01-08-2015, 04:11 PM
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#2801
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Self Imposed Exile
Join Date: Jul 2008
Location: Calgary
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Quote:
Originally Posted by OldDutch
I'll end it right there.
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You don't know how this thread works, do you?
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01-09-2015, 11:35 AM
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#2802
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Scoring Winger
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My 2015 property assessment is exactly the purchase price I paid last summer, on a house that had a contract without any conditions left before July 1, but didn't close until August. I didn't think that the assessments were based on actual sales data but based on some kind of estimated formula.
Is this a fluke or was I mistaken? The assessment went up 32%.
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01-09-2015, 03:56 PM
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#2803
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First Line Centre
Join Date: Aug 2009
Location: Calgary
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My property assessment is too high as well. There's no way i can sell for that price. Looking at similar homes that sold in the area, my assessment's 5% too high. Pardon my ignorance but can't the city over assess then claim lowest property taxes in canada?
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01-09-2015, 04:11 PM
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#2804
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Franchise Player
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Quote:
Originally Posted by Hammertime
My 2015 property assessment is exactly the purchase price I paid last summer, on a house that had a contract without any conditions left before July 1, but didn't close until August. I didn't think that the assessments were based on actual sales data but based on some kind of estimated formula.
Is this a fluke or was I mistaken? The assessment went up 32%.
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They do have access to those sales prices. And they do note on their assessment notice:
"An assessment is based on the market value of the property on July 1, 2014 and the property's characteristics and physical condition on December 31, 2014."
As for their methodology, I have no idea. Perhaps other people have better insight.
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01-14-2015, 11:10 AM
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#2805
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In the Sin Bin
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Down she goes...
http://www.creb.com/Seller_Resources...ng_Statistics/
Condo prices already down 8.8%. Sales down 40% and active listings up 78%. Days on Market also up 35%.
I'm trying not to be too happy but man, this is going to help me out A LOT when I look to buy in a few months.
Last edited by polak; 01-14-2015 at 11:24 AM.
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01-14-2015, 11:13 AM
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#2806
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First Line Centre
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Looks like 2008 and 2009 again and that's hardly suprising.
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01-14-2015, 11:15 AM
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#2807
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Franchise Player
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Curious -- if (when?) prices drop, where do you think you see the biggest decreases? Suburb vs. inner city? Condos vs. <$450k vs. >$450k vs. luxury homes?
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01-14-2015, 11:17 AM
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#2808
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Farm Team Player
Join Date: Jun 2004
Exp: 
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Quote:
Originally Posted by polak
Down she goes...
http://www.creb.com/Seller_Resources...ng_Statistics/
Condo prices already down 8.8%. Sales down 40% and active listings up 78%. Days on Market also up 35%.
I'm not trying to be too happy but man, this is going to help me out A LOT when I look to buy in a few months.
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I am SO glad that I pulled out of our condo purchase a few weeks ago.
It will be interesting to see what prices are going to be like in March/April
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01-14-2015, 11:18 AM
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#2809
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#1 Goaltender
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Quote:
Originally Posted by tvp2003
Curious -- if (when?) prices drop, where do you think you see the biggest decreases? Suburb vs. inner city? Condos vs. <$450k vs. >$450k vs. luxury homes?
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Suburbs
Condos
Luxury
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01-14-2015, 11:19 AM
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#2810
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Franchise Player
Join Date: Feb 2007
Location: A small painted room
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I'd say likely condos? They're the most volatile typically
(not an expert)
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01-14-2015, 11:19 AM
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#2811
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Lifetime Suspension
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Quote:
Originally Posted by tvp2003
Curious -- if (when?) prices drop, where do you think you see the biggest decreases? Suburb vs. inner city? Condos vs. <$450k vs. >$450k vs. luxury homes?
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I'd say that suburbia will be hit the most along with higher priced homes. Basically homes that are not that desirable or attainable.
Airdrie should be fine though because they are 10 minutes drive to everywhere. That's a huge plus.
