Calgary real estate prospects

[killramos]

Ahhh timing the market

[Rocket1k78]

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maybe...but to go where? Only place I'm moving is to the States.

Yeah id love to cash out too but i couldnt afford any other nicer city.

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I think I’m going to hold off on buying this year and see what happens. Don’t really feel like competing to find something.

Shits no joke right now, neighbors house just sold in less than 10 hours and competing offers again

[bjstare]

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Ahhh timing the market

While I generally take this standpoint, it is a somewhat more valid approach in this context. If a person is not under a strict timeline to buy, doing so during a time where there are frequent bidding wars within a price bracket isn't great timing. The market won't be this hot indefinitely, so why not wait a bit?

[killramos]

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While I generally take this standpoint, it is a somewhat more valid approach in this context. If a person is not under a strict timeline to buy, doing so during a time where there are frequent bidding wars within a price bracket isn't great timing. The market won't be this hot indefinitely, so why not wait a bit?

The market won’t be this hot forever. Unless it is.

Case in point. Ask Toronto and Vancouver.

[Disoblige]

Combined with low rates, do you think it could be that people who were planning to buy last year couldn't because of Covid and now deciding to do it this spring causing increased demand?

[ExtraSlow]

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The market won’t be this hot forever. Unless it is.

Case in point. Ask Toronto and Vancouver.

I hear nobody wants to live in Calgary and everyone will have to sell if interest rates go up even 0.25%. So yeah, timing the market is easy.

[Buster]

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Combined with low rates, do you think it could be that people who were planning to buy last year couldn't because of Covid and now deciding to do it this spring causing increased demand?

When it comes to houses people are mostly retarded. Don't try to apply actual market dynamics to RE - that's a fools errand.

[killramos]

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Combined with low rates, do you think it could be that people who were planning to buy last year couldn't because of Covid and now deciding to do it this spring causing increased demand?

And people are tired of being locked up in their tiny ass apartments, people are spending the money usually spent on 15 dollar shots at stampede and their quarterly trip to Mexico on down payments instead.

[BavarianBeast]

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You paperhanded bitch

I didn’t HODL through all this shit to sell at the first signs of a turnaround!!! Haha

Haha damn right.

I always said as soon as I can get more than I paid for my house in 2016 that I am out. Taking this paper somewhere else looks like a great option right about now.

[Rocket1k78]

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And people are tired of being locked up in their tiny ass apartments, people are spending the money usually spent on 15 dollar shots at stampede and their quarterly trip to Mexico on down payments instead.

Theres gotta be a major surge of people dropping their birdcages for the burb life. I couldnt imagine being quarantined with my wife in an apartment, i would probably jump off if i had kids in an apartment.

[bjstare]

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And people are tired of being locked up in their tiny ass apartments, people are spending the money usually spent on 15 dollar shots at stampede and their quarterly trip to Mexico on down payments instead.

So are you perhaps suggesting that the catalyst for the uptick in demand for detached homes in the "average" price bracket is driven by temporary circumstances (i.e. pandemic)? And they might eventually go back to spending their dollars on stampede and vacations?

Because I would agree. But I don't think that's a leading indicator that we'll be the next TO or Vancouver. Sure it's not impossible, but it's a long (long long) shot that happens to Calgary.

[you&me]

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So are you perhaps suggesting that the catalyst for the uptick in demand for detached homes in the "average" price bracket is driven by temporary circumstances (i.e. pandemic)? And they might eventually go back to spending their dollars on stampede and vacations?

Because I would agree. But I don't think that's a leading indicator that we'll be the next TO or Vancouver. Sure it's not impossible, but it's a long (long long) shot that happens to Calgary.

Agreed. Vancouver is an international haven for money laundering and Toronto is the epicentre of a G7 country... Calgary is neither and has a near-zero chance of becoming either.

For a certain lifestyle, condo living can be great - you can walk to work, while being surrounded by shops and other amenities. When you're no longer taking advantage of that short commute because you're not going into the office and you can't use any of those shops and amenities because they're closed, it's easy to see how condo living could feel like a prison. And because a lot of people are stupid and short-sighted, they'll sell now and make a move to a house in the suburbs that won't jive with their lifestyle once things go back to normal and they'll either be stuck with a shitty commute with too much house, or they'll bite the bullet and do it all over again in reverse.

I find it highly unlikely that the market dynamic and activity in that condo - suburban starter home market is an indication of a long term trend and sustainable.

[killramos]

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So are you perhaps suggesting that the catalyst for the uptick in demand for detached homes in the "average" price bracket is driven by temporary circumstances (i.e. pandemic)? And they might eventually go back to spending their dollars on stampede and vacations?

Because I would agree. But I don't think that's a leading indicator that we'll be the next TO or Vancouver. Sure it's not impossible, but it's a long (long long) shot that happens to Calgary.

I’d say my deep and thorough economic analysis is far from a strong basis for a someone to engage in a 6 figure leveraged RE investment strategy.

[ExtraSlow]

My opinion is your primary residence should not be a part of your investment strategy at all.

[killramos]

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My opinion is your primary residence should not be a part of your investment strategy at all.

I think this puts us on the same page.

[Xtrema]

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Theres gotta be a major surge of people dropping their birdcages for the burb life. I couldnt imagine being quarantined with my wife in an apartment, i would probably jump off if i had kids in an apartment.

Yup, that's also came up in my conversation as well. The current housing "boom" in Calgary is basically 4 factors.

1) low rate got more people in
2) COVID is evacuating apartments in and around the core. There is nothing to do with everything closed. Apartments are small when you have to WFH. Risk of getting COVID is higher even if you go out for a walk.
3) More permanent WFH attracted people from BC and Toronto where nothing good is affordable with average wages out there.
4) nobody want to sell due to a) COVID and b) too shitty of an economy to upgrade to Aspen = low inventory.

Toronto is feeling the same heat... people are moving to the burbs.
https://torontosun.com/news/national...rban-area-poll

[ercchry]

“Rural” Ontario (ie. not Toronto) is exploding... blue mountain/collingwood area, insane... hell, even the fort Erie and other shithole (sarnia) south, south trash areas are booming. It’s wild. Makes Calgary look like a fantastic bargain

[ExtraSlow]

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I think this puts us on the same page.

For goddamed once. Although I'll bet we could find the same page at a flames game. Man I can't wait to get drunk at sporting events again. [/tangent]

[finboy]

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“Rural” Ontario (ie. not Toronto) is exploding... blue mountain/collingwood area, insane... hell, even the fort Erie and other shithole (sarnia) south, south trash areas are booming. It’s wild. Makes Calgary look like a fantastic bargain

Hey, if GVA/GTA folks want to drive my house up by a million I’m happy to roll out the welcome mat

[Disoblige]

Honestly if I wasn't thinking Vancouver or Toronto, why not Calgary? Better than Edmonton lol.