homes blah blah blah. I'm more interested in what's driving the demand AND supply. Who are the people throwing caution to the wind and getting into bidding wars over outdated cooking cutter entry level homes? Is it purely interest rates driving their buying decisions? With the increase sales activity where are the sellers going? Are they downsizing/upgrading, selling income properties, moving out of town, or just trying to time a hot market? More questions than answers.

  7. #527
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    Quote Originally Posted by Manhattan View Post
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    Crazy market for entry level homes blah blah blah. I'm more interested in what's driving the demand AND supply. Who are the people throwing caution to the wind and getting into bidding wars over outdated cooking cutter entry level homes? Is it purely interest rates driving their buying decisions? With the increase sales activity where are the sellers going? Are they downsizing/upgrading, selling income properties, moving out of town, or just trying to time a hot market? More questions than answers.
    If you were stuck in a condo with your significant other/kids for the last year, would you want to get a bit more space?
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  8. #528
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    Quote Originally Posted by Manhattan View Post
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    Crazy market for entry level homes blah blah blah. I'm more interested in what's driving the demand AND supply. Who are the people throwing caution to the wind and getting into bidding wars over outdated cooking cutter entry level homes? Is it purely interest rates driving their buying decisions? With the increase sales activity where are the sellers going? Are they downsizing/upgrading, selling income properties, moving out of town, or just trying to time a hot market? More questions than answers.
    Majority of the WFH crowd lost 0 income during the pandemic but they did have reduced expenses. I know lots of people, myself included, that are better off financially after the pandemic because of cancelling trips, not being able to eat out, and otherwise just not having much to spend disposable income on. Past 12 months haven't spent anywhere near my monthly entertainment budget even once so it turns into forced/accidental savings.

    Buying a 500k property you only need 25k for the minimum down which really isn't hard for a couple to save. Between the first time HBP and a bit of pandemic savings thats enough to buy your first home. Through last year less people listed their house so active listings way significantly down even before the market heated up. Now everyones trying to jump the gun and shooting themselves in the foot at the same time.
    Nolan

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    Quote Originally Posted by Manhattan View Post
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    Crazy market for entry level homes blah blah blah. I'm more interested in what's driving the demand AND supply. Who are the people throwing caution to the wind and getting into bidding wars over outdated cooking cutter entry level homes? Is it purely interest rates driving their buying decisions? With the increase sales activity where are the sellers going? Are they downsizing/upgrading, selling income properties, moving out of town, or just trying to time a hot market? More questions than answers.
    In our case, we sold to what looks like another childless couple (5 yr old 2000 sq ft double front drive cookie cutter in Airdrie)...as for us, we've been wanting to move to Vancouver for a long time (for me, it's where I grew up actually), we'll be renting a brand new 3 bedroom condo in North Van for $3100/month lol for a few years until my MIL and my dad need to move in with us, at that time, we'll figure what to do.

    The other reason I wanted to sell, is kind of in the same line of logic as you, this hot housing market in Calgary is unjustified really and won't last long. In fact, I'm betting it will go back down sooner or later. I just really wanted to get out of this house while I could and take whatever I could get (sit on the sidelines for a few years and pray for crashes), it just so happened to be amazing timing. Initially I had been given a good indication I'd get a work transfer back in December and at that time, our realtor was giving us a number that was ~$30,000-40 less so this is all cherry on top.

  10. #530
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    It would be kinda wild if what's been holding people back from home purchase is going on vacations and dining out with the result of lockdowns being those savings tossed into a hot entry housing market. Crazier things have happened though. Supply crunch makes a little more sense given that birth rates or just number of couples setting down probably remained somewhat similar and people needed to get into SFH with reduced housing supply.

  11. #531
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    Quote Originally Posted by finboy View Post
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    If you were stuck in a condo with your significant other/kids for the last year, would you want to get a bit more space?
    So who’s buying the condos?

