Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Am I CRAZY to be building a new home in Calgary?

AFireInside · 12-11-2008, 07:54 PM

I kind of work in the industry.. Don't want to say exactly where.

IF, IF you can sell and make a lot of money (which if you bought before the boom you should make some nice cash), then I'd do that first as someone suggested above. Then you get a large chunk for equity and if you are planning on living there for a long time, and can afford it, fine. Don't stretch yourself.

Personally, I would not buy, but I'm in a different position, with no equity in a home that I've made money on. Someone said above that prices are going to go back up in the spring. Unless there are some changes I do not see that happening. Houses are still WAY overpriced.

There is more indication that this is just the beginning of the price declines in this city, province and even the country. Listings to sales at this point in time range anywhere from 2 : 1 to 4 : 1 (thats listings to sales), this has been happening for months now. Despite what anybody says, what we experienced was a price bubble and if you look at any information surrounding a bubble, when they pop, they don't instantly go back up.

What you will find is that those who have purchased in the past several years will always tell you that the prices will increase again. Those who can't afford to get in the market will say the prices are going to crash..

I reside in the middle..My gf and myself are both working professionals, no children, we make a pretty good living. We were approved for a mortgage, and we were looking at houses last february-march. I pulled back, and based on my research believed at that time that prices would go down down down, even though others told me they would not. Well so far so good. I'm going to stick with it, if prices happen to go back up then fine I don't want to purchase a house that I believe is WAY overpriced.

That said you have equity, you've probably made good money on your property so if you can afford it and are going to live there for 10 yrs or so, then you'll likely make money on that property as well.. Look at the house as a place to live and not an INVESTMENT and you'll be fine.

12-11-2008, 07:54 PM	#7
AFireInside First Line Centre Join Date: Oct 2001 Location: Calgary Exp:	I kind of work in the industry.. Don't want to say exactly where. IF, IF you can sell and make a lot of money (which if you bought before the boom you should make some nice cash), then I'd do that first as someone suggested above. Then you get a large chunk for equity and if you are planning on living there for a long time, and can afford it, fine. Don't stretch yourself. Personally, I would not buy, but I'm in a different position, with no equity in a home that I've made money on. Someone said above that prices are going to go back up in the spring. Unless there are some changes I do not see that happening. Houses are still WAY overpriced. There is more indication that this is just the beginning of the price declines in this city, province and even the country. Listings to sales at this point in time range anywhere from 2 : 1 to 4 : 1 (thats listings to sales), this has been happening for months now. Despite what anybody says, what we experienced was a price bubble and if you look at any information surrounding a bubble, when they pop, they don't instantly go back up. What you will find is that those who have purchased in the past several years will always tell you that the prices will increase again. Those who can't afford to get in the market will say the prices are going to crash.. I reside in the middle..My gf and myself are both working professionals, no children, we make a pretty good living. We were approved for a mortgage, and we were looking at houses last february-march. I pulled back, and based on my research believed at that time that prices would go down down down, even though others told me they would not. Well so far so good. I'm going to stick with it, if prices happen to go back up then fine I don't want to purchase a house that I believe is WAY overpriced. That said you have equity, you've probably made good money on your property so if you can afford it and are going to live there for 10 yrs or so, then you'll likely make money on that property as well.. Look at the house as a place to live and not an INVESTMENT and you'll be fine.