Rural property value? - Covid

[Ekliptix]

I've been reading articles about Toronto's condo prices dropping and people fleeing to the suburbs for more room, since they can work remote for the near future.
https://financialpost.com/real-estat...lee-to-suburbs

I'm curious about any figures or insight to the rural market around Calgary, and if we can expect rural property values to increase. I live in a rural area, I have been working remotely for 8 months straight doing lots of Teams meetings, video chats, client remote meetings, etc. It's all been fine, with my Telus hub. I love that I don't have to commute DT any more.

Here's CREB's report on some trends around Calgary. https://www.creb.com/-/media/Public/...kage.pdf?la=en

Thoughts?

[Xtrema]

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I've been reading articles about Toronto's condo prices dropping and people fleeing to the suburbs for more room, since they can work remote for the near future.
https://financialpost.com/real-estat...lee-to-suburbs

I'm curious about any figures or insight to the rural market around Calgary, and if we can expect rural property values to increase. I live in a rural area, I have been working remotely for 8 months straight doing lots of Teams meetings, video chats, client remote meetings, etc. It's all been fine, with my Telus hub. I love that I don't have to commute DT any more.

Here's CREB's report on some trends around Calgary. https://www.creb.com/-/media/Public/...kage.pdf?la=en

Thoughts?

If remote work is more a norm, there is no reason to stay in AB unless you are still tied to it beyond your job.

https://www.insider.com/countries-we...nd-work-2020-7

Live in Spain for a year on a self-employed VISA? Sign me up (once COVID is over).


Bureaucrats needs to understand that once we realize WFH will be norm for 20-30% of workforce, they need programs to attract them, the fight for these mobile workforce will be global. Some seems to be ahead of the game already.

As for Rockyview county cities, I predict their property value will go up as people leave Calgary both on WFH factor and the fact that you get better value for you home AND property taxes going forward as Calgary Downtown empties and city will be desperate in distribute the tax burden to residential properties.

[Disoblige]

I think a lot of people who want more space are suburbs people, especially if they were into the whole downtown condo life before. You don't find many folks who are into the whole "rural" scene.

On a side note, for those underwater on downtown property, prey the city wants to demolish your condo for future development space?

[ercchry]

It’s already more expensive to live rural of calgary than in Calgary. Been giving this some thought myself. It will take companies actually putting in a long term wfh policy though. If that doesn’t happen, no moving. If it’s wfh for half the week, live within 50km or so of Calgary, move radius to 6hr if once a month or less... then limitless if once a quarter or less.

Till that happens, Calgary still offers great value, while satellite towns/villages/acreages do not. Cities also need local people for in person jobs, so there is a bottom to this urban exodus, and I for one would still take a detached home in a nice area of Calgary vs some sort of unappealing rural prairie property for the same $/sqft. Any foothills based rural property is already crack money. No real win.

TO works as people already know to expect a 2hr commute for a detached home, tons of equity in tiny 500sqft sky shoeboxes, with no where to gtfo to, going nuts. Can bank $300k and get some space to breathe and that’s unique vs Alberta, since condos here are already underwater with the bulk of the established workers already having 2000sqft and a yard within a okay distance to the office.

[tirebob]

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It’s already more expensive to live rural of calgary than in Calgary. Been giving this some thought myself. It will take companies actually putting in a long term wfh policy though. If that doesn’t happen, no moving. If it’s wfh for half the week, live within 50km or so of Calgary, move radius to 6hr if once a month or less... then limitless if once a quarter or less.

Till that happens, Calgary still offers great value, while satellite towns/villages/acreages do not. Cities also need local people for in person jobs, so there is a bottom to this urban exodus, and I for one would still take a detached home in a nice area of Calgary vs some sort of unappealing rural prairie property for the same $/sqft. Any foothills based rural property is already crack money. No real win.

TO works as people already know to expect a 2hr commute for a detached home, tons of equity in tiny 500sqft sky shoeboxes, with no where to gtfo to, going nuts. Can bank $300k and get some space to breathe and that’s unique vs Alberta, since condos here are already underwater with the bulk of the established workers already having 2000sqft and a yard within a okay distance to the office.

I dunno man... My rural property cost a whole lot less than my more basic detached home in Airdire and my operation costs per month are much less. Taxes are less, no water or septic costs, very minimal waste and recycling costs etc. The only thing that actually when up in costs was my vehicle maintenance etc with a longer commute, but with WFH being the norm for me, that has dropped immensely to even lower than when I lived in town. I also spend a lot less on things like restaurants and crap and live a much healthier lifestyle.

I mean I get it that rural life may not be for everyone no doubt, but the costs are not necessarily more expensive, and can easily be cheaper. Just like anything, it comes down to your own controls and expenditures.

[ercchry]

Sorry, when I say cost is talking purely property values. Costs have way too many variables... well vs cistern, holding talk vs septic, age of property, amount of land. Driveway material and equipment to maintain access in winter...

