Calgary apartments nation's priciest - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

jolinar of malkshor · 12-14-2007, 06:09 PM

For the first time, Calgary apartment rentals are the priciest among major Canadian cities, eclipsing even Vancouver. Even with vacancy rates rising in the Calgary area since 2006, the average cost of a two-bedroom apartment was $1,089 in October -- nudging out metropolitan Vancouver's $1,084 and Toronto which came in at $1,061.

http://calsun.canoe.ca/News/Alberta/...24320-sun.html

This is why I am leaving Calgary.

Ozy_Flame · 12-14-2007, 06:35 PM

Sigh....I wish it was only 1089 a month....That would be a dream come true.

Got Miikka? · 12-14-2007, 08:03 PM

And here I thought I was getting a deal paying a grand for a one-bedroom pad.

PsYcNeT · 12-14-2007, 10:31 PM

I'll take "Roommates" for 100$ Alex

SarichFan · 12-14-2007, 10:32 PM

Quote:

Originally Posted by PsYcNeT

I'll take "Roommates" for 100$ Alex

I'd rather over pay for $100 Alex..

MelBridgeman · 12-14-2007, 10:33 PM

calgary rent has been higher than Vancouvers for at least 2 years now...mostly due to no vacancy

PsYcNeT · 12-14-2007, 10:53 PM

Quote:

Originally Posted by SarichFan

I'd rather over pay for $100 Alex..

Well I'll tell yah, you sure as hell don't always luck out with roommates.

For sure, it can suck, but when it works out, and you relax at the end of every month knowing you are paying next to nothing in comparison to 90% of people, it's worth every day of hell you went through to get there.

kipperfan · 12-14-2007, 11:03 PM

$1089 for a 2 bedroom? That seems low. I am paying $950 for a one bedroom and it aint nothing special. I have been looking for a 2 bedroom and cant find anything decent for less then $1200. The only way these #'s make sense is if they are calculating all the illegal basement suites into the equation - and really who the hell wants to live in those anyway?

jammies · 12-14-2007, 11:23 PM

I'm paying 1050 for 2 bedroom unit downtown in a decent building, so that average does seem a little high - although it may include parking as well, for which I pay 125/mo now. Still, I don't think those prices are too high, at least compared to people that are paying around $2000/mo on a 25 year mortgage on a brand new 1300 sq ft 2 bedroom house on the outskirts of the city (after plunking down their 10% down payment, too).

SarichFan · 12-14-2007, 11:41 PM

I'm the type that i'd rather pay for convenience. I could never live with a room mate. Even a life time friend.

AFireInside · 12-15-2007, 01:24 AM

Quote:

Originally Posted by jammies

I'm paying 1050 for 2 bedroom unit downtown in a
decent building, so that average does seem a little high - although it may include parking as well, for which I pay 125/mo now. Still, I don't think those prices are too high, at least compared to people that are paying around $2000/mo on a 25 year mortgage on a brand new 1300 sq ft 2 bedroom house on the outskirts of the city (after plunking down their 10% down payment, too).

Wow what building do you live in? I just moved back and had to find a place in a hurry, and I'm paying WAAAY more than that for a 2 bedroom.. I'm not even downtown, just close and I'm paying 1500 a month for a 2 bedroom. I only signed a 6 month lease and we are going to look for a new place when the lease expires, but I had like 2 days to find a place to live.... To be honest I looked at about 7 different apartments and found nothing less than about 1200..

MelBridgeman · 12-15-2007, 02:09 AM

Quote:

Originally Posted by jammies

I'm paying 1050 for 2 bedroom unit downtown in a decent building, so that average does seem a little high - although it may include parking as well, for which I pay 125/mo now. Still, I don't think those prices are too high, at least compared to people that are paying around $2000/mo on a 25 year mortgage on a brand new 1300 sq ft 2 bedroom house on the outskirts of the city (after plunking down their 10% down payment, too).

Funnay...i assume you are renting? Which means you are pissing your money away...while those people with the 2000/mo mortgage are investing their money...

DAN0383 · 12-15-2007, 02:40 AM

I guess I'm lucky, paying $800 for a one bedroom, I miss the days a couple years ago when I was 18 and you could get a 1 bedroom for $550-$600 bucks.

MacDougalbry · 12-15-2007, 09:37 AM

What Vancouver has going for it to keep prices is down is a massive, massive supply of illegal basement suites. Largely because people can't afford to buy unless they are able to rent out their basements. If real estate prices stay high in Calgary, I expect you will see this happen here as well.

jolinar of malkshor · 12-15-2007, 09:38 AM

Quote:

Originally Posted by MelBridgeman

Funnay...i assume you are renting? Which means you are pissing your money away...while those people with the 2000/mo mortgage are investing their money...

