Calgary Real Estate predictions?

[Tron_fdc]

So if I sell my rental (used a HELOC to buy it) does that mean that my Heloc will no longer exist?

I was looking forward to selling it and spending 200k in Vegas......

[oilyfan]

Originally Posted by photon

So what's the deal with existing HELOCs? Will they still be business as usual? It's not like everyone with a 35 year mortgage all of a sudden has to get a 30 year mortgage.

I followed Rob Carrick's discussion on the G&M website. He says existing HELOC's will not be affected.

[photon]

Thanks guys.

[chemgear]

Originally Posted by Winsor_Pilates

Commercial Vacancy Dropping
Commercial Real Estate seems to be hitting it's stride. With the energy sector picking up, companies seem to be grabbing hold of good office locations quickly.

http://www.calgaryherald.com/busines...099/story.html

It's like they can't make up their minds.

[macker]

Originally Posted by fotze

So no cheap Range Rover for me?

Actually the listings at sites like this should go up
http://burnaby.repo.com/browse/Import_SUVs

[bizaro86]

Originally Posted by Tron_fdc

So if I sell my rental (used a HELOC to buy it) does that mean that my Heloc will no longer exist?

I was looking forward to selling it and spending 200k in Vegas......

Is the HELOC secured by the rental or by some other piece of real estate, like your personal residence?

If the HELOC is secured by your rental, to lawyer will have to pay of the HELOC from the proceeds of sale before you get your money. On the other hand, if the HELOC is secured by some other property, it isn't affected, and you can spend the proceeds of your sale on any bacchanalia you want.

[burn_this_city]

Originally Posted by macker

Actually the listings at sites like this should go up
http://burnaby.repo.com/browse/Import_SUVs

Some good deals to be had there. Too bad you cant see the mileage.

[Tron_fdc]

Originally Posted by bizaro86

Is the HELOC secured by the rental or by some other piece of real estate, like your personal residence?

If the HELOC is secured by your rental, to lawyer will have to pay of the HELOC from the proceeds of sale before you get your money. On the other hand, if the HELOC is secured by some other property, it isn't affected, and you can spend the proceeds of your sale on any bacchanalia you want.

Anyone know the name of a good bordello?

It's secured by my main residence.

TO VEGAS!

[chemgear]

Hmmm back to the main thread I guess . . .

Quick video at BNN: 3:12 mark about net effect of changes to mortgages.

http://watch.bnn.ca/#clip403252

Obviously it's still early in the 60 day period, but not much of a jump so far in the SFH/Condo sales (not that you'd expect to see that yet I don't think.) SFH sales look like the *might* match last year's January totals but still a ways to go in the last third to get there. Condos on the other hand are falling behind - only 145 sales as of Jan 20 versus the 2010 January total of 320.

Inventory is spiking up as would be expected as well - but condos again are falling behind. Inventory to sales ratios have crossed 7 to 1 now.

[Winsor_Pilates]

The Conference Board of Canada is predicting 5-7% increases in values for Calgary this year.
Resale Housing Prices Expected to Climb 5-7%

The Calgary Real Estate Board had it's annual conference last week as well, and are forecasting 2% increase for condos, 4% for single family.

[gottabekd]

Originally Posted by burn_this_city

Some good deals to be had there. Too bad you cant see the mileage.

If I recall, if you create an account and login, you can see more pics, including a pic of the odometer. And if that is anything like the Calgary repo lot, the prices look good, until you see the odometer.

[chemgear]

http://www.financialpost.com/news/Ho...950/story.html

Reaction to the new policies has been generally positive. Industry representatives interviewed for this story said the moves take the country back further toward a more measured approach to home ownership and debt. The 2007-2008 experiments with 40-year payback terms and no money down seemed fine at the time. But it’s clear today they went too far.

One industry veteran paints a bleaker picture from the trench.

“We’re no different from Americans, that’s for sure,” says John Cocomile, a broker with GreedyMortgage.com in Toronto. He says of 100 first-time homebuyers he arranged mortgages for in the past three years, 95 of them took the longest amortizations possible.

“Generally homeowners are not conservative. They want the most they can get.”

I haven't been paying attention to real estate longer than a decade or so but I assume it's been 25 years for most of this time? I guess even cut down to 30 years, we're still propped up a little bit versus the long term historical.

[chemgear]

Record condo sale recently:

http://abmls.mlxchange.com/Pub/Email...78&s=ALB&t=ALB

$4.1 million for 4400 sqft. Interestingly, it was originally listed at $6.25 back in March 2010. That's a wee bit of a difference there!

That'll prop up "average" condo sales prices a bit this month.

[looooob]

Originally Posted by chemgear

http://www.financialpost.com/news/Ho...950/story.html

One industry veteran paints a bleaker picture from the trench.

“We’re no different from Americans, that’s for sure,” says John Cocomile, a broker with GreedyMortgage.com in Toronto. He says of 100 first-time homebuyers he arranged mortgages for in the past three years, 95 of them took the longest amortizations possible.

“Generally homeowners are not conservative. They want the most they can get.”

I have no significant vested interest in this debate, but I do wonder if homebuyers that shop for mortgages at Greedymortgage.com are representative of the majority of homebuyers?

[Winsor_Pilates]

Originally Posted by chemgear

Record condo sale recently:

http://abmls.mlxchange.com/Pub/Email...78&s=ALB&t=ALB

$4.1 million for 4400 sqft. Interestingly, it was originally listed at $6.25 back in March 2010. That's a wee bit of a difference there!

That'll prop up "average" condo sales prices a bit this month.

Can't wait to move into my new place!

[macker]

US real estate price slump deepens....S&P Case-Shiller is out and prices continue to fall month after month in the 20 metro markets that it tracks. Prices are down 1.6% over the past year which may not sound like much but the prices were supposed to be recovering. Wish Case-Shiller had similar data for major CDN cities!

[algernon]

Originally Posted by Winsor_Pilates

Can't wait to move into my new place!

I wonder what's included for the $2000/month condo fees? 24K is more then the 16000 tax bill.
Sweet pad, though.

[cmyden]

Originally Posted by macker

US real estate price slump deepens....S&P Case-Shiller is out and prices continue to fall month after month in the 20 metro markets that it tracks. Prices are down 1.6% over the past year which may not sound like much but the prices were supposed to be recovering. Wish Case-Shiller had similar data for major CDN cities!

http://www.housepriceindex.ca/ is kind of our equivalent of Case-Shiller. It comes from the National Bank Financial Group and Teranet.

[Winsor_Pilates]

Originally Posted by algernon

I wonder what's included for the $2000/month condo fees? 24K is more then the 16000 tax bill.
Sweet pad, though.

helicopter, private chef, daily massage with happy ending?
In all serious though, likely not much; maybe concierge, gym, pool?
Condo fees are based on square footage, so their super large proportion doesn't likely get them anything the 600 sq foot suites don't get.

[chemgear]

Originally Posted by Winsor_Pilates

Condo fees are based on square footage, so their super large proportion doesn't likely get them anything the 600 sq foot suites don't get.

And you'd have to mingle with the 600 sqft riff raff too!