Calgary Housing Market

[OPGForce]

What's everyone's take on the Calgary Housing Market? Damm prices of lots and houses are going up every month. Also, the resale market is insane.

I have the potential to buy a 2026 sq. feet house in Copperfield on a 34' wide lot in a quiet "horseshoe culdesac" for $344 K? Does this sound reasonable?

Please share your experiences if you are also shopping are for a new or resale home in Calgary.

[redblack]

ive been looking for new and used homes for the past 2 months
the house i want to build in evanston is about 340k for 1900 sq ft
but im stil waiting for a lot, if i dont get in this phase, the house will probly go up another 10-15 k.
If you got a lot on hold , i would buy now because the price is just going to get higher.

[Weapon_R]

Sounds very reasonable. Buy now and sell next year for 390k

[gp36912]

opg i say buy it, my house is 1700 sq feet in country hills and is going to be going out on the market for half a mil easy

[CrvenaZvezda]

WOW shit thats expensive, dude 3 years ago when copperfield was just a new new community my parents bought a house in copperfield (i live with them) but yeah its a 1900sq feet house and we only paid 175k.... wow prices went up a lil lol... goodluck copperfields a great community!!!

[max_boost]

The market is just completely focked up. I am so glad I bought 6 months ago haha I feel bad for those who are looking to buy their first home now. You just can't make up that $75-$100k increase. DAMN!

[Kirbs17]

Yea, my cousin just bought a 1400 sq ft house in a new development in Coventry, small lot, etc $315,000, and it wont be ready until January.

[HRD2PLZ]

market is definitely increasing at an alarming rate. I just paid $17,000 over list price for an investment condo downtown! And it was only on the market less than 12 hours.

I would say the home in Copperfield should be a good investment, the deep South is expanding quickly. Just look at the re-sale values in McKenzie Towne. If you don't jump on that house, you know someone else will... Or rather, in this market a handful of others will.

[Thaco]

Originally posted by HRD2PLZ
market is definitely increasing at an alarming rate. I just paid $17,000 over list price for an investment condo downtown! And it was only on the market less than 12 hours.

I would say the home in Copperfield should be a good investment, the deep South is expanding quickly. Just look at the re-sale values in McKenzie Towne. If you don't jump on that house, you know someone else will... Or rather, in this market a handful of others will.

i am so frightened by this market, i wont be in the market for a house for atleast another 2 years, by then i'm afraid i wont be able to afford a house.

[calgarygts]

I bought a condo downtown at the start of feb. There is a unit six floors above me (I'm fairly high up already) that is selling for 60k more than I paid and it's one room smaller and 200+ square feet smaller. I'm soooooo glad I bought as soon as I could. Now this seller is probably trying to take advantage of the market and I don't think they'll get quite that much yet, but the fact that they're trying is making me quite happy. Now if I can convince myself that living in a tent is ok, I'll be rich!!!

[Aleks]

Originally posted by max_boost
The market is just completely focked up. I am so glad I bought 6 months ago haha I feel bad for those who are looking to buy their first home now. You just can't make up that $75-$100k increase. DAMN!

what do you guys think of investing in an appartment 1bdrm close to the where the new encana towers will go? To rent out.

[HRD2PLZ]

Originally posted by Aleks




what do you guys think of investing in an appartment 1bdrm close to the where the new encana towers will go? To rent out.

A decent 1 bedroom condo downtown can fetch pretty good rent My downtown 1 bedroom condo is rented for $925/mo and that covers my mortgage, condo fee's, property tax and insurance. I get to pocket about $25/mo

[calgarygts]

Downtown will always have one of the best, if not the best appreciation because the demand in that area will always be there. With over 250,000 people working in the downtown core everyday the demand for housing will always be strong. If you can afford it I would definitely try to swing a two room, the rent will make up for the difference in mortgage payments.

[kaput]

.

[TurboMedic]

My starter home in Tuscany is worth over $250K now....its crazy....cheapest one on MLS is $284K!

[calgarygts]

Most analyst's have said that all indications are that this is not a bubble but rather a sustainable market increase. With everything in our local economy going to way it is, there is no reason for the prices to slow, stop or fall. Get in as soon as you can. We're still playing catch up to Vancouver, who is still going up as well. I could have waited a year and had a better down payment but acted as soon as possible and am thanking myself already (I bought start of feb). If I were you I'd stretch now and make it work to get the lowest price you can.

[HRD2PLZ]

Originally posted by kaput
Is this sustainable? Or will it crash? I don't know what to do. It in my best interests to wait a year but is that a smart move if I would be capable of stretching myself thin and acting today?

That's debateable. Some say the market should remain strong, but should level out (like Vancouver and Toronto). Others say the market won't keep and will crash. So, either get in now or sit by and wait.... have 2 investment units now but I think I am done, going to wait and see what happens. If the market does plummet, then I should be able to pick up a few more for a deal

[ianmcc]

Originally posted by OPGForce
What's everyone's take on the Calgary Housing Market? Damm prices of lots and houses are going up every month. Also, the resale market is insane.

I have the potential to buy a 2026 sq. feet house in Copperfield on a 34' wide lot in a quiet "horseshoe culdesac" for $344 K? Does this sound reasonable?

Please share your experiences if you are also shopping are for a new or resale home in Calgary.

It's high but not high for what Copperfield has been selling at. On our street we had three sell recently (within the last 2 weeks) one $379K, $399K asking price both under 1900 sq. ft. The third sold prior to going on MLS. Grab it while you can, probably worth $400k+. Copperfield is nice, we like it a lot.

[Celica TVS3]

Originally posted by kaput
Is this sustainable? Or will it crash? I don't know what to do. It in my best interests to wait a year but is that a smart move if I would be capable of stretching myself thin and acting today?

The risks are:
1) Oil price falls dramaticly - remember oil hasn't been at $65/b for that long and that is really what's fueling the Alberta economy. - Keep in mind alot of the companies are still making good profits at signifcantly lower prices.

2)Interest rates rise and the cost of borrowing becomes too expensive for many - Although, CHMC is now insuring 35 year mortages.

If you feel comfortable that oil prices will remain high and interest rates will remain low - BUY.

If you want to gamble, before you can actully afford the place, you could assume a mortage in one of those condo conversion projects near downtown for a small amount of money 5% (you pay a premium for the house though). Rent it out untill you're able to make the payments comfortably. You've esentally locked in your future apartment at today's prices/interst rates. If you find yourself in financial trouble just relist it - you're not likely to lose more than the 5% you've invested. It's not like playing startups in the stock market. Even i things get really bad the prices are never going to zero. I've encourged some my friends to do exactly that - except they analyzie everything to death and opertunities pass them by.

I personally bought a new place at the end of the summer for 235k including alot of upgrades and a fully developed basement. The person who bought next to me (same size, almost the same plan & upgrades) had financing issues and had to back out of the deal with the builder. The builder now has relisted their place for $335k. Considering I've only actualy given up 5% of the purcahse price - that's one hell of a return (when i sell it upon possesion).

[jdmakkord]

We paid $145K for our acreage we built on last year, there is one lot available across the street right now, the asking price........$320K