Real estate in Calgary - another bubble?

[boogerz]

Originally Posted by Hemi-Cuda

I wonder if we'll see a significant number of people move to Calgary in the future simply for housing prices

I would be shocked if that didn't happen.

Net migration to Calgary has been positive throughout the pandemic. 4400 people moved here in Q4 2020 despite the city being in "lockdown" for most of the quarter, all the negative UCP press, and the 2021 layoff announcements (e.g. Suncor and Cenovus).

[The Yen Man]

Originally Posted by Hemi-Cuda

I wonder if we'll see a significant number of people move to Calgary in the future simply for housing prices

I remember reading about Infosys starting an office here for this reason, that the standard of living in Calgary is very attractive for their employees.

[DoubleF]

Originally Posted by timun

$277 is barely enough to cover heat, water, sewer, and insurance on that condo too. That place is ripe for "special assessments" down the road.

What's also stupid is that the difference between $277-300 or $350 isn't horrific, but by funneling all that extra into the reserve fund early, the risk and likelihood of a crippling special assessment is decreased significantly.

I used to own a condo down town in a building built in 1970. I paid $350-450 in condo fees a month because the place was old, but the board was excellent and the reserve fund was exceptionally robust. I got hit with special assessments twice when the cost of a repair/project were in excess to the reserve fund budget. Both times, I thought the numbers were reasonable. Once because the June floods blew up the cost for the replacement like 300-400x costing me $4-5K for my unit factor in special assessment (and the board was good enough to pre-plan and take 3 instalments for the special assessment/work hard to try and wait out the fee increase) and once because they went beyond just replacing balcony railings with safety concerns and had the contractors clean + paint the balconies while they had the equipment to improve the overall value of the units ($400 special assessment or something which was an absolute bargain).

Everything else was always expected to be covered fully if not 80-90% by the reserve fund. We had unit door/lock replacements/upgrades, modern dual pane windows replacements, parking garage door replacement, storage room upgrades, security system/key fob entry upgrades etc. with no special assessments.

[Flamenspiel]

Ok, but who wants to live in an infill or townhome in Vancouver, or in a home with three floors and two other tenant families? Secondly, the idea of selling the house and moving to Kelowna or Victoria is not so easy, those places have gone up as well, I believe as a higher percentage.

Places like Vancouver are great if you live on an estate with an ocean view, but not do much a detached home around the pacific colleseum.

I remember poking around there during the Olympics, it was not so nice.

[Regular_John]

Originally Posted by CroFlames

If I had no kids, I would 100% be buying a condo in a suburb and work to pay it down quickly.

Then live mortgage and rent free except for your condo fee. Special assessments? You need to do regular maintenance and upkeep on your detached house too. I think it's a wash.

Honestly this was 100% our plan when we bought, and while it’s obvious in hindsight… the suburbs are designed for families with kids, and not well suited for a child free lifestyle.

After 9 years of aggressively paying down our mortgage on this place, I’d rather put that equity to a different use then setting down permanent roots here.

[blankall]

Originally Posted by jaydorn

Honestly this was 100% our plan when we bought, and while it’s obvious in hindsight… the suburbs are designed for families with kids, and not well suited for a child free lifestyle.

After 9 years of aggressively paying down our mortgage on this place, I’d rather put that equity to a different use then setting down permanent roots here.

A condo in the burbs seems like the worst of both worlds. The advantage of living in the burbs would be more so space, to allow for hobbies like cars, smokers, home gym, hunting/fishing equipment, etc... The freedom and space would make up for the isolation and commutes.

I guess if you no desire to pursue hobbies that require physical space and also have no desire to frequently engage in social activities, it makes sense, but why stop at Calgary? There are even cheaper condos in other cities.

[bizaro86]

Originally Posted by boogerz

I would be shocked if that didn't happen.

Net migration to Calgary has been positive throughout the pandemic. 4400 people moved here in Q4 2020 despite the city being in "lockdown" for most of the quarter, all the negative UCP press, and the 2021 layoff announcements (e.g. Suncor and Cenovus).

