Calgary Real Estate Market - 2021 and beyond

The_Professor wrote: ↑ Thank you.

I was looking at listings and came across this one: https://www.realtor.ca/real-estate/2484 ... spen-woods

The description still mentions an open house for September 2022 which aside from being brutal on the agent's part tells me that things are slow there?

Over 1m houses tent to sell late because not many people can afford a million $ houses in Calgary.

Cocoon wrote: ↑ Over 1m houses tent to sell late because not many people can afford a million $ houses in Calgary.

I'm certainly starting to realize that, thanks.

Cocoon wrote: ↑ Over 1m houses tent to sell late because not many people can afford a million $ houses in Calgary.

If people in Calgary can't afford 1M homes with their highest oil paying jobs how would Vancouverites afford 2.5M working at Tim Hortons. Or working as Uber drivers for min wage.

1M it's not bad...

Piklishi wrote: ↑ If people in Calgary can't afford 1M homes with their highest oil paying jobs how would Vancouverites afford 2.5M working at Tim Hortons. Or working as Uber drivers for min wage.

1M it's not bad...

They have gone through this cycle in the past. Fomo levels are a fraction of what they are in GTA. You have to live in the area to know. Salaries in suburban NJ are at par with GTA and in many cases much more. And yet, 2 M is considered a big mansion there. Real estate is hyper local and moves in tandem. But when rate shock happens, the overvalued sectors break first (which is what's happening in GTA) whereas Calgary pricing is actually up during the same time.

Piklishi wrote: ↑ If people in Calgary can't afford 1M homes with their highest oil paying jobs how would Vancouverites afford 2.5M working at Tim Hortons. Or working as Uber drivers for min wage.

1M it's not bad...

Lmao, people definitely can afford 1M+ houses in Calgary but they choose not to. Look at our community data, average house price 450K, HHI 250K+ in many communities (excl. NE). People choose to spend their money on toys here instead of a shitty McMansion. Vacation homes in the Okanagan, 100K pickup trucks, snowmobiles, RV's, etc. We're flush with cash here, which is why no one bats an eye at a guy wearing muddy workboots into Harry Rosen and drops 5K on clothes.

Hello, I will be moving to Calgary in the spring/summer and looking to purchase a condo to live in. I don't know the downtown area at all, I will be scouting each area by walking/taking transit when I get there, however if I can get more info from locals beforehand it would help me out tremendously!

For context or anyone who is familiar with Toronto, I will be moving from the Yonge/Bloor/Bay St. area. I Don't really care about nightlife, restaurants, etc..

Condos in Calgary I am interested in seem to be located at these approximate intersections:

6 Ave SW & 9 Street SW,
10 Ave SW & 8 Street SW,
12 Ave SW & 4 Street SW,
13 Ave SW & 1 Street SW.

Any info would be great. Thanks

1094197 wrote: ↑ Hello, I will be moving to Calgary in the spring/summer and looking to purchase a condo to live in. I don't know the downtown area at all, I will be scouting each area by walking/taking transit when I get there, however if I can get more info from locals beforehand it would help me out tremendously!

For context or anyone who is familiar with Toronto, I will be moving from the Yonge/Bloor/Bay St. area. I Don't really care about nightlife, restaurants, etc..

Condos in Calgary I am interested in seem to be located at these approximate intersections:

6 Ave SW & 9 Street SW,
10 Ave SW & 8 Street SW,
12 Ave SW & 4 Street SW,
13 Ave SW & 1 Street SW.

Any info would be great. Thanks

If you dont care about nightlife etc, you are better off just getting a smaller house close enough to that area. ROI on condos has not been great in Calgary and supply in that segment is generally not constrained.

1094197 wrote: ↑ Hello, I will be moving to Calgary in the spring/summer and looking to purchase a condo to live in. I don't know the downtown area at all, I will be scouting each area by walking/taking transit when I get there, however if I can get more info from locals beforehand it would help me out tremendously!

For context or anyone who is familiar with Toronto, I will be moving from the Yonge/Bloor/Bay St. area. I Don't really care about nightlife, restaurants, etc..

Condos in Calgary I am interested in seem to be located at these approximate intersections:

6 Ave SW & 9 Street SW,
10 Ave SW & 8 Street SW,
12 Ave SW & 4 Street SW,
13 Ave SW & 1 Street SW.

Any info would be great. Thanks

6th Ave & 9th st isn't great in my opinion. It's right near a train station and strip mall that is known to have problems with drug use. Check out the McDonald's and macs on 8th st if you want to see what I mean.

10th Ave and 8th st is a better location. Basically, everything on 8th st improves once you go south of the train tracks between 9th and 10th Ave.

12th Ave and 4th st you might have some problems with the Sheldon Chumir health center right there. It's not that bad of an area but you'll see some evidence of drug use with the supervised consumption site.

13th Ave and 1st st sw is a nice spot with alot of new restaurants and bars. I'd recommend this location over the others.

More generally when buying a place downtown, think about what you value when deciding on a location. Close to the river is nice if you use the path system. Proximity to the train, offices, grocery stores, resaurants, shopping and entertainment is all different depending on where you look.