Thats what I was going to say. Renting is for suckers.....although....I am currently renting.

kipperfan · 12-15-2007, 09:55 AM

Quote:

Originally Posted by jolinar of malkshor

Thats what I was going to say. Renting is for suckers.....although....I am currently renting.

Thats the problem, when housing prices are as high as they are it is hard as hell to stop being a sucker!

I find it funny the housing prices in this city, probably one of the most out of whack real estate markets in the world. Ussually when people pay big money to buy a house in a certain region, they pay for things like climate, conviencence, living close to water(lake or ocean), arts and culture of that area....yeah Calgary has none of that. Why on earth would I want to pay $500000 here for a house, when I could get the same one for half that in the GTA, or even in Montreal. This just in.....nothing great about Calgary(aside from the hockey team).

jammies · 12-15-2007, 10:11 AM

Quote:

Originally Posted by MelBridgeman

Funnay...i assume you are renting? Which means you are pissing your money away...while those people with the 2000/mo mortgage are investing their money...

No, people who get a 25 year (or worse, 35 year) mortgage paying off 90% of a $350,000 - $450,000 house are the ones "pissing away" their money. For the bulk of that period, they are paying well over my $1200 a month total in interest payments every month, which makes the bank happy but is hardly fiscal prudence. If you are paying less on the principal than you can save by renting, you are NOT investing your money wisely.

You are better off renting and saving a considerable chunk of money towards a big downpayment when you do buy, as long as that is an option. First off, if you have a long-term view, and a big chunk of saved-up money, you can look for deals on houses and be in position of strength when bargaining. Second, you earn money on your savings instead of pay money on your principal.

Like I said, renting is still a good deal in Calgary considering the price of houses. That's why the prices are as high as they are - landlords can do the math, too, and higher priced houses means they can get higher rents because the alternative (ie -buying) is still more expensive.

jolinar of malkshor · 12-15-2007, 10:17 AM

Quote:

Originally Posted by jammies

No, people who get a 25 year (or worse, 35 year) mortgage paying off 90% of a $350,000 - $450,000 house are the ones "pissing away" their money. For the bulk of that period, they are paying well over my $1200 a month total in interest payments every month, which makes the bank happy but is hardly fiscal prudence. If you are paying less on the principal than you can save by renting, you are NOT investing your money wisely.

You are better off renting and saving a considerable chunk of money towards a big downpayment when you do buy, as long as that is an option. First off, if you have a long-term view, and a big chunk of saved-up money, you can look for deals on houses and be in position of strength when bargaining. Second, you earn money on your savings instead of pay money on your principal.

Like I said, renting is still a good deal in Calgary considering the price of houses. That's why the prices are as high as they are - landlords can do the math, too, and higher priced houses means they can get higher rents because the alternative (ie -buying) is still more expensive.

Your theory works if A, the person has enough money to sock away to make a meaningfull down payment later on and B, the price of housing doesn't continue to rise at an exponential rate. You could be saving for a long long time before you could make a meaning full down payment. And if you have the money to rent and save a bunch for a large down payment, why not buy and amorize over a much shorter period of time?

ADD: Also you can factor in the increase in your homes value as an offset to the interest costs.

calf · 12-15-2007, 10:21 AM

Quote:

Originally Posted by jammies

No, people who get a 25 year (or worse, 35 year) mortgage paying off 90% of a $350,000 - $450,000 house are the ones "pissing away" their money. For the bulk of that period, they are paying well over my $1200 a month total in interest payments every month, which makes the bank happy but is hardly fiscal prudence. If you are paying less on the principal than you can save by renting, you are NOT investing your money wisely.

You are better off renting and saving a considerable chunk of money towards a big downpayment when you do buy, as long as that is an option. First off, if you have a long-term view, and a big chunk of saved-up money, you can look for deals on houses and be in position of strength when bargaining. Second, you earn money on your savings instead of pay money on your principal.

Like I said, renting is still a good deal in Calgary considering the price of houses. That's why the prices are as high as they are - landlords can do the math, too, and higher priced houses means they can get higher rents because the alternative (ie -buying) is still more expensive.

I have never met anyone who made a capital gain when they moved out of their rental property.

jammies · 12-15-2007, 10:22 AM

Quote:

Originally Posted by AFireInside

Wow what building do you live in? I just moved back and had to find a place in a hurry, and I'm paying WAAAY more than that for a 2 bedroom.. I'm not even downtown, just close and I'm paying 1500 a month for a 2 bedroom. I only signed a 6 month lease and we are going to look for a new place when the lease expires, but I had like 2 days to find a place to live.... To be honest I looked at about 7 different apartments and found nothing less than about 1200..

Sundance Apartments on 8th St and 5th Ave SW. I've been here for a while, so I don't know if new renters get the same deal, but I don't imagine it would be much more - certainly not $1500.