Real estate in Calgary - another bubble?

[blankall]

Originally Posted by burn_this_city

Carpet in the washroom was a Greatest Generation thing, I remember my Grandparent's house in Ontario had carpet in the washroom, it was spotless but weird. I guess they thought taking a standing piss on cheap cut pile was luxurious.

Same generation that thought polyester carpets and wood paneling was somehow superior to classic hardwood floors and brick. Just about every older house in North America has the same treatment. Hardwood floors covered up with carpet or linoleum. Classic paneling or brick on the walls, covered up and/or destroyed by wood paneling and/or drywall. It's f-ing outrageous how bad the taste was from the late 1950s until 2015 or so...Houses made out of plastic.

[Fuzz]

Originally Posted by Bunk

Makes one question whether this moniker is at all appropriate.

I think you are now supposed to use air quotes whenever you say it.

[jwslam]

Originally Posted by burn_this_city

Carpet in the washroom was a Greatest Generation thing, I remember my Grandparent's house in Ontario had carpet in the washroom, it was spotless but weird. I guess they thought taking a standing piss on cheap cut pile was luxurious.

My poor family could only afford these...

[Bill Bumface]

^ This brings back memories of being a guest at these houses and the carpet decompressing enough to send the lid slamming down mid-stream, followed by a rushed blotting with a wad of TP hoping you get it dry enough no one will ever notice.

[Scroopy Noopers]

Originally Posted by Bill Bumface

^ This brings back memories of being a guest at these houses and the carpet decompressing enough to send the lid slamming down mid-stream, followed by a rushed blotting with a wad of TP hoping you get it dry enough no one will ever notice.

And hoping that you were drying up your own.

[GGG]

Originally Posted by jwslam

I feel like I know the exact house... Brown carpets in Macewan?


How does this even accurately reflect inflation though?
In the 60's a family of 4 was happy with 1200sqft, 3 bedrooms one bathroom to be average.
Nowadays that same family wants 2200 sqft 5br + fully developed basement, 3 bathrooms with double vanities in each, 80sqft dedicated to a jetted tub that she uses twice a year, a toilet to be used only by guests that come over 3 days year, along with their leased BMW and Audi.

Tough to say, Most don’t have what you describe above. The Median single family house is 459k which does not get you your spec list. You are in the 3 bed 1800 sqrt price in suburbia. Then you have all the existing inventory which is what you describe as “60s family housing”. In addition that median does not include all the people in townhouses or Condos. I think what you are describing is the wealth gap that the 2 income professionals enjoy over other family types.

I’m not sure how inflation addresses an improvement in quality. For example a cell phone did not exist and a cell phone with data did not exist 40 and 20 years ago. Now the inflation rate on cell plans would me meaningful. Or TVs now are far cheaper even in just dollar for dollar comparisons so how do you account for improvement in tech do you compare a 36” TV to a 36” TV or the median TV to the Median TV. I suspect that’s why you see different price index’s used to calculate inflation.

One thing that is certainly missed is stock market inflation. A reduction in rate of return would not show up in any inflation calculator but it is a symptom of the underlying problem of money vs productivity.

[flamesfan1297]

Just had an offer accepted on my first home tonight, bought a townhouse in Airdrie. It was on the market just under a week, I paid just over $4,000 under asking price. There were a few I looked at the week before that sold within 2 days so I'm pretty happy to get this

[bizaro86]

Originally Posted by GGG

Tough to say, Most don’t have what you describe above. The Median single family house is 459k which does not get you your spec list. You are in the 3 bed 1800 sqrt price in suburbia. Then you have all the existing inventory which is what you describe as “60s family housing”. In addition that median does not include all the people in townhouses or Condos. I think what you are describing is the wealth gap that the 2 income professionals enjoy over other family types.

I’m not sure how inflation addresses an improvement in quality. For example a cell phone did not exist and a cell phone with data did not exist 40 and 20 years ago. Now the inflation rate on cell plans would me meaningful. Or TVs now are far cheaper even in just dollar for dollar comparisons so how do you account for improvement in tech do you compare a 36” TV to a 36” TV or the median TV to the Median TV. I suspect that’s why you see different price index’s used to calculate inflation.

One thing that is certainly missed is stock market inflation. A reduction in rate of return would not show up in any inflation calculator but it is a symptom of the underlying problem of money vs productivity.

The comparisons of TVs are way more detailed than that. They compare with great detail, and use a bunch of math to estimate how much better the one they're currently using is.

https://www.bls.gov/cpi/quality-adju...nd-answers.htm

[jwslam]

Originally Posted by flamesfan1297

I paid just over $4,000 under asking price

Am I the only one that read that 5 times to figure out what's going on?