It has already been happening. I have a rental condo, and I rented it in the fall to a guy who is a permanent work-from-home type in a creative field from Vancouver. He rented it based on a virtual tour before he came out here. He said for what he was paying for a bachelor in Van he could pay for a 2 bedroom here and have money left over, so he thought he'd come try it for a year, save some money, and see if he likes it or not.

If enough people do that some of them will stay.

[CroFlames]

Originally Posted by jaydorn

Honestly this was 100% our plan when we bought, and while it’s obvious in hindsight… the suburbs are designed for families with kids, and not well suited for a child free lifestyle.

After 9 years of aggressively paying down our mortgage on this place, I’d rather put that equity to a different use then setting down permanent roots here.

Get a Lambo.

[GGG]

Originally Posted by DoubleF

What's also stupid is that the difference between $277-300 or $350 isn't horrific, but by funneling all that extra into the reserve fund early, the risk and likelihood of a crippling special assessment is decreased significantly.

It depends on how long units are held for. When I was on the Condo board there was a battle between people looking for appreciation wanting to keep fees low and risk special assessments once they had sold vs those who were staying longer term and people who wanted neither.

We settled on pissing everyone off. Special assessments to do some much need work to restore the reserve fund and increasing fees so long term it would be in good shape. We got complaints but know one showed up to the AGM so we were forced to keep our positions for another year. So glad I don’t live in a Condo anymore. Rule number 1 though is sit on the board.

So for new units builders are going to sandbag the reserve fund study and that is in line with the interests of most buyers who view the Condo as a stepping stone to a house.

[CliffFletcher]

Originally Posted by blankall

A condo in the burbs seems like the worst of both worlds. The advantage of living in the burbs would be more so space, to allow for hobbies like cars, smokers, home gym, hunting/fishing equipment, etc... The freedom and space would make up for the isolation and commutes.

I guess if you no desire to pursue hobbies that require physical space and also have no desire to frequently engage in social activities, it makes sense, but why stop at Calgary? There are even cheaper condos in other cities.

Seniors and empty nesters are the natural market for suburban condos. I live in an older suburb and there are a bunch of adult-only complexes in the community. A lot of older people like the suburbs for their quiet, familiarity, and perceived safety, but they reach a point where they need less space and they don’t want to deal with shovelling and yardwork anymore. A condo suits their needs, but the appeal of Bankview or Bridgeland would be lost on them.

A new condo and professional building complex was planned for the Oakridge co-op, clearly marketed at seniors in the area, and there was a lot of buzz about it. But the development seems to have been delayed or put on hold.

[accord1999]

Originally Posted by Hemi-Cuda

I wonder if we'll see a significant number of people move to Calgary in the future simply for housing prices

I think that, along with the higher incomes has always been a major draw for the Alberta cities. Despite the recent hand-wringing about Calgary "losing young people", historically the high cost of housing has driven far more local people away from the central parts of Toronto, Vancouver and Montreal out to their suburbs/exurbs or to other parts of Canada.

[Fighting Banana Slug]

Originally Posted by CliffFletcher

Seniors and empty nesters are the natural market for suburban condos. I live in an older suburb and there are a bunch of adult-only complexes in the community. A lot of older people like the suburbs for their quiet, familiarity, and perceived safety, but they reach a point where they need less space and they don’t want to deal with shovelling and yardwork anymore. A condo suits their needs, but the appeal of Bankview or Bridgeland would be lost on them.

A new condo and professional building complex was planned for the Oakridge co-op, clearly marketed at seniors in the area, and there was a lot of buzz about it. But the development seems to have been delayed or put on hold.

The condos in my 'burb seem to attract a disproportionate number of divorced men. Presumably to stay close to the family who remain in the original home. I have to think that demographic will remain strong.