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01-14-2015, 11:24 AM
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#2812
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Franchise Player
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Quote:
Originally Posted by Red
I'd say that suburbia will be hit the most along with higher priced homes. Basically homes that are not that desirable or attainable.
Airdrie should be fine though because they are 10 minutes drive to everywhere. That's a huge plus.
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As an aside, the luxury market has never really tracked the overall (rest of the) market anyhow.
http://calgaryrealestatereview.com/2...et-conditions/
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01-14-2015, 11:25 AM
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#2813
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Powerplay Quarterback
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Condos, there are a lot of buildings under constructions that if (more then likely when) layoffs happen people will be unable to buy and there will be a swell in Condo inventory.
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01-14-2015, 11:28 AM
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#2814
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First Line Centre
Join Date: Feb 2010
Location: Calgary
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Quote:
Originally Posted by chemgear
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The "Airdrie is only a 10 minute drive to anywhere" statement has been a long standing joke on CP.
Downtown Calgary - 10 minutes from Airdrie
Deep south Calgary - 10 minutes from Airdrie
Montana Border - Just 10 minutes from Airdrie
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01-14-2015, 11:30 AM
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#2815
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Franchise Player
Join Date: Jan 2010
Location: Calgary
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Quote:
Originally Posted by cdutka
Condos, there are a lot of buildings under constructions that if (more then likely when) layoffs happen people will be unable to buy and there will be a swell in Condo inventory.
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Not that many, actually. There are quite a few buildings in pre-sale stage, but not that many in construction. Condominium projects normally need to clear a pre-sale target before their lenders allow for construction financing to kick-in. Theses targets could vary from 30% to 60% depending on many factors.
There is a completed condo apartment inventory, which has not been significant as of November. But it will likely build up a bit in the next few months, because of all the uncertainty in the market.
__________________
"An idea is always a generalization, and generalization is a property of thinking. To generalize means to think." Georg Hegel
“To generalize is to be an idiot.” William Blake
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01-14-2015, 11:32 AM
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#2816
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Crash and Bang Winger
Join Date: Feb 2014
Location: Calgary
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We have our house for sale right now (listed in early November), and I can say what was fair market value for our house then is not the case now. Based on my experiences so far I would say things are already off by 3% for our place from when we listed to where our realtor figures we can sell now (maybe more then 3%).
Sure picked a great time to build a new house in Calgary....
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01-14-2015, 11:33 AM
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#2817
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First Line Centre
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Luxury shouldn't be affected as much as you don't finance a $2M home with your paycheck. Condo is a zero and one game, 2000 units could come online in one year and nothing for the next year so I see that being affected more.
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01-14-2015, 11:35 AM
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#2818
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Franchise Player
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Quote:
Originally Posted by jaydorn
The "Airdrie is only a 10 minute drive to anywhere" statement has been a long standing joke on CP.
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Oh, I'm well aware. I am always amazed at the degree of self-delusion in regards to a what people determine as their "average commute time".
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01-14-2015, 11:37 AM
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#2819
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Powerplay Quarterback
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Quote:
Originally Posted by CaptainYooh
Not that many, actually. There are quite a few buildings in pre-sale stage, but not that many in construction. Condominium projects normally need to clear a pre-sale target before their lenders allow for construction financing to kick-in. Theses targets could vary from 30% to 60% depending on many factors.
There is a completed condo apartment inventory, which has not been significant as of November. But it will likely build up a bit in the next few months, because of all the uncertainty in the market.
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Pre-sales doesn't really matter all this means is someone has put a deposit down. So that 30-60%, can end up being an empty building if sales fall through.
Also quoting November inventories when we are discussing spikes in January inventories is really miss-leading.
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01-14-2015, 11:59 AM
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#2820
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Lifetime Suspension
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Just heard on qr77 news. CREB predicts sales to slow down 4% and prices to have only 1.5% gains this year.
That's based on their predictions that oil will bounce back by mid year.
Yup, they are experts on commodities now too.
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