Real estate in Calgary - another bubble?

[stampsx2]

What does everyone think is driving this market? I have a hard time believing it’s all pent up demand.

[Mull]

Originally Posted by chedder

Roseburg, for what it's worth, is a perma bear about everything all the time.

It's almost they quote him as he generates headlines for plebs like me to gobble up!

[Leondros]

Originally Posted by stampsx2

What does everyone think is driving this market? I have a hard time believing it’s all pent up demand.

Cheap interest rates, people on the side lines for years waiting for a correction/saving up for a down payment, better outlook in terms of energy prices, and more value placed on space and yards due to COVID

[chedder]

Originally Posted by Table 5

I find that these types of places are caught in a bit of no-mans land. They are too nice to tear down, but too small for most new buyers to live in as-is.



I imagine your property would be looked at both as a teardown and as-is, depending on the buyer. Considering the neighborhood and that it has a lot of families incoming, I imagine that most would be looking at it for land value (and these people avoid paying for renovations they'll get rid of). But I'm sure for some it's perfect as is...but this group is probably smaller so you have to be ok with waiting for them to show up.

I laugh that people think 1600 sq feet on one level is too small. With a well thought out basement that's over 3000 sq feet of living space. I guess I have more beer than champagne tastes.

[Table 5]

Originally Posted by chedder

I laugh that people think 1600 sq feet on one level is too small. With a well thought out basement that's over 3000 sq feet of living space. I guess I have more beer than champagne tastes.

The thing is that most people don't want to sleep or spend most of their time in the basement. It's all doable of course, and I'm sure there are people who are just fine with it, but I imagine that segment of the buying population is smaller so you have to be more patient.

[topfiverecords]

Originally Posted by timun

Not if it's zoned R-C1 it ain't.

Most of Altadore is RC-2, but some—mostly 14A, 15th and 15A Street—are still R-C1.

Any RC-2 lot less than 50 ft wide is worth much less than a 50-footer, as the minimum parcel widths for semi-detached in R-C2 is 25 ft. My grandparents lived in Altadore and their old house was on a 49 ft lot, which meant the developer who eventually bought it had to buy the adjacent lot as well and split it into three lots @ ~33 ft instead of two semi-detached @ 25 ft apiece, hahahaha.

My mistake, I missed reading the zoning. They probably mean R-C1 and not R1 too, which has differences as well.

It is just a matter of time though as buildable lots become sparse before developers apply for land use re-designations to upzone R-C1s to R-C2s.

[edslunch]

Originally Posted by timun

Not if it's zoned R-C1 it ain't.

Most of Altadore is RC-2, but some—mostly 14A, 15th and 15A Street—are still R-C1.

Any RC-2 lot less than 50 ft wide is worth much less than a 50-footer, as the minimum parcel widths for semi-detached in R-C2 is 25 ft. My grandparents lived in Altadore and their old house was on a 49 ft lot, which meant the developer who eventually bought it had to buy the adjacent lot as well and split it into three lots @ ~33 ft instead of two semi-detached @ 25 ft apiece, hahahaha.

R-C1. Is that better or worse for me? I guess it would need a developer wanting to build a premium house - there have been a few of those built and sold recently on my street.

[accord1999]

Originally Posted by Table 5

The thing is that most people don't want to sleep or spend most of their time in the basement. It's all doable of course, and I'm sure there are people who are just fine with it, but I imagine that segment of the buying population is smaller so you have to be more patient.

1600 square foot is large enough that you should be able to fit a modern kitchen, living space and couple of bedrooms with ensuites on the main floor. The only problem would probably be that an older house's layout may not be easily adaptable to the current desired form.

[Sliver]

Originally Posted by Table 5

The thing is that most people don't want to sleep or spend most of their time in the basement. It's all doable of course, and I'm sure there are people who are just fine with it, but I imagine that segment of the buying population is smaller so you have to be more patient.

This is weirdly true. I have a killer home theater with surround sound, a projector, sub, La-Z-Boys, etc. in my basement, but do almost all of my TV watching upstairs on a 42" TV that's too far away from the couch. Just walking down one flight of stairs feels miles away and I can't figure out why.

