Quote:
Originally Posted by blankall
The biggest advantage to Vancouver's real estate is that once you get in, you make a crap load of money. I bought a tiny condo in Vancouver 10 years ago, and it's already gained more equity than my parent's detached home that they purchased 30 years ago in Calgary.
Obviously, he big ups also make you more susceptible to the big downs. I'm clearly biased, but with inflation the way it is and the supply of detached housing rapidly decreasing in Vancouver, I cannot see houses there going down long term.
When real estate becomes a commodity, the way it has in Vancouver, it really starts to choke the life out of the city. Lots of great businesses closing down. Lots of great people forced to leave.
To nitpick a bit, I disagree with any home being a 40 minute commute from downtown. I can speak from experience that McLeod Trail during rush hour was not 45 minutes door to door. Also a lot of people aren't just going downtown. Also, the supply of large and newish homes at under $650k, even in Calgary, is starting to dwindle quickly.
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Sorry, more context, but this was a conversation I had in before the summer of 2021. I agree with your points as of 2022, but the comments were accurate at the time of discussion.
I agree that typically the commute isn't 40 mins during rush hour, but the question was how far away it was. I said basically every home was 40 minutes away, but could potentially double or triple due to rush hour and/or weather. They were coming to Calgary with remote positions from Vancouver and basically had no requirement to commute regularly in rush hour traffic.
I have no clue what this family ended up deciding on. We had like 2-3 conversations with them and last I heard from the mutual friend, they debated purchasing in Royal Oak or ponying up to buying a mansion in Cochrane.
IIRC the $800K budget they had inquired about was the total equity (basically buy a house in cash) they had in their existing home. I remember asking whether they had ever looked at something like realtor.ca and just had a basic look at what options were available and they admitted they had never looked into it.
I was basically saying it was kinda hilarious yet bizarre in that sense where they were planning on relocating and dropping some serious coin to come here based on some passing comments from friends, but had completely no idea about anything Calgary except reputation and random anecdotes from friends.
Quote:
Originally Posted by Tron_fdc
What the heck man. I'm trying to sell a 1BR condo in Seton (furnished) I bought from a builder at the end of 2020. The builder is supposedly trying to sell it for me, but it sure doesn't seem like they're doing a good job based on this thread.
Paid $175, $5k in furnishing, selling for $185 if anyone wants an immediate possession condo!?!?!
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Calgary is red hot for single detached homes. Condos and Townhouses are still not doing the greatest depending on how long you've been holding but there's been some steady increases in value which is encouraging.