Why is the market going crazy?

[lorenavedon]

Originally Posted by Johnny199r

Prices continue to rise with no end I sight. It won't be long before Toronto and Vancouver prices become the norm in Calgary.

until Calgary stops being the strongest and fastest growing economy in Canada, it's not going to stop.

[Johnny199r]

Originally Posted by lorenavedon

until Calgary stops being the strongest and fastest growing economy in Canada, it's not going to stop.

Prices are rising much faster than Edmonton, which is seeing comparable job growth.

[ExiledFlamesFan]

Originally Posted by Johnny199r

Prices continue to rise with no end I sight. It won't be long before Toronto and Vancouver prices become the norm in Calgary.

Lol. Calgary will never be as expensive as Vancouver. The city of Calgary is about 7X as large as the city of Vancouver in land area, Vancouver is also surrounded by the ocean. Calgary will continue to grow until we annex Okotoks and Airdrie in 15-20 years, while Vancouver cannot grow anymore at all unless they start developing Stanley park. Land prices will always be more expensive in Vancouver, even with Vancouver's phantom real estate driven economy.

Calgary obviously has the best economy in Canada. But other than the Tsuu tina reserve, we have no space restraints that other cities (Vancouver, Toronto) have. Even with Nenshi's urban planning policies.

[Johnny199r]

Originally Posted by ExiledFlamesFan

Lol. Calgary will never be as expensive as Vancouver. The city of Calgary is about 7X as large as the city of Vancouver in land area, Vancouver is also surrounded by the ocean. Calgary will continue to grow until we annex Okotoks and Airdrie in 15-20 years, while Vancouver cannot grow anymore at all unless they start developing Stanley park. Land prices will always be more expensive in Vancouver, even with Vancouver's phantom real estate driven economy.

Calgary obviously has the best economy in Canada. But other than the Tsuu tina reserve, we have no space restraints that other cities (Vancouver, Toronto) have. Even with Nenshi's urban planning policies.

So are Calgary home prices going to stop rising by 8% every month soon then?

Many articles I see now are grouping Calgary with Toronto and Vancouver in unaffordibility.

Clearly, Calgary isn't there yet, but what reason is there for home prices to slow down? None. Neshi isn't making additional land available any time soon. Keep the supply low, factor in the tens of thousands of new people who move to Calgary every year, the vast majority wanting a single family home, and the price will keep pushing up at breakneck speed.

[ExiledFlamesFan]

Originally Posted by Johnny199r

So are Calgary home prices going to stop rising by 8% every month soon then?

Many articles I see now are grouping Calgary with Toronto and Vancouver in unaffordibility.

Clearly, Calgary isn't there yet, but what reason is there for home prices to slow down? None. Neshi isn't making additional land available any time soon. Keep the supply low, factor in the tens of thousands of new people who move to Calgary every year, the vast majority wanting a single family home, and the price will keep pushing up at breakneck speed.

Are you aware of how far apart the average single family home price is in Vancouver compared to Calgary?
Vancouver- 1.36 million
Calgary- 556,000

You must be the first person to claim that Calgary is now in the same class as Vancouver in affordability. Vancouver is in the same class as Hong Kong, Paris, London, New York, etc... When I think of ridiculously unaffordable Canadian cities, Vancouver is miles away from the rest.

[Johnny199r]

Originally Posted by ExiledFlamesFan

Are you aware of how far apart the average single family home price is in Vancouver compared to Calgary?
Vancouver- 1.36 million
Calgary- 556,000

You must be the first person to claim that Calgary is now in the same class as Vancouver in affordability. Vancouver is in the same class as Hong Kong, Paris, London, New York, etc...

If you read what I posted, I said " Clearly, Calgary isn't there yet" please don't misrepresent what people post.

[ExiledFlamesFan]

Originally Posted by Johnny199r

If you read what I posted, I said I didn't think Calgary was the same as Vancouver. Please go back and reread my post more carefully.

Originally Posted by Johnny199r

Many articles I see now are grouping Calgary with Toronto and Vancouver in unaffordibility

Where are these many articles you speak of? Nice ninja edit. You made a obvious exaggeration, just admit your fault and move on.

The fact remains that Calgary's SFH price is still only half of that of Vancouver's and Calgary will never be as expensive as Vancouver unless they burn their city to the ground or an earthquake rips it apart. To suggest otherwise is silly.

[Flamenspiel]

The listings are going up in the areas I was looking at.

[#-3]

Originally Posted by ExiledFlamesFan

Are you aware of how far apart the average single family home price is in Vancouver compared to Calgary?
Vancouver- 1.36 million
Calgary- 556,000

You must be the first person to claim that Calgary is now in the same class as Vancouver in affordability. Vancouver is in the same class as Hong Kong, Paris, London, New York, etc... When I think of ridiculously unaffordable Canadian cities, Vancouver is miles away from the rest.

That must be skewed a little bit in some ways, as I assume the Vancouver number does not include, Surrey, Richmond, Coquitlam, Delta, probably even North Van. Is there an average price for GVA?

Calgary is not always comparable to other large cities, because the Inner city and the suburbs are the same municipality. So if you restrict it to houses Between, 16th, Glenmore, Deerfoot, and Crowchild. Whats the average price? $800k+? maybe more?

Not saying Calgary is as expensive as Vancouver, but I don't believe its less than 1/2 the price.

[Mazrim]

Nevermind, it's not worth it.

[polak]

I've given up on buying something that's already standing.

Is it just me or are prices skyrocketting at a exponentially higher rate than salaries? It seems like every email I get from Realtors, the price for a two bedroom condo in the south goes up. I mean its like an average of 260-280 for an unrenovated two bedroom condo. Absolutely insane. Guess I'll be renting until a pre-build comes up. Legacy here I come

New Grad life blows.

[ExiledFlamesFan]

Originally Posted by #-3

That must be skewed a little bit in some ways, as I assume the Vancouver number does not include, Surrey, Richmond, Coquitlam, Delta, probably even North Van. Is there an average price for GVA?

Calgary is not always comparable to other large cities, because the Inner city and the suburbs are the same municipality. So if you restrict it to houses Between, 16th, Glenmore, Deerfoot, and Crowchild. Whats the average price? $800k+? maybe more?

Not saying Calgary is as expensive as Vancouver, but I don't believe its less than 1/2 the price.

That's the exact point I made in the post prior to the one you quote. Calgary is more than 7X the size of Vancouver.

However, Surrey, Coquitlam, Langley, Delta are pretty much as far as Airdrie is from Calgary. The distance from Surrey to the Rogers arena is about the same distance from Airdrie from the Saddledome.

The reason houses in Airdrie are $100 000 cheaper than the houses in Calgary is because land value is that much less in Airdrie.

But I agree, the lower mainland is a multicity conglomerate while the Calgary area is mostly a unicity. However we are quickly approaching our parasite towns.

If you want a better comparison, Toronto is much more of a unicity. Single housing prices in Toronto are still about double (1 million+) Calgary's.

Calgary is not in the same class as Vancouver or Toronto when it comes to real estate. And it's not even close

[Sliver]

Originally Posted by polak

I've given up on buying something that's already standing.

Is it just me or are prices skyrocketting at a exponentially higher rate than salaries? It seems like every email I get from Realtors, the price for a two bedroom condo in the south goes up. I mean its like an average of 260-280 for an unrenovated two bedroom condo. Absolutely insane. Guess I'll be renting until a pre-build comes up. Legacy here I come

New Grad life blows.

A new build is a good idea at this stage in your life, anyway. There is a fairly long maintenance holiday where you just have to pay your bills without much worry of say the furnace or roof going.

[polak]

Yeah I agree, I just really wanted to avoid paying rent for an extended amount of time but it's really the only option that makes sense.

And hey, I'll most likely have a smaller mortgage payment even with condo fees than rent so it'll be like getting a raise when I move in

[Hockeyguy15]

Sounds like that place was underpriced?

[Bill Bumface]

It seems lots of people are underpricing intentionally to get people to try guess how much over they have to bid to get it.

I understand why sellers do it, but I don't really like the practice at all. It seems you should have more time to ponder the biggest decision of your life, but in most cases you have 2 days at best, and needing somewhere to live in this city, it seems to be either rent, or come up with a crazy number way over the asking price after looking at the house twice and hope...

[calgarygeologist]

Originally Posted by fotze

an hour after offers were submitted they send out an email saying how many offers and if you want to "adjust" your bid to do so in the next hour.

That seems like a ######bag move. I would have pulled my offer after receiving that email.

[Bill Bumface]

Yeah, I think the whole multiple offer thing could use a lot more regulation.

[Flamenspiel]

Originally Posted by calgarygeologist

That seems like a ######bag move. I would have pulled my offer after receiving that email.

I disagree, its a simple business transaction and about making the right deal and i would have no scruples about dealing with a "bad" or "difficult" seller. Sometimes that's where you get the best deals, because everyone else walked away.

The real estate laws and your realtor are there to make sure your interests are protected.

We were able to find a great deal on a property a few years ago because the seller was all over the place, we laughed about it and kept our realtor at it until we were the last people in the game.

[Flamenspiel]

nm