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Old 01-19-2022, 10:16 AM   #921
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Iím helping a friend look at acreage properties and I am absolutely shocked at the total lack of inventory right now. Seems like the most of the properties available are around Bragg Creek and over the $2M range. It will be interesting if more properties become available in the spring.
With wfh becoming normalized, property outside the city looks even more attractive to people with lots of money. I wouldnít expect prices to come down any time soon.
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Old 01-19-2022, 10:36 AM   #922
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I looked at acreages once and damn they are pricey.

The property taxes are insanity too.

You need to be rich rich to live there IMO. (or have rich parents)
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Old 01-19-2022, 11:13 AM   #923
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Definitely an important qualifier.

For the sake of clarity, I was assuming Blankall was referring to above ground square footage, which is the industry standard for new and realtor listed homes in Alberta, with basement square footage being added to that number.

Referring to a 2800 sf townhouse should mean there are 2800 sf above ground and additional square footage in the basement.

For example, referring to a 3,000 sf bungalow takes on a whole different meaning, depending on whether you're including the basement, or just above ground space (same for a 2800 sf townhouse too, I suppose)...
I was looking at the listing, which had it at 2800 square feet. The listing was not an official listing, and was an ad on a realtors website. So the realtor could have been playing with the numbers. Just says "2800 square feet". Doesn't give other details about usable space.

Having seen it, it's definitely not 2800 plus the basement. It's 2800 including the basement.
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Old 01-22-2022, 12:22 PM   #924
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Pretty depressing right now if your price range is in that 500k-750k zone. Any hope things will look better in the summer, at least from an inventory/panic buying perspective??
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Old 01-22-2022, 12:52 PM   #925
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Pretty depressing right now if your price range is in that 500k-750k zone. Any hope things will look better in the summer, at least from an inventory/panic buying perspective??
Are you buying or selling? That range is hot in my neighborhoods.
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Old 01-22-2022, 01:02 PM   #926
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Viewed a place in Signal Hill yesterday. It was a pretty nice house, but there were five viewings in the span of an hour. Seems like everything that's halfway decent is getting a ton interest regardless of the price or neighborhood.

Hopefully the feds hike rates soon to stabilize things. This is a little too crazy

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Old 01-22-2022, 01:20 PM   #927
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We bought in Panorama in Aug 2020 for $550k, and since then I've kept my realtor.ca filters active just to see how things change. Prices stayed pretty stagnant for similar houses for about a year after, but now in the last few months they've started to sharply increase. Now anything in the neighborhood with similar sqft is listing in the $650k-$700k range, and I've never seen the inventory this low. Stuff that does get listed seems to be gone in a week or two, so I'm guessing there's not many price drops happening. Feel for anyone looking to buy right now, this year is probably going to be the nuttiest year yet for Calgary
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Old 01-22-2022, 01:25 PM   #928
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Pretty depressing right now if your price range is in that 500k-750k zone. Any hope things will look better in the summer, at least from an inventory/panic buying perspective??
JC. Isnít a $550k mortgage like $2500/month...before an interest rate hike? Property tax and heat, and I have to think this whole thing is a house of cards in a wind storm. $3000 a month for a god dammed house, and theyíre selling like hot cakes? Man, Iím looking at jobs, and I just donít see how thereís enough people making enough money to support this market.
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Old 01-22-2022, 01:32 PM   #929
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The Median family income supports the median SFH so things aren’t out of whack.
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Old 01-22-2022, 01:35 PM   #930
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JC. Isn’t a $550k mortgage like $2500/month...before an interest rate hike? Property tax and heat, and I have to think this whole thing is a house of cards in a wind storm. $3000 a month for a god dammed house, and they’re selling like hot cakes? Man, I’m looking at jobs, and I just don’t see how there’s enough people making enough money to support this market.
Calgary in one of (if not the most) affordable cities in North American when you look at average household income vs cost of housing

https://www.zoocasa.com/blog/canada-...ty-comparison/

It is one of the few cities that didn;t experience a 20-40 % jump in prices over the last year

Supply is at an all time low. While housing in a lot of places is out of whack, Calgary isnt actually one of them
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Old 01-22-2022, 01:38 PM   #931
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JC. Isnít a $550k mortgage like $2500/month...before an interest rate hike? Property tax and heat, and I have to think this whole thing is a house of cards in a wind storm. $3000 a month for a god dammed house, and theyíre selling like hot cakes? Man, Iím looking at jobs, and I just donít see how thereís enough people making enough money to support this market.

