Calgarypuck Forums - The Unofficial Calgary Flames Fan Community
Old 03-13-2021, 08:02 AM   #1
stampsx2
First Line Centre
 
stampsx2's Avatar
 
Join Date: Aug 2009
Location: Calgary
Exp:
Default Real estate in Calgary - another bubble?

Calgary recorded its highest number of real estate sales for February since 2014.

Apparently sales are up across Canada and much of the world. A bit of an economic push we could all use at the moment.

Has anyone been buying or selling a home recently? Wondering what you’re seeing. I personally think this is a short term bubble. However i’ve been wrong so many times that i really shouldn’t be making any predictions.

I’m thinking the pandemic has changed how we live and work. Who knows to what degree we’ll be working from home in the future.

What are everybody’s thoughts on how the pandemic will impact day to day life and real estate today and in the future?



(Sorry - no idea how to properly embed an article):

CALGARY -- Calgary recorded its highest number of real estate sales for February since 2014, months before the worldwide crash in oil prices.
The Calgary Real Estate Board (CREB) said the surge is the result of a number of factors, including pent-up demand, but historic low mortgage rates are getting many back into the market.

Angie Woodhead just listed her home in Shawnessy last Thursday. She says she thought she knew what to expect.
"I think I knew things would move pretty quickly based on what was happening," Woodhead says. "But I think the time from when the listing went live and the first request for a viewing was seven minutes."
Her realtor says the market is starting to gain back some of the losses of recent years.

"Specifically under the $600,000 range in the detached and semi-detached market are starting to sell faster, and even sometimes to competing offers and that is creating an upward pressure on the pricing," says Rachel Clark of KNAG Real Estate and Property Management.
Prices are up about four per cent over this time last year, but the gains haven't been even. Southeast Calgary homes are up around nine per cent -- while homes in the city centre are up less than two per cent.

Condos and townhouses improved, but there is still a lot of choice for would-be buyers.
"For more demand growth we need to see more sustainable recovery, in terms of our employment levels and getting migration again once the borders open," says CREB economist Ann-Marie Lurie.

Lurie says low interest rates take most of the credit, but so does a sense of confidence that the pandemic may be drawing to a close.
"Most of this demand is driven from pent-up demand, for more demand growth we need to see more sustainable recovery, in terms of our employment levels and getting migration again once the borders open," Lurie says.

The article above is from ctvnews:
https://www.google.ca/amp/s/beta.ctv...1_5331214.html
stampsx2 is offline   Reply With Quote
Old 03-13-2021, 08:44 AM   #2
PaperBagger'14
Franchise Player
 
PaperBagger'14's Avatar
 
Join Date: Apr 2013
Location: Cowtown
Exp:
Default

A relative of mine listed their house in Calgary 2 weeks ago, it sold the day it was listed for $15 000 over the asking price. It was their first viewing and they barely had any conditions (not even financing or home inspection).
__________________
Quote:
Originally Posted by oilboimcdavid View Post
Eakins wasn't a bad coach, the team just had 2 bad years, they should've been more patient.
PaperBagger'14 is offline   Reply With Quote
Old 03-13-2021, 08:57 AM   #3
Slava
Franchise Player
 
Join Date: Dec 2006
Location: Calgary, Alberta
Exp:
Default

A couple things. First, real estate is up virtually everywhere these days, and it’s not a bubble everywhere. Second, the obvious concerns in Canada are Toronto and Vancouver. Sure, prices are up in Calgary and we’ve seen some places move quickly, but that’s after years of a buyers market.

It’s kind of a pet peeve of mine that every time we see positive prices the financial media starts saying it’s a bubble. Having prices rise in a market like Calgary isn’t negative. And please...no one bring up David Rosenberg and his ridiculous “this is the Great Depression” prognostications.
Slava is offline   Reply With Quote
The Following 3 Users Say Thank You to Slava For This Useful Post:
Old 03-13-2021, 09:00 AM   #4
Vinny01
Franchise Player
 
Vinny01's Avatar
 
Join Date: Apr 2008
Location: CGY
Exp:
Default

Just went through a home purchase and sale. The house we bought we ended up offering list price because there was a competing offer but we feel like the house we got is great value. We were able to sell our house without having to list it as our realtor had clients that were super interested in our place.

We bought our house in 2014 during the boom and we still took a roughly 80k hit on what we paid 7 years ago. It is a duplex style infill in the SW and now we are moving to the burbs in the SE in a forever home type situation.

We got a great interest rate and since Covid have been looking for more space. We bought our current house when we were 30 years old, newlywed and still working/going downtown a lot. We are mid/late 30’s now, have a kid and secure in our careers so we just took the plunge to get our forever house. Everything was finalized a couple of days ago and we are moving in 3 weeks so very excited.

It definitely has the seller market feel right now. Low rates, and low inventory being the key drivers
Vinny01 is offline   Reply With Quote
The Following 5 Users Say Thank You to Vinny01 For This Useful Post:
Old 03-13-2021, 09:01 AM   #5
Ahuch
Crash and Bang Winger
 
Join Date: May 2012
Exp:
Default

I wouldn't be surprised to see some condo flight after a year of people stuck working from home.

I take anything CREB says with a grain of salt though, they always cherry pick statistics to get people interested in real estate when it suits them.
Ahuch is offline   Reply With Quote
Old 03-13-2021, 09:08 AM   #6
Flamenspiel
Lifetime Suspension
 
Join Date: Mar 2011
Exp:
Default

Nope it’s not a cherry pick, detached houses in the burbs are really doing well. Sold a house recently in the south, there were 10 showings right away, all downtown agents with condo owning clients. All young people not moving to Nelson....
Flamenspiel is offline   Reply With Quote
The Following User Says Thank You to Flamenspiel For This Useful Post:
Old 03-13-2021, 09:12 AM   #7
burn_this_city
Franchise Player
 
burn_this_city's Avatar
 
Join Date: Mar 2007
Location: Calgary
Exp:
Default

Everyone who lived in a shoebox during lockdown wants space, condos prices are down, houses are up.

Calgary real estate is still affordable compared to the majority of the country. If oil and gas do well