Calgary real estate prospects

[Power_Of_Rotary]

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Looking at the CREB Daily Housing Stats, there were 313 homes sold and 296 new listings for the week of Oct 15-21, 2021. Insanity.

Its not insanity. Its what I told everyone in the past few months. Hot market.

[msommers]

When condos start selling quickly, I might be convinced.

[max_boost]

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When condos start selling quickly, I might be convinced.

Make DT Calgary great again!

[Rocket1k78]

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Unless BoC does some rate hikes soon it's looking like next spring is going to be even more of a craze than this year.

Detached active listings:
October 2019: 3,726
October 2020: 3,065
October 2021: 2,500

Last year was already a crunch and lots of multiple offers, going into next year with 20% less listings is only going to compound that.

Im banking on this. I have a house i was going to list in lake bonavista but after seeing whats coming up and what theyre going for i decided to put a bit more money into it and ask for more than i thought. Its almost done but i think im going to hold out til next year....

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Make DT Calgary great again!

Was it ever great lol We still go DT for rides along the paths but anytime you venture off its pretty miserable

[max_boost]

Yea. Just back to 2015 when ppl were paying $600k for 900sq.ft condos. That would be my definition of great lol

[flipstah]

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When condos start selling quickly, I might be convinced.

Haha that's going to take a while. Either Calgary gets a population boost or you'll be underwater for any condo property for the next 5-10 years. There's too much supply and rentals going up (office to resi conversions)

[Xtrema]

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Yea. Just back to 2015 when ppl were paying $600k for 900sq.ft condos. That would be my definition of great lol

How about $900K for 1000sqft?

https://www.realtor.ca/real-estate/2...ary-eau-claire

[you&me]

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When condos start selling quickly, I might be convinced.

Exactly.

"Hot market"... Except condos.

And >$900,000.

And anything bought ~2013.

Some segments might be hot. But some are absolute dog shit.

[suntan]

"I sold my house, it's HOT!"

[Cagare]

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Haha that's going to take a while. Either Calgary gets a population boost or you'll be underwater for any condo property for the next 5-10 years. There's too much supply and rentals going up (office to resi conversions)

That last point would have me the most concerned about owning a condo right now. If they go ahead with the volume of conversion they want it's going to reap havoc on the existing condo market. I do wonder what it will do to the rental market also.

What we're seeing right now is the fall rush to close before Christmas. The market got relatively quiet very early this summer and this makes sense. Will be interesting to see what inflation does, if anything to the spring market next year.

[ExtraSlow]

low real estate prices (and cheap rentals) is a stated policy goal of several levels of government.

[flipstah]

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That last point would have me the most concerned about owning a condo right now. If they go ahead with the volume of conversion they want it's going to reap havoc on the existing condo market. I do wonder what it will do to the rental market also.

What we're seeing right now is the fall rush to close before Christmas. The market got relatively quiet very early this summer and this makes sense. Will be interesting to see what inflation does, if anything to the spring market next year.

Yeah, I can't make moves on my condo because of those conversions + the rental buildings going up. Finding good renters is also a challenge on their own.

[ercchry]

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Yeah, I can't make moves on my condo because of those conversions + the rental buildings going up. Finding good renters is also a challenge on their own.

Just rent it to that guy with the GT-R, I’m sure he is always looking for more units

[flipstah]

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Just rent it to that guy with the GT-R, I’m sure he is always looking for more units

No Stampede, no activity

EDIT: if its the same guy, he downgraded to a 2010 S5

[max_boost]

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That last point would have me the most concerned about owning a condo right now. If they go ahead with the volume of conversion they want it's going to reap havoc on the existing condo market. I do wonder what it will do to the rental market also.

What we're seeing right now is the fall rush to close before Christmas. The market got relatively quiet very early this summer and this makes sense. Will be interesting to see what inflation does, if anything to the spring market next year.

Ya so I quickly heloc my condo and dumped it into tech and crypto instead hoping for the best lol

[mr2mike]

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low real estate prices (and cheap rentals) is a stated policy goal of several levels of government.

Problem is they don't understand economics.
Buy a property for $900k, your not renting it out to feel good about yourself. At least I'm not.
Lower the house cost and not the rental cost.

[Power_Of_Rotary]

My entire focus on this thread is to buy land/house. I excluded condos.

Dunno why you guys keep denying a hot real estate market just because condos, the worst performing real estate sub asset class, is still in the dumpster.

Just because your Citizens watch is not inflating in value, does not change the fact Rolexes are a hot commodity.

[ExtraSlow]

This thread is a nice mix of honest advice, irrelevant bullshit, e-peen, and insults. I figure you've got all you can hope to get out of it at this point.
So go buy something already.

[ThePenIsMightier]

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Just because your Citizens watch is not inflating in value, does not change the fact Rolexes are a hot commodity.

That's too terrible a comparison to even be worth mocking.
But it's not my thread.

[suntan]

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This thread is a nice mix of honest advice, irrelevant bullshit, e-peen, and insults. I figure you've got all you can hope to get out of it at this point.
So go buy something already.

It’s a small slice of life.