Calgary real estate prospects

[suntan]

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That does beg the question, other provinces aren't seeing the same skyrocket of fees that Alberta is. Why is condo insurance here out of control and not other places? I know the Fort Mac fires caused significant loss, are we all just paying for that basically?

Well the other question you should ask is what are the premium rates in the other places? Maybe it's already high in other provinces.

[Power_Of_Rotary]

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That does beg the question, other provinces aren't seeing the same skyrocket of fees that Alberta is. Why is condo insurance here out of control and not other places? I know the Fort Mac fires caused significant loss, are we all just paying for that basically?

This really depends on the local loss ratios. Claims severity is a big factor, types of repairs, labor cost, etc. I assume there are less hail and floods in Vancouver and Toronto. Not to mention Van/toronto would have a bigger pool of condos to reduce premiums. While Calgary has lower population of condos but higher frequency of losses = high premiums.

[Disoblige]

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On a variable mortgage, with condo fees, would probably cash flow negative $400-500 a month

That's fair. I'm negative right now actually but don't mind it too much. Still paying down the mortgage principal.

[Brent.ff]

We had our house conditionally sold, over asking, in ~9 hours on tuesday this week.. it's pretty wild. Now have to panic find a place

[riander5]

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That's fair. I'm negative right now actually but don't mind it too much. Still paying down the mortgage principal.

If I wasn't negative that much and trending to be even more negative, I'd consider holding onto it. But when Im putting in basically the same amount im paying a mortgage down for a few years.... I'd rather place the money somewhere else and not have the headache.

When its a near zero cash flow and paying principle down its definitely worth the headache imo.

[msommers]

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We had our house conditionally sold, over asking, in ~9 hours on tuesday this week.. it's pretty wild. Now have to panic find a place

That's friggin wild. What percent over asking?

[Brent.ff]

~3%, but also airdrie, so wasnt expecting the full calgary wildness

[msommers]

I'd argue that selling a house in 9 hours over asking is pretty wild

You guys planning to stay in Airdrie?

[Brent.ff]

Headed to Cochrane. Airdrie sucks (we knew this going in)

[finboy]

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Headed to Cochrane. Airdrie sucks (we knew this going in)

A smart move, fuck airdrie

[suntan]

What's wrong with Airdrie?

[msommers]

A significant drop-off in pineapple displays

[Brent.ff]

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What's wrong with Airdrie?

None of the things we enjoy are well represented. Distance to mountains? 1/2 hour Further. Offleash dog park? Shitty. Bike riding? Super shitty (add in the hillbilly attitude and it gets worse). Pride of ownership? Ha.

[ExtraSlow]

For sure, distance to mountains and outdoor recreation alone is a big factor of those are important to you.

[Xtrema]

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None of the things we enjoy are well represented. Distance to mountains? 1/2 hour Further. Offleash dog park? Shitty. Bike riding? Super shitty (add in the hillbilly attitude and it gets worse). Pride of ownership? Ha.

Won't live in Airdrie on the shitty Yankee Valley Blvd design alone. It totally ruin #2 on spill over traffic.

[Brent.ff]

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Won't live in Airdrie on the shitty Yankee Valley Blvd design alone. It totally ruin #2 on spill over traffic.

the 40 Avenue interchange will address that, but ya. When they opened the 8th street round-a-bout, a ton of traffic now heads in through balzac such that it is also backed onto QE2 during rushhour. I'm surprised there hasnt been a major accident at that one as people are stopped in the shoulder while others are buzzing them at 120+

Cochrane has 3 years of pain ahead of them with the interchange, but then should be very tolerable

[gmc72]

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We had our house conditionally sold, over asking, in ~9 hours on tuesday this week.. it's pretty wild. Now have to panic find a place

We were in the same boat a few months ago. Started to panic when we kept getting rejected offers. Eventually found a place though.

Good luck!!

[CompletelyNumb]

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sure it sucks you don’t make a profit on it but you still gain from paying down the principal over time and not having rent increase

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Wait condo keep up with inflation? What universe is this?
Attachment 114171

Kinda my point there. If you buy a condo and live there for 5 years and then sell it... are you actually further ahead than if you had just kept saving/investing for those 5 years? Anecdotally I'm sure it works out great for some people, but in buildings like the graph above, I have a hard time seeing it.

As always, the answer is to not be poor.

[Xtrema]

You know when we have a bubble?

My masseuse just got a new house. Keeping the old house and want to use HELOC for a down on a 3rd house. Because market is HAWT.

Ask her about capital gain tax, and she ask me what is that?

And she dabbles in Crypto.

FML.

[msommers]

Screams rich husband. Are you sure she isn't an influencer pretending to be a massage therapist