[tirebob]

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Sorry, when I say cost is talking purely property values. Costs have way too many variables... well vs cistern, holding talk vs septic, age of property, amount of land. Driveway material and equipment to maintain access in winter...

For sure... It definitely is not for everyone. There is a lot to consider and should never be a decision a person makes lightly. I know for me, the only way you will get me to move back into the city will be when I am forced to by age and losing control of my own faculties and family makes me haha! That said, I see people who decide to go the other way and move back to the city for convenience aspects just as often as moving out.

I think the biggest thing when going rural and thinking finances, is to approach it kind of like the experience is a variable mortgage. If you can handle the swings you can make is as cost effective overall as you want, but if you have to live a shoestring budget where every penny is calculated and used exactly every month with no room for error, that is when you will get hurt.

[ExtraSlow]

If someone knew they'd be WFH forever, not everyone would prefer a rural property. Lots would choose to be near downtown or 17th anyway for social reasons.

[Disoblige]

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Lots would choose to be near downtown or 17th anyway for social reasons.

Statement does not compute.

[never]

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I know for me, the only way you will get me to move back into the city will be when I am forced to by age and losing control of my own faculties and family makes me haha!

This is me exactly!

[ercchry]

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If someone knew they'd be WFH forever, not everyone would prefer a rural property. Lots would choose to be near downtown or 17th anyway for social reasons.

This is why I’m more small town/village than pure rural myself... but if I can be in a detached home in say inglewood (with that small town vibe, yet urban conveniences) vs... Bragg/turner valley/Canmore... hard sell. The discount is nonexistent, hell... Canmore and Bragg are more money

[Buster]

WFH is going to have a significant deflationary effect on salaries as well, which will moderate the impact on rural property values somewhat.

[The_Rural_Juror]

Strathmore's going to be a hot spot.

[JohnnyHockey13]

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If someone knew they'd be WFH forever, not everyone would prefer a rural property. Lots would choose to be near downtown or 17th anyway for social reasons.

Or a condo in Canmore or some other nice little town. Why go rural? There's no amenities near by and a real pain in the ass in the winter...I'd rather stay living somewhere like Airdrie, if I had money there's lots of nice acreages just minutes away from actual Airdrie. Moving to Airdrie was a no brainer in terms of getting a way bigger and nicer house for the same I'd pay in Calgary, our plan was to have kids so the school situation was awesome too here. I just feel like there is only a really small subset of people who would enjoy living rural...but ya, your theories could definitely benefit all the smaller towns outside of Calgary. I love Cochrane and would've chosen there instead of Airdrie but Airdrie was a much shorter and safer commute to downtown Calgary for me.

For me personally, if my work ever goes completely WFH and I'd have to do was say, report in person once or twice a month, I'd be moving back to BC.

[tirebob]

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Or a condo in Canmore or some other nice little town. Why go rural? There's no amenities near by and a real pain in the ass in the winter...I'd rather stay living somewhere like Airdrie, if I had money there's lots of nice acreages just minutes away from actual Airdrie. Moving to Airdrie was a no brainer in terms of getting a way bigger and nicer house for the same I'd pay in Calgary, our plan was to have kids so the school situation was awesome too here. I just feel like there is only a really small subset of people who would enjoy living rural...but ya, your theories could definitely benefit all the smaller towns outside of Calgary. I love Cochrane and would've chosen there instead of Airdrie but Airdrie was a much shorter and safer commute to downtown Calgary for me.

For me personally, if my work ever goes completely WFH and I'd have to do was say, report in person once or twice a month, I'd be moving back to BC.

Spoken like somebody who still likes people... Hahaha!

Seriously though, we did the same thing and moved out to Airdrie when our kids were little and it worked out really good for our family. My son graduated and was out on his own and my daughter had only one year left of high school when we moved rural so it was definitely an easier transition compared to someone who's kids are still involved in tons of school life and activities. Funny enough though, moving rural and my daughter having done all her school in Airdrie up until that point, grade twelve out here with only 18 kids in her grad class, it was her best school year ever and she absolutely loved it wishing we did it years before!

I guess you just never know...

[dirtsniffer]

Airdrie is great until your wife ends up cheating or on onlyfans. (no offence)

[Xtrema]

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Airdrie is great until your wife ends up cheating or on onlyfans. (no offence)

Onlyfans is legit revenue if she shares.

[flipstah]

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On a side note, for those underwater on downtown property, prey the city wants to demolish your condo for future development space?

That's what some low-rises around DT have been happening haha.

[ExtraSlow]

Is there an onlyfans for dummies guidebook out there? Buy it for my wife for Christmas.

[Tik-Tok]

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Airdrie is great until your wife ends up cheating or on onlyfans. (no offence)

It's not cheating when you're in Swingtown