Calgary real estate prospects

[benyl]

Yeah, saw that Varsity listing come up and thought the owner is on crack.

[suntan]

It's pocket change for a WFH Torontonian.

[msommers]

Yup

https://www.statcan.gc.ca/o1/en/plus...-alberta-bound

https://strategycorp.com/2023/06/ont...Rose%20Country.

[benyl]

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It's pocket change for a WFH Torontonian.

They will leave. No cactus club near by.

[nismodrifter]

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It's pocket change for a WFH Torontonian.

Essentially. Same situation out here in the 604. Townhomes go for $1 mill. 3 car garage + walk out basement + a decent backyard yard for 1.449? Thats unheard of. That's a freaking dream that most cannot even imagine.
A bunch of my patients (mostly families w/young children) have moved to AB seeking exactly that kind of a house.

[suntan]

Well let's hope they don't have to go back to the office.

[Xtrema]

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Well let's hope they don't have to go back to the office.

But Uber is enough.
https://desibuzzbc.com/2022/12/24/ho...cant-close-on/

[Manhattan]

Whats the average/median net worth of a new immigrant to Canada? How in the world would they qualify for a loan to buy anything near a $1M house at 7% prime rate? We're coming awfully close to a future dystopian society where people on typical salaries are priced out of every major city including Calgary and the people who remain are slaves to their overwhelming mortgages while govt has zero political will to correct/damp rampant speculation in home prices. We're mostly there already. Seeing the average listing and anecdotal evidence of FOMO purchases is really bizarre.

[suntan]

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But Uber is enough.
https://desibuzzbc.com/2022/12/24/ho...cant-close-on/

He just needs to be a STD driver too.

[Rocket1k78]

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Damn, turning on his only friend... cracks in the armor are beginning to show

He's so wrapped up in himself he probably didn't even realize Max was on his side

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Yeah, saw that Varsity listing come up and thought the owner is on crack.

Sounds like crack pricing for sure on a home that needs a full remodel but i wouldn't be surprised if they got close to that. Varsity is pretty sought after i feel.

[suntan]

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Whats the average/median net worth of a new immigrant to Canada? How in the world would they qualify for a loan to buy anything near a $1M house at 7% prime rate? We're coming awfully close to a future dystopian society where people on typical salaries are priced out of every major city including Calgary and the people who remain are slaves to their overwhelming mortgages while govt has zero political will to correct/damp rampant speculation in home prices. We're mostly there already. Seeing the average listing and anecdotal evidence of FOMO purchases is really bizarre.

You're the left-wing economics expert on here, why don't you explain it? Your fucking brain reboots every time someone mentions money supply, you're never going to understand.

[riander5]

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But Uber is enough.
https://desibuzzbc.com/2022/12/24/ho...cant-close-on/

Hahaha jesus what a read. Bringing absolute idiots on over to fuel this gongshow

- - - Updated - - -

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You're the left-wing economics expert on here, why don't you explain it? Your fucking brain reboots every time someone mentions money supply, you're never going to understand.

[msommers]

Borrowing costs are not swaying anyone so that's moot point. Reality is if you average the last 90 years of Prime Rate in Canada at 6.99%, 7.2% isn't crazy.

That said our 2.0% port is up in Feb and not looking forward to extra cost

[max_boost]

you don't have to buy a house
condos are very affordable as well
it's okay to buy a condo aha and have 500k in the bank

[ercchry]

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you don't have to buy a house
condos are very affordable as well
it's okay to buy a condo aha and have 500k in the bank

You should probably buy a house before you can’t… and before your future condo fees exceed what the mortgage on the house would be today

[max_boost]

forget buying a house
i'm gonna inherit one instead lol
this is the way
it might take 84 years titanic lady but i'll get it lol

[msommers]

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You should probably buy a house before you can’t… and before your future condo fees exceed what the mortgage on the house would be today

Condo fees at my old place went from $225 in 2013 to $580 in 2023 for 900 sq.ft. No concierge, no security, no elevator, included underground parking/heat/water/sewage/trash.

Insurance has skyrocketed over the last few years though.

Would be interesting to see what costs are per sq.ft with similar amenities.

[suntan]

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Borrowing costs are not swaying anyone so that's moot point. Reality is if you average the last 90 years of Prime Rate in Canada at 6.99%, 7.2% isn't crazy.

That said our 2.0% port is up in Feb and not looking forward to extra cost

People are so used to low rates they don't even know what normal rates look like.

BoC will jack it up as high as they need to. 10% is not unfathomable.

[Manhattan]

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You're the left-wing economics expert on here, why don't you explain it? Your fucking brain reboots every time someone mentions money supply, you're never going to understand.

So...neurodivergent/autistic and anger issues. What is your deal? I mean obviously someone who loves starting online beef with strangers so guess that answers my own question.

[max_boost]

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Condo fees at my old place went from $225 in 2013 to $580 in 2023 for 900 sq.ft. No concierge, no security, no elevator, included underground parking/heat/water/sewage/trash.

Insurance has skyrocketed over the last few years though.

Would be interesting to see what costs are per sq.ft with similar amenities.

i'm wondering at what point i'll tap out on condo fees
800sq.ft and $711 right now