Hp4041 wrote: ↑ If you dont care about nightlife etc, you are better off just getting a smaller house close enough to that area. ROI on condos has not been great in Calgary and supply in that segment is generally not constrained.

"You are better off".... I don't get the "detached pushing" from people. Guy asked for advice to buy a condo and you tell him to buy a small house instead because ROI is higher. That would be like someone asking about buying a sports car and you telling them to buy a corolla because resale value is better. Totally different products. Also just because detached houses have increased in value more than condos doesn't mean that will continue forever. Trends change. Maybe the next generation "Z" growing up will value condos more than past generations and won't want houses? Maybe there will be a glut of detached houses pouring on the market as boomers dump them and buy up condos?

adamtheman wrote: ↑ "You are better off".... I don't get the "detached pushing" from people. Guy asked for advice to buy a condo and you tell him to buy a small house instead because ROI is higher. That would be like someone asking about buying a sports car and you telling them to buy a corolla because resale value is better. Totally different products. Also just because detached houses have increased in value more than condos doesn't mean that will continue forever. Trends change. Maybe the next generation "Z" growing up will value condos more than past generations and won't want houses? Maybe there will be a glut of detached houses pouring on the market as boomers dump them and buy up condos?

Because condos are truly crappy product for Calgary market as an investment. Also the limited condo sprawl in Calgary makes them not that attractive. Even the new generation here are gearing up for townhomes and sfh.

masarwar wrote: ↑ Because condos are truly crappy product for Calgary market as an investment. Also the limited condo sprawl in Calgary makes them not that attractive. Even the new generation here are gearing up for townhomes and sfh.

What does that have to do with someone asking for advice on where to buy a condo to live in?

adamtheman wrote: ↑ What does that have to do with someone asking for advice on where to buy a condo to live in?

My response was more toward the point regarding potential trend change in condos. Not to the original question.

adamtheman wrote: ↑ "You are better off".... I don't get the "detached pushing" from people. Guy asked for advice to buy a condo and you tell him to buy a small house instead because ROI is higher. That would be like someone asking about buying a sports car and you telling them to buy a corolla because resale value is better. Totally different products. Also just because detached houses have increased in value more than condos doesn't mean that will continue forever. Trends change. Maybe the next generation "Z" growing up will value condos more than past generations and won't want houses? Maybe there will be a glut of detached houses pouring on the market as boomers dump them and buy up condos?

You are correct. OP, please buy a condo. #yolo #liveyourbestlife #avacadotoastbrunches

Prices still seem to be climbing!

Ippon213 wrote: ↑ Prices still seem to be climbing!

2 br/2 bath condos are now breaking the 260k+ range now. strange times.

masarwar wrote: ↑ 2 br/2 bath condos are now breaking the 260k+ range now. strange times.

Rate hikes are paused for now, and Calgary remains a mostly undiscovered jewel.

People living in the Southern Ontario toilet bowl are largely unaware, even now. (I'm back in Ontario.)

Having lived in both places, I can confirm that Ontario folks don't know how good Calgary folks have it.

adamtheman wrote: ↑ Also just because detached houses have increased in value more than condos doesn't mean that will continue forever. Trends change. Maybe the next generation "Z" growing up will value condos more than past generations and won't want houses? Maybe there will be a glut of detached houses pouring on the market as boomers dump them and buy up condos?

You think so? 500sqf condo with maintenance fees of $500/month now and probably around $1000/month within 15 years. how is that something anyone would like? When I was helping a friend to buy a condo in Calgary, he didn't know he could afford a house, didn't know poor resale value of condos, didn't know about big maintenance fees, didn't know about areas where condos are located. So, don't bash an informative advice, especially since you provided 0 value to the answer. You disagree? then help, instead of bashing the person who gave at least some kind answer... You didn't even do that!

redflagdealsguy wrote: ↑ Rate hikes are paused for now, and Calgary remains a mostly undiscovered jewel.

People living in the Southern Ontario toilet bowl are largely unaware, even now. (I'm back in Ontario.)

Having lived in both places, I can confirm that Ontario folks don't know how good Calgary folks have it.

man youre going to tick off a lot of folks in the GTA topic lol.

dazz wrote: ↑ You think so? 500sqf condo with maintenance fees of $500/month now and probably around $1000/month within 15 years. how is that something anyone would like? When I was helping a friend to buy a condo in Calgary, he didn't know he could afford a house, didn't know poor resale value of condos, didn't know about big maintenance fees, didn't know about areas where condos are located. So, don't bash an informative advice, especially since you provided 0 value to the answer. You disagree? then help, instead of bashing the person who gave at least some kind answer... You didn't even do that!

my first two properties that i bought (one with my parents 17 years ago and one i bought with my wife 8 years) ago were both condos (condo townhome and condo apartment) and both lost us money at resale and on rental. I just wish someone would have given me this talk both times.

redflagdealsguy wrote: ↑ Rate hikes are paused for now, and Calgary remains a mostly undiscovered jewel.

People living in the Southern Ontario toilet bowl are largely unaware, even now. (I'm back in Ontario.)

Having lived in both places, I can confirm that Ontario folks don't know how good Calgary folks have it.

If policies are right, Calgary or Edmonton has everything to be canada's Silicon Valley. Housing prices can be easily doubled