  12. #532
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    Quote Originally Posted by Manhattan View Post
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    It would be kinda wild if what's been holding people back from home purchase is going on vacations and dining out with the result of lockdowns being those savings tossed into a hot entry housing market. Crazier things have happened though. Supply crunch makes a little more sense given that birth rates or just number of couples setting down probably remained somewhat similar and people needed to get into SFH with reduced housing supply.
    For a lot of people the cost of a mortgage and cost of renting is quite similar (since lets be real they probably won't budget for house maintenance anyways). So home ownership is mostly just a matter of the downpayment at that point. Mix in some 'record low interest rates that will rise soon!' and you have people jumping into the market.
    Nolan

  13. #533
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    Quote Originally Posted by suntan View Post
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    So who’s buying the condos?
    Soon-to-be unexpected landlords.

  14. #534
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    Quote Originally Posted by pheoxs View Post
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    Majority of the WFH crowd lost 0 income during the pandemic but they did have reduced expenses. I know lots of people, myself included, that are better off financially after the pandemic because of cancelling trips, not being able to eat out, and otherwise just not having much to spend disposable income on. Past 12 months haven't spent anywhere near my monthly entertainment budget even once so it turns into forced/accidental savings.

    Buying a 500k property you only need 25k for the minimum down which really isn't hard for a couple to save. Between the first time HBP and a bit of pandemic savings thats enough to buy your first home. Through last year less people listed their house so active listings way significantly down even before the market heated up. Now everyones trying to jump the gun and shooting themselves in the foot at the same time.
    These are are just justifications for why shit is going up. I truly believe the increase has nothing to do with people suddenly wanting more space. However, I mentioned before, during HYPERINFLATION, real estate is one of the better investments.

    Also, look at the major cities, the so called justifications are a joke. People with the capability to buy, will buy. Low interest rate and hyperinflation. Why keep cash when it is losing value so quickly. If you can borrow, why not borrow? The interest rate is low and inflation is high. This has nothing to do with "need of more space".
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  15. #535
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    Anyone have experience with the realtor suggesting a price that you think is too high? A unit in my complex has been listed at $255k originally and now $249900, 143 days on the market. My unit is the same layout but flipped, however more desirable as it backs onto a green space, and is freshly painted and ready to go (other unit has smaller back yard, and the no green space just houses behind it with Stoney past that and is 9 year old interior colours etc). The realtor wants me to list at the same $249900 and hope it sells by being more attractive, but honestly I would be happy listing below it. I will have to start eating into other savings after 1-2 more months carrying all costs with no tenant while I’m also paying rent to live elsewhere, and the mortgage renewal is only a couple months out as well. No other comparable in the complex since early Covid days.

  16. #536
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    Realtors are not magic, they can be out to lunch on prices just like anyone. Some want to suggest a higher price as a way to "win" the right to list the home and get the seller under contract. It's shady, but it can happen. You are free to tell them a lower price, or to fuck right off. Or to use a low commission realtor and drop price accordingly.
    Let's all work on positivity this week.

  17. #537
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    Quote Originally Posted by ExtraSlow View Post
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    Realtors are not magic, they can be out to lunch on prices just like anyone. Some want to suggest a higher price as a way to "win" the right to list the home and get the seller under contract. It's shady, but it can happen. You are free to tell them a lower price, or to fuck right off. Or to use a low commission realtor and drop price accordingly.
    I was thinking of listing for $245k, and honestly I’m willing to sell for less (lowest ever sale price in the complex was $245k). I don’t think he is trying to do anything shady, but I am going to be in a bad spot if I have to sit on this thing for 5 months.

  18. #538
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    List it for the higher price and drop after a week or two? This way if it's truly worth more, you can capitalize on it; conversely if you don't get offers in the first couple weeks, you can drop it and it will spur interest because that shows buyers you're eager to sell.

  19. #539
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    Yeah you can always lower if no one bits on the higher price. Since you are motivated to sell and flexible with the price, Im sure you won't be sitting on it for 5 months.

  20. #540
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    People seemed to be listing lower to invite more offers. Is that still a thing, or not for condos?
    Let's all work on positivity this week.

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