I donít know. That seems to indicate no down payment, also not sure if anybody would qualify for that mortgage amount without a high enough paying job. The rental market still looks fine at the moment.
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Old 01-22-2022, 01:46 PM   #932
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I wonder what new builds are like now in this market, is there any negotiation room on price? My guess is no and any/all incentives they used to offer (ie. free basement finish) are now gone
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Old 01-22-2022, 03:47 PM   #933
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I wonder what new builds are like now in this market, is there any negotiation room on price? My guess is no and any/all incentives they used to offer (ie. free basement finish) are now gone
Thatís how it goes though. Like in 2008 there were tons of deals if you bought places, and then once things turn, those offers and deals are gone. It makes perfect sense. Why give a special deal today, when supply is so limited and demand is outstripping it, when you have no issue moving places?
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Old 01-22-2022, 04:03 PM   #934
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Got a 1 bedroom condo in South Calgary (by Marda Loop). Hoping prices pick up soon and I can sell my unit.. been patiently waiting for a few years now.
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Old 01-22-2022, 04:33 PM   #935
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Iím helping a friend look at acreage properties and I am absolutely shocked at the total lack of inventory right now. Seems like the most of the properties available are around Bragg Creek and over the $2M range. It will be interesting if more properties become available in the spring.
Though I suspect those $2M properties were $3+M properties a few years ago. The high-end market in the Calgary area is still down significantly from the pre-2014 prices.
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Old 01-22-2022, 06:10 PM   #936
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The lack of supply is making people do silly things in the 500k range for sure. A place came up in Somerset on Thursday for $475,000 and sold on Friday for $511,000. Tough to get into the market if you're going to get outbid by these sudden no-conditions offers.
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Old 01-22-2022, 07:14 PM   #937
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It doesn’t surprise me that 500k number is a tough market. I believe that is the average house price in the city and you probably have a lot of people looking to get out of a condo into a house. The last 2 years where people have been stuck at home many are either tired of their place or want more space.

Home office is more important now than it was before Covid. Having an outdoor living space is more important than it was before. Having more space is desirable when you are not going out as much and with gyms closing and personal training apps taking off having a home gym space is ideal.
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Old 01-22-2022, 08:50 PM   #938
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The lack of supply is making people do silly things in the 500k range for sure. A place came up in Somerset on Thursday for $475,000 and sold on Friday for $511,000. Tough to get into the market if you're going to get outbid by these sudden no-conditions offers.
Sub 500k listings in cities like Winnipeg and Halifax are often going for 100k-150k over with 20+ bids.

$475k listing going for $511k is pretty tame in comparison.

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Old 01-23-2022, 12:06 PM   #939
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Sub 500k listings in cities like Winnipeg and Halifax are often going for 100k-150k over with 20+ bids.

$475k listing going for $511k is pretty tame in comparison.
I get it, and I dread seeing that happen in Calgary too, but it's more just me venting my frustration more than anything. I don't have the ability to compete with these people throwing these big no-condition offers around so it's looking less and less likely that I'll find a place I'm looking for any time soon. I'm probably going to be making the biggest purchase of my life on a 15 minute rushed look through a house. It's not enjoyable in the slightest for anyone.

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Old 01-23-2022, 12:08 PM   #940
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I get it, and I dread seeing that happen in Calgary too, but it's more just me venting my frustration more than anything. I don't have the ability to compete with these people throwing these big no-condition offers around so it's looking less and less likely that I'll find a place I'm looking for any time soon.
Iím in the same boat. People are putting offers in that are 40-50k over asking, with zero conditions. They arenít even getting home inspections done. Itís craziness.
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