[Fighting Banana Slug]

Originally Posted by Sliver

This is weirdly true. I have a killer home theater with surround sound, a projector, sub, La-Z-Boys, etc. in my basement, but do almost all of my TV watching upstairs on a 42" TV that's too far away from the couch. Just walking down one flight of stairs feels miles away and .

No Rascal ramp.

[blankall]

Originally Posted by Table 5

The thing is that most people don't want to sleep or spend most of their time in the basement. It's all doable of course, and I'm sure there are people who are just fine with it, but I imagine that segment of the buying population is smaller so you have to be more patient.

IMO the purpose of a 2400 square foot home is to accommodate a family. A developed basement is great once kids get to be 10+ years old. It creates space for them. 2400 would be really pushing it for a couple with no kids, in terms of maximum size. In which case, I'd agree the basement would be wasted and seldom used space. Unless you hate your sig. other and just want a place to be away from them.

[Table 5]

Originally Posted by accord1999

1600 square foot is large enough that you should be able to fit a modern kitchen, living space and couple of bedrooms with ensuites on the main floor. The only problem would probably be that an older house's layout may not be easily adaptable to the current desired form.

It all depends on what you need. Personally, we need 3 bedrooms and some office space (both wife and I work from home a lot, so basement office isn't ideal) and most older bungalows just don't have the room (and the ones that do are on large lots and thus out of our budget range).

I understand space is all relative. I was raised in tiny apartments or townhouses. I spent my 20's sharing a 300 square foot shoe-box. I just don't want to do that anymore, and I suspect most people with kids don't either.

[Regular_John]

Originally Posted by stampsx2

What does everyone think is driving this market? I have a hard time believing it’s all pent up demand.

I think it’s a combination of pent up demand and life style changes. I’m sure lots of folks stayed out of the market for the past year due to the pandemic situation, and then there’s folks who’s homes no longer suit their lifestyles.

Many of our homes are now a combination house/office/school, and a private yard may seem safer than the public park. For others it’s more a matter of “well this neighbourhood was great to come home to after a long commute… but it’s not much fun to hang around in all the time…”

I’ve been eying a move for 5-ish years, but the first 10 months of WFH really gave me the kick in the pants to change up our living situation.

[Sliver]

Originally Posted by Fighting Banana Slug

No Rascal ramp.

hah, gave the rascal away to a disabled person last year. Still miss it, though.

[CliffFletcher]

Originally Posted by chedder

I laugh that people think 1600 sq feet on one level is too small. With a well thought out basement that's over 3000 sq feet of living space. I guess I have more beer than champagne tastes.

Especially when those houses (and houses considerably smaller than 1600 sq ft) were considered perfectly fine for raising a family in when they were built in the 50s and 60s.

[troutman]

Originally Posted by stampsx2

What does everyone think is driving this market? I have a hard time believing it’s all pent up demand.

How do you define "this market?" What are the characteristics?

[Hemi-Cuda]

Originally Posted by Sliver

This is weirdly true. I have a killer home theater with surround sound, a projector, sub, La-Z-Boys, etc. in my basement, but do almost all of my TV watching upstairs on a 42" TV that's too far away from the couch. Just walking down one flight of stairs feels miles away and I can't figure out why.

That's why one of my main criteria for a home was a good living room setup on the main floor, I hate how so many homes have a fireplace in the perfect spot for an entertainment unit. We have 3 TV watching areas now, main floor for my wife and I, upstairs bonus room for the kids, and the basement for the in-laws that are living with us (another reason we needed a large house). Works out very nicely

[I_H8_Crawford]

Anyone have any experience with buying land and then just building?

Wife and I are starting to think about that route - hire a builder to build a home how we would like it on a piece of land that we buy to give us location & house.

[OutOfTheCube]

We bought in Airdrie for $360K in mid-February. There's homes along our street (the same layout) now selling for $400-410K. We really got lucky selling our place when we did.

[Hack&Lube]

Originally Posted by Sliver

This is weirdly true. I have a killer home theater with surround sound, a projector, sub, La-Z-Boys, etc. in my basement, but do almost all of my TV watching upstairs on a 42" TV that's too far away from the couch. Just walking down one flight of stairs feels miles away and I can't figure out why.

I live in a condo and my bedroom is 5 feet too far away from me. I've crashed on my couch in front of the TV for the last 3 months.