[GGG]

Originally Posted by bizaro86

The comparisons of TVs are way more detailed than that. They compare with great detail, and use a bunch of math to estimate how much better the one they're currently using is.

https://www.bls.gov/cpi/quality-adju...nd-answers.htm

That’s really neat, it looks like they make some rent based adjustments as well based on age of home and other factors

It also answers Jswalms question. They actually track the same houses every 6 months over long periods of time

https://www.bls.gov/cpi/factsheets/o...t-and-rent.pdf

[Torture]

Originally Posted by flamesfan1297

Just had an offer accepted on my first home tonight, bought a townhouse in Airdrie. It was on the market just under a week, I paid just over $4,000 under asking price. There were a few I looked at the week before that sold within 2 days so I'm pretty happy to get this

Sorry to hear that.

[Fuzz]

Originally Posted by Torture

Sorry to hear that.

He'll be by your place in 15 minutes to kick your ass for that comment.

[flamesfan1297]

Originally Posted by jwslam

Am I the only one that read that 5 times to figure out what's going on?

Nope, when I reread it I realized that was probably the worst way to phrase it. Lol

[KTrain]

Opinion: Real estate's dirty little secret: Inflated fees

In our view, another culprit in the current house price inflation and affordability crisis has escaped most pundits’ notice, namely, the overall opacity of Canada’s residential real estate market. The blind-auction process, the lack of real-time sales data in the public domain and the poor transparency concerning fees to enter and exit real estate all clearly exacerbate the housing affordability crisis. A fully transparent residential real estate market is in every Canadian’s best interest and would go a long way toward slowing down house price inflation. Of all potential reforms to the Canadian real estate market this seems to us the obvious place to start.

https://financialpost.com/opinion/op...-inflated-fees

[jwslam]

Originally Posted by jwslam

Listed my $400-$500k range starter home in a burb community.

24hrs online; 17 showings booked. Looks like I won't make it to the weekend.
The first guy that saw it came in $20k over list but only gave me 4 hours to accept; would've considered it he came in zero conditions

Currently "sold" unless some #### goes down between now and possession day.
Financing and home inspection cleared.

2 days in, when I made a decision.
25 showings. 5 offers. 2 for list, 2 for 10 over, and one for 30 over - long story, seemed sketchy on paper, but ultimately the offer I accepted.

It's crazy out there boys.

[bizaro86]

Most of the reports on the thread have been about resale housing.

Are new houses also selling fast? Anybody know?

You'd think if existing houses are going fast some folks might choose to buy new, but maybe the cost of materials is raising prices too much?

[bagofpucks]

We are out in the country and it’s a fairly rare occurrence we have properties come for sale, but many of our neighbors are aging and no longer looking to take care of an acreage. We had a property listed last fall and they took it down at Christmas time with no sale. They listed about a month ago for $70K less than their initial ask and it just sold this week. Nice property, not the best house, but would be a solid investment for someone for sure. Another property was supposed to be listed this week, but it actually sold before it even hit the market, which is not uncommon in this area when the market is hot.

It is completely baffling to me, but it seems the acreage market is as hot as it’s been in the last 10-15 years.

[topfiverecords]

Originally Posted by bagofpucks

We are out in the country and it’s a fairly rare occurrence we have properties come for sale, but many of our neighbors are aging and no longer looking to take care of an acreage. We had a property listed last fall and they took it down at Christmas time with no sale. They listed about a month ago for $70K less than their initial ask and it just sold this week. Nice property, not the best house, but would be a solid investment for someone for sure. Another property was supposed to be listed this week, but it actually sold before it even hit the market, which is not uncommon in this area when the market is hot.

It is completely baffling to me, but it seems the acreage market is as hot as it’s been in the last 10-15 years.

People are tired of living amongst idiots and idiots are tired of living amongst responsible people. So they’re movin to the country, that’s where they wanna be.

[bagofpucks]

And of course, the idiots will move next door to the responsible people and the cycle continues.

[DeluxeMoustache]

Originally Posted by bagofpucks

We are out in the country and it’s a fairly rare occurrence we have properties come for sale, but many of our neighbors are aging and no longer looking to take care of an acreage. We had a property listed last fall and they took it down at Christmas time with no sale. They listed about a month ago for $70K less than their initial ask and it just sold this week. Nice property, not the best house, but would be a solid investment for someone for sure. Another property was supposed to be listed this week, but it actually sold before it even hit the market, which is not uncommon in this area when the market is hot.

It is completely baffling to me, but it seems the acreage market is as hot as it’s been in the last 10-15 years.

Being able to work remotely, and it likely being more acceptable in the future, probably has changed things for a lot of people