Calgary real estate prospects

[cyra1ax]

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When is it time to stock up on some new horizon mall units

The place was surprisingly busy when I went last weekend. Still a ton of empty units though.

[ExtraSlow]

buy them all, then like deBeers you control the market.

[Pacman]

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I work for one of the largest home builders and this situation is getting rediculous. The buyers are like 95% east indian, all referred here by realtors that are putting on investment seminars in Ontario or through tik-tok investors. Totally fucking any local buyers now. Some are moving here too but I constant get calls from realtors wanting 5-15 lots at a time.

Perfect!. I'm going to call some realtors today as I want to sell my house to an investor and rent it back from them for 1-2 years. If all these rumors are true, it should be an attractive proposition for someone to buy an investment property and have a renter ready to go. That is, if they are ok with a 20 year old house vs a brand new fancy modern one.

Anyone know realtors that specialize in having these out of town investors vs focusing on local buyers?

[ercchry]

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Perfect!. I'm going to call some realtors today as I want to sell my house to an investor and rent it back from them for 1-2 years. If all these rumors are true, it should be an attractive proposition for someone to buy an investment property and have a renter ready to go. That is, if they are ok with a 20 year old house vs a brand new fancy modern one.

Anyone know realtors that specialize in having these out of town investors vs focusing on local buyers?

I would imagine the game here is to never actually take possession… they’re probably banking on what has worked in Ontario in the past. Drop down a deposit, wait a year. Sell interest in home for a 10x ROI

[Pacman]

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I would imagine the game here is to never actually take possession… they’re probably banking on what has worked in Ontario in the past. Drop down a deposit, wait a year. Sell interest in home for a 10x ROI

ah, that makes sense. Too bad for me

[Buster]

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I would imagine the game here is to never actually take possession… they’re probably banking on what has worked in Ontario in the past. Drop down a deposit, wait a year. Sell interest in home for a 10x ROI

fuck me, people are dumb

[killramos]

A colleague is going through a death and estate and was walking me through the dilutives of a RE transaction in Toronto.

1.2 MM average sale price. 5% RE commish, which you pay 15% HST on, 1% transfer tax each to the city and the province. Want to develop? 100k dev permit. Subdivide lot? 30k fee. Cut a tree? Need a certified arborist. List goes on and on and on.

That’s not even getting into the cost of property taxes for the privilege of holding title on that property.

Hundreds of thousand of dollars of dilutives, 0 value generated. This is what’s driving our “GDP”

Fantastic asset class.

[ExtraSlow]

Have people not heard of dividend investing? Index ETF's? Liquid and low cost seems like a better proposition.

[killramos]

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Have people not heard of dividend investing? Index ETF's? Liquid and low cost seems like a better proposition.

Don’t even get started on liquidity.

[Buster]

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Have people not heard of dividend investing? Index ETF's? Liquid and low cost seems like a better proposition.

They have. But you can't walk into your local neighborhood federally regulated responsible lending institution and crank the leverage to 8 or 9 to 1 on THOSE investments. THOSE boring investments are far too risky for you to borrow against. Rather, it is better to leverage a totally liquid fucking HOUSE, in the hopes that even though you are the dumb money, you may not be the *dumbest* money.

No, totally not a bubble.

[suntan]

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A colleague is going through a death and estate and was walking me through the dilutives of a RE transaction in Toronto.

1.2 MM average sale price. 5% RE commish, which you pay 15% HST on, 1% transfer tax each to the city and the province. Want to develop? 100k dev permit. Subdivide lot? 30k fee. Cut a tree? Need a certified arborist. List goes on and on and on.

That’s not even getting into the cost of property taxes for the privilege of holding title on that property.

Hundreds of thousand of dollars of dilutives, 0 value generated. This is what’s driving our “GDP”

Fantastic asset class.

Same thing in BC. There's so much fraud in the industry though they've had little choice but to regulate it to the extreme. In BC all work done to a property has to be logged with the gov't.

[Rocket1k78]

Shits beyond wacky now, my buddy lives by this house and its on the main road to get into sage and backing onto other houses. https://calgaryhomes.ca/listing/a118...berta-t3r-0x4/

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Or you will be buying your pick from all the overlevereged losers who go under. You just don’t know.

I thought for sure this was going to happen in 2020-21 but nothing and if everyones saying its OOP money then i cant see that either but as i said before, i wouldve bet every cent i had that theres no way our RE would go buck like this.
We found our perfect house the week before schools shut down in 2020 but i was telling my wife we should wait because i wasnt sure id still have a job and there are going to be tons of fore closures as time went on. Good thing i didnt stick to my guns

[Buster]

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Same thing in BC. There's so much fraud in the industry though they've had little choice but to regulate it to the extreme. In BC all work done to a property has to be logged with the gov't.

Fraud is only a problem because the lenders can buy taxpayer subsidized insurance against default - which is possibly the dumbest idea a gov't can come up with.

[ercchry]

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fuck me, people are dumb

Some fantastic leverage, zero qualifying either at that stage. It’s also how sugarphreak become a RE god in Calgary cira’06 bubble

[suntan]

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Fraud is only a problem because the lenders can buy taxpayer subsidized insurance against default - which is possibly the dumbest idea a gov't can come up with.

I mean in regards to things like renovations.

[benyl]

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Shits beyond wacky now, my buddy lives by this house and its on the main road to get into sage and backing onto other houses. https://calgaryhomes.ca/listing/a118...berta-t3r-0x4/

Both honestdoor and the city agree that this house is worth $675K.

$200K markup is nice.

[Rocket1k78]

Was bored so i started reading some of the first few pages and that was interesting, 1 guy sold early on and moved out of province hoping he could get back into calgary in a few years with a bigger house for less.

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Both honestdoor and the city agree that this house is worth $675K.

$200K markup is nice.

Hell yeah if he can get that, 870k is a hail mary though but im sure hell get low to mid 8's potentially which would still be pimpin for that house

[89coupe]

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Was bored so i started reading some of the first few pages and that was interesting, 1 guy sold early on and moved out of province hoping he could get back into calgary in a few years with a bigger house for less.





Hell yeah if he can get that, 870k is a hail mary though but im sure hell get low to mid 8's potentially which would still be pimpin for that house

Sage Hill & pimpin don’t seem to work in the same sentence.

[killramos]

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Sage Hill & pimpin don’t seem to work in the same sentence.

I think you massively overestimate most pimps

[ExtraSlow]

Sage Hill is basically Apsen North.