Calgary real estate prospects

[suntan]

Only people I know are retirees.

[holden]

https://www.theglobeandmail.com/real...erta/#comments

Article about migration from Ontario. Lady sold 2 houses in Toronto and bought 4 in Calgary.

[Disoblige]

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https://www.theglobeandmail.com/real...erta/#comments

Article about migration from Ontario. Lady sold 2 houses in Toronto and bought 4 in Calgary.

Post the article. Can't read it.

Edit: Nvm worked on browser.

[Xtrema]

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Post the article. Can't read it.

Edit: Nvm worked on browser.

The sale of her two semi-detached houses in midtown Toronto, one her home and the other an investment property, allowed her to purchase a more spacious home in Calgary’s southwest community of Canyon Meadows, as well as three additional investment properties in adjacent neighbourhoods in the south of the city. “It feels like winning the lottery,” Ms. Anderson says. “For someone who’s got Toronto real estate PTSD, it felt amazing to look at what we can buy [in Calgary].”

This is same idea why Halifax real estate has gone thru the roof last 2 years. People in GTA are cashing out if they can.

[Disoblige]

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This is same idea why Halifax real estate has gone thru the roof last 2 years. People in GTA are cashing out if they can.

It was a matter of time. I just wish we had Amazon HQ2 here. That would probably have solved a lot of our problems.
We'd be in the Amazon Arena by 2024 as well

[suntan]

Someone told that lady that the residential vacancy rate is really high, right?

[Xtrema]

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It was a matter of time. I just wish we had Amazon HQ2 here. That would probably have solved a lot of our problems.
We'd be in the Amazon Arena by 2024 as well

Given Bezo's space ambition, being around DC for HQ2 make more sense. Don't kid yourself, none of the Canadian cities had a chance.

But logistics is on fire. Land around Balzac is raising in value are warehouse vacancy is at all time low.

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Someone told that lady that the residential vacancy rate is really high, right?

or easy $300K flipping them by summer 2022 at this rate. People has forgot how crazy 2006/2007 was.

[suntan]

HQ2 is irrelevant. The AWS region here will be massive in short order as no sane company actually wants to host in Toronto, Quebec or Vancouver.

I expect an Azure region here soon enough.

[Xtrema]

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HQ2 is irrelevant. The AWS region here will be massive in short order as no sane company actually wants to host in Toronto, Quebec or Vancouver.

I expect an Azure region here soon enough.

HQ2 is about the high paying jobs. Regional datacenters are nice but all you need are just people that can follow simple instructions.

[suntan]

There'll be enough high paying jobs from it.

Just what do you do in IT? I dipped my toe in the job market last summer, I found a high paying position pretty well immediately. Guy offered me the job during the interview.

[Disoblige]

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Domestic consumption doesn't cause bubbles, didn't you know?

It's all the evil CHINESE MONEY.

Also, at the risk of sounding pedantic, I would say that the average Torontonian's house has tripled in price, but not in value.

OUCH. Just noticed the Mar 2.0 user title. GG.
You now have Mar on your name essentially. Gross.

[Xtrema]

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Just what do you do in IT? I dipped my toe in the job market last summer, I found a high paying position pretty well immediately. Guy offered me the job during the interview.

Mostly in compute and storage side of things. Market is hot, a lot of service companies are hiring/poaching trying to position to bid for spending by O&G after being down for so long and a lot of spending was postponed.

AWS/Azure region right in Calgary will definitely solved a lot of supply chain crunch here.

[Manhattan]

Net net its not great for a city or society to have majority of population get priced out of housing or even spend a significant amount of incomes on housing but if ppl wanna leverage/blow their savings on real estate then let em. Even if your Calgary house doubles in value you'd need to move to another city to extract the value otherwise its just a tax burden. If liberal govt won't take any real action to at least cool things down then conservatives definitely won't do anything either but market forces will EVENTUALLY adjust. It doesn't have to end in a crash. We could see stagnant prices for the next few decades while incomes and rents slowly catch up while owners live the 'house poor' life

Calgary has pretty good affordability for housing so it would be a shame if it happened here. Housing speculators are arguably a bigger bunch of dimwits than the stock day traders.

[finboy]

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Net net its not great for a city or society to have majority of population get priced out of housing or even spend a significant amount of incomes on housing but if ppl wanna leverage/blow their savings on real estate then let em. Even if your Calgary house doubles in value you'd need to move to another city to extract the value otherwise its just a tax burden. If liberal govt won't take any real action to at least cool things down then conservatives definitely won't do anything either but market forces will EVENTUALLY adjust. It doesn't have to end in a crash. We could see stagnant prices for the next few decades while incomes and rents slowly catch up while owners live the 'house poor' life

Calgary has pretty good affordability for housing so it would be a shame if it happened here. Housing speculators are arguably a bigger bunch of dimwits than the stock day traders.

On par with NFT enthusiasts?

[Disoblige]

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HQ2 is about the high paying jobs. Regional datacenters are nice but all you need are just people that can follow simple instructions.

That is what I meant to say. I wanted it to be HQ2 and near downtown so the condo market can get hot again

[Xtrema]

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That is what I meant to say. I wanted it to be HQ2 and near downtown so the condo market can get hot again

Good luck on that one. Don't think even HQ2 will solve our 30+% office vacancy and bring enough people to live in DT.

[Disoblige]

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Good luck on that one. Don't think even HQ2 will solve our 30+% office vacancy and bring enough people to live in DT.

Don't be so sure. It spirals pretty fast and then decades later we'll be like Seattle and bitch about "tech boys" and how they're skyrocketing real estate and rent.

[Manhattan]

We're still digesting the crazy price spike from the early 2000's. Its been nearly 2 decades since that 'hot' market. On the other hand if Calgary does become a tech hub with high incomes to support higher prices then you'd be pricing out people in existing neighborhoods creating American style 'ghettos' and creating more congestion on roads.

[Disoblige]

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... and creating more congestion on roads.

This only thing is now maybe living downtown is not required since WFH is so prominent. Even if your office is downtown, who cares unless you need to commute there everyday due to old boomer thinking.

[Manhattan]

Its not just about working downtown. If housing becomes exceedingly expensive across the city its lower wage workers who end up being forced to live in NE ghettos and commuting into the communities they work in. You end up in a situation where teachers, firefighters, grocery/retail staff all commuting across (or from outside) the city to get to work.

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It boils down to housing being an essential good and when it becomes exceedingly high it has all sorts of negative unintended consequences.