[bizaro86]

Originally Posted by CliffFletcher

Seniors and empty nesters are the natural market for suburban condos. I live in an older suburb and there are a bunch of adult-only complexes in the community. A lot of older people like the suburbs for their quiet, familiarity, and perceived safety, but they reach a point where they need less space and they don’t want to deal with shovelling and yardwork anymore. A condo suits their needs, but the appeal of Bankview or Bridgeland would be lost on them.

A new condo and professional building complex was planned for the Oakridge co-op, clearly marketed at seniors in the area, and there was a lot of buzz about it. But the development seems to have been delayed or put on hold.

We've been going through the "buying a seniors condo" in the suburbs process for my father in law recently. I think covid had frozen that market, but its open again.

I've been following sales in the building he is buying in, and units that had been on the market for months have started selling. And the prices are escalating weekly as inventory goes down and more units sell.

[Ferarri]

Sorry if this has been asked already, but wasn't there a real estate forum here before? I was wanting to get people's opinions on the new University District community.

[bizaro86]

Originally Posted by Ferarri

Sorry if this has been asked already, but wasn't there a real estate forum here before? I was wanting to get people's opinions on the new University District community.

It was a sponsored forum by a realtor. Presumably the sponsorship wasn't renewed, as the forum is gone.

I think this could probably be a Calgary real estate mega thread - ask here! I'm sure there will be opinions.

[calgarygeologist]

Originally Posted by Ferarri

Sorry if this has been asked already, but wasn't there a real estate forum here before? I was wanting to get people's opinions on the new University District community.

As someone who lives in Varsity I welcome a development like University District to my area. I look forward to the shops and opportunities that the new development will bring.

I'll also throw these comments into this thread although they could equally go in the gear grinder thread. I was driving down 24 Ave NW today from 14th to Crowchild. It is an "inner city" type area which is slowly changing from older single family bungalows and duplexes to low rise condo and multi family row buildings. I have no problem with these development plans and I encourage it but the city is screwing around with street parking and eliminating it along that stretch. They are going from a wide street format with available on street parking to a narrow street and converting all the street parking to a weird bike lane. The bike lane conversion is awful in my opinion.
https://engage.calgary.ca/banfftrailareaimprovements

[Fuzz]

They should be making the bike lane go down Capitol Hill Cresc to 23rd, then east to 15th st, then across to the pathway. The only major crossing is 19th, and they could design a narrowing there and a beg button. It would be much safer than 24th, and it's the way I ride if I have to go that way. Less traffic and parking impacts, and safer.

[Cflames_12.5]

I am selling a house in Erinwoods. I have zero experience. I hope this is the right thread. Can someone provide any advice on a formula of reno vs selling price? My house is about 900 square feet 3 bed 2 baths. It needs work but it is not horrible. I have hardwood I just replaced the poly B. Need paint. The biggest thing probably is the wood panel door and door trims. I need an update to modernize it. Do I put lipstick or bit the bullet and do 20, 30k reno.

[bizaro86]

Originally Posted by Cflames_12.5

I am selling a house in Erinwoods. I have zero experience. I hope this is the right thread. Can someone provide any advice on a formula of reno vs selling price? My house is about 900 square feet 3 bed 2 baths. It needs work but it is not horrible. I have hardwood I just replaced the poly B. Need paint. The biggest thing probably is the wood panel door and door trims. I need an update to modernize it. Do I put lipstick or bit the bullet and do 20, 30k reno.

How much could you do yourself? How are the kitchens and bathrooms?

[Cflames_12.5]

Originally Posted by bizaro86

How much could you do yourself? How are the kitchens and bathrooms?

I can do zero by myself If I want to have a high level of craftsmanship. The bathroom is decent but could use a bit of upgrade. Like a vanity and new sealing. Both bathrooms have new toilets. The kitchen has granite countertops but outdated cupboards. some features are slate tiling, hardwood floor, granite countertops a school across the street, and a fireplace. I just replaced all the poly B and furnace. Some issues the paint is outdated the drywall is patched together. It is a rental property and the last tenant took a bat to my walls when I evicted him. The windows are very old and outdated many stains in the wood around the window from moisture