Calgary Real Estate predictions?

[Bill Bumface]

Originally Posted by AMG_G

Everyone says they got the best rate but what is that rate?

Usually something with horrible terms that will cost you 10s of thousands if you do anything with your house during the term of the mortgage. I know of a few people that had $20 a month in interest turn into $20k to get out of their mortgage when they sold their place earlier than planned.

I'm renewing currently and 3.09% is the lowest rate I could find for a 5 year that doesn't have awful restrictions attached to it.

[Tron_fdc]

Originally Posted by hulkrogan

Usually something with horrible terms that will cost you 10s of thousands if you do anything with your house during the term of the mortgage. I know of a few people that had $20 a month in interest turn into $20k to get out of their mortgage when they sold their place earlier than planned.

I'm renewing currently and 3.09% is the lowest rate I could find for a 5 year that doesn't have awful restrictions attached to it.

Did you try these guys? http://www.streetcapital.ca/

I locked in at 2.8 over 5 years last summer with them. No idea where they're at currently though.

I had to do some fancy juggling to qualify the mortgage (was holding 4 properties at the time) and not only did they approve it when RBC wouldn't look at me, I got it at a rate the majors wouldn't touch.

Pretty happy with them so far.

[Bill Bumface]

Originally Posted by Tron_fdc

Did you try these guys? http://www.streetcapital.ca/

I locked in at 2.8 over 5 years last summer with them. No idea where they're at currently though.

I had to do some fancy juggling to qualify the mortgage (was holding 4 properties at the time) and not only did they approve it when RBC wouldn't look at me, I got it at a rate the majors wouldn't touch.

Pretty happy with them so far.

My broker uses these guys and First National a lot. The one I think I'll go with is First National. Street is sweet for mortgaging additional properties because they count a way higher percentage of rental income than anyone else.

[I-Hate-Hulse]

Here's a great example of how well priced properties sell quickly in the inner city. $700K for a detached infill in Hillhurst with many of the high end bells and whistles. It's next to some commercial space which could be a question mark in the future admittedly, but this price is not that far off of some of the higher end suburban places.

DOM = 5 before going pending.

http://sothebysrealty.ca/en/property...calgary/57117/

[darklord700]

Originally Posted by I-Hate-Hulse

Here's a great example of how well priced properties sell quickly in the inner city. $700K for a detached infill in Hillhurst with many of the high end bells and whistles. It's next to some commercial space which could be a question mark in the future admittedly, but this price is not that far off of some of the higher end suburban places.

DOM = 5 before going pending.

Maybe Realtor 1 can confirm but I bet this place sold above listing price.

[calgarygeologist]

Originally Posted by I-Hate-Hulse

Here's a great example of how well priced properties sell quickly in the inner city. $700K for a detached infill in Hillhurst with many of the high end bells and whistles. It's next to some commercial space which could be a question mark in the future admittedly, but this price is not that far off of some of the higher end suburban places.

DOM = 5 before going pending.

http://sothebysrealty.ca/en/property...calgary/57117/

Looks like a great place but that finish on the kitchen cabinets is horrible. Other than that, if it was available when I was shopping at that price I would have considered it.

[Burninator]

Originally Posted by calgarygeologist

Looks like a great place but that finish on the kitchen cabinets is horrible. Other than that, if it was available when I was shopping at that price I would have considered it.

I bet it looks much different and better in real life. For some reason heavy handed HDR is becoming pretty popular in real estate pictures. Not sure why though, the pictures make the place look worse (and not realistic). Especially makes wood grain look 70's-ish.

[MillerTime GFG]

Originally Posted by hulkrogan

My broker uses these guys and First National a lot. The one I think I'll go with is First National. Street is sweet for mortgaging additional properties because they count a way higher percentage of rental income than anyone else.

First National is one of my go-to's as well. Always competitive in their rates and no real restrictions such as the ones previously mentioned.

There are lenders out there at 2.99% on transfers/refi's/purchases with standard early payout penalties just FYI.

[calgarygeologist]

Originally Posted by Burninator

I bet it looks much different and better in real life. For some reason heavy handed HDR is becoming pretty popular in real estate pictures. Not sure why though, the pictures make the place look worse (and not realistic). Especially makes wood grain look 70's-ish.

You might be right. I've seen some incredibly poor photos for MLS listings.

[Regular_John]

Originally Posted by Burninator

I bet it looks much different and better in real life. For some reason heavy handed HDR is becoming pretty popular in real estate pictures. Not sure why though, the pictures make the place look worse (and not realistic). Especially makes wood grain look 70's-ish.

It's an cheap way to add "pop" to photos and bump up the perceived brightness of a room. Sadly that "saran wrap" look is appealing to many realtors, and given that they continue to sell houses with such photos in the listings it would appear the technique is working for them.

[topfiverecords]

Originally Posted by jaydorn

It's an cheap way to add "pop" to photos and bump up the perceived brightness of a room. Sadly that "saran wrap" look is appealing to many realtors, and given that they continue to sell houses with such photos in the listings it would appear the technique is working for them.

The thing is, right now the quality of photos doesn't really matter much. Buyers are seeing whatever property comes on the market immediately that meets their search criteria regardless. The only properties that aren't selling are the ones that are way overpriced, or need more work than is justified by the price/area and not because of poor marketing.

[Winsor_Pilates]

Hate the HDR photos. We don't see too many agents doing that in Vancouver, but I noticed it was pretty prominent in Calgary listings.

[ranchlandsselling]

Bump

[jeffporfirio]

The folks that run Batistella are having a demolition party for the Anthill building today, where their new Lido development is going up.

The units are almost all sold.

[darklord700]

Recently I was at a pre-sell downtown condo event. $700 a sq/ft and people were buying sight unseen, floor plan be dammed. Rumor had it one buyer snapped up 10 units at once. I kind of knew some of the people there who normally weren't condo investors but they were buying this time.

Bad sign for me that the market is over-heating as all of them were investors. Spending almost $400K for a studio or half a mill for a $600 sq/ft 1bedroom without window just so that you don't have to drive to work, I don't get it. $500K gets you at a decent 1000 sq/ft unit in Arriva that's fit for long term living. Seems like a lot of people are buying on hype.

Also the condo fee on this brand new building was incredibly low, like $400/mth for a 600 sq/ft unit. This had to be wrong. Once the builder dumps all the units, the board will increase condo fee for sure. I suspect the builder kept the condo fee low so they can sell easily and they don't have to pay in to the reserve.

[lorenavedon]

Originally Posted by darklord700

Recently I was at a pre-sell downtown condo event. $700 a sq/ft and people were buying sight unseen, floor plan be dammed. Rumor had it one buyer snapped up 10 units at once. I kind of knew some of the people there who normally weren't condo investors but they were buying this time.

Bad sign for me that the market is over-heating as all of them were investors. Spending almost $400K for a studio or half a mill for a $600 sq/ft 1bedroom without window just so that you don't have to drive to work, I don't get it. $500K gets you at a decent 1000 sq/ft unit in Arriva that's fit for long term living. Seems like a lot of people are buying on hype.

Also the condo fee on this brand new building was incredibly low, like $400/mth for a 600 sq/ft unit. This had to be wrong. Once the builder dumps all the units, the board will increase condo fee for sure. I suspect the builder kept the condo fee low so they can sell easily and they don't have to pay in to the reserve.

billionaire Chinese investors can't wait to get their money out of HK or the mainland. They will buy anything in any quantity regardless of the price because they're not investors. They're fleeing to safe assets. Even if they lose %20-%30 during a downturn it's still better than having their cash where it is now. This has already been document in articles in the NY Times and the wall street journal. This is why the Chinese have over taken the Russians in buying up apartments in Manhattan. They're buying anything that moves. Bob the $100,000/year engineer, his stay at home wife and 2 kids are not the ones buying up 20 units at a time in these developments. Condos are being treated like investment vehicles and commodities. This isn't about housing at all. When people understand this they will realize that when they buy to live, they're competing with people that have so much money the price is irrelevant. It's a bubble, it's completely inflated and not based on any type of real-estate or housing fundamentals. It's basic supply and demand. That is why in Toronto they're building complete garbage condos that are falling apart after 5 years because Chinese buyers will buy this stuff sight unseen and not care at all about that. It only hurts the people that need a place to live. Calgary hasn't gotten that bad yet but it's getting there fast. The biggest housing bubble in the history of humanity is currently in china, now that it's maxed out those that caused it are moving it over to hot markets around the world with stable governments. They did a number on Manhattan, London, Paris, Vancouver, Toronto, now it's moving to smaller but well off markets like Calgary.

[darklord700]

Originally Posted by lorenavedon

It only hurts the people that need a place to live. Calgary hasn't gotten that bad yet but it's getting there fast.

I do get the appeal of downtown living and had I not have kids, I might live downtown as well. What I don't get is who wants to live in a 450 sq/ft glorified shoe box for over $2K a month to rent or $400K to buy?

Apprently phase 1 of this particular building is well rented out, go figures.

Go to East Village and you can buy Arriva for $600K with almost 1300 sq ft. Now I can see myself and my kids live in something like that.

[troutman]

http://www.finance.alberta.ca/public...al-report.html

[lorenavedon]

Originally Posted by darklord700

I do get the appeal of downtown living and had I not have kids, I might live downtown as well. What I don't get is who wants to live in a 450 sq/ft glorified shoe box for over $2K a month to rent or $400K to buy?

Apprently phase 1 of this particular building is well rented out, go figures.

Go to East Village and you can buy Arriva for $600K with almost 1300 sq ft. Now I can see myself and my kids live in something like that.

plenty of people in Calgary from all over Canada that have no intention of making this city their home. They're here to churn it and burn it. make the money and GTFO when the pig sinks. Why? Because you can't get a job anywhere else in Canada. The economy is completely dead outside of alberta. These people are willing to pay a premium to rent and be able to bail out at any time. That is why rents are so high and about equal to purchasing. Everyone on planet earth knows Alberta is a boom/bust economy. The only people delusional enough to deny it is Albertans lol. They think this time it's different. It's not. The second oil and gas slows down the pig is toast. Everything depends on oil and gas. The home builders, the blue collar workers, IT companies, software companies, government workers, the girl at the mall selling you a pair of shoes. It's all because of oil and gas trickling down to other industries. When oil and gas slows, everything will shrivel up like a dying plant.

[lorenavedon]

Originally Posted by troutman

http://www.finance.alberta.ca/public...al-report.html

%100 economically driven. Nobody moves to Calgary "just to live here". People move to Vancouver, Manhattan, San Francisco, London, Paris, just to live there because those places are safe and will continue to have people wanting to move there regardless of how many jobs are in those cities. If Calgary economy crashes and there are no jobs here it will be like rats fleeing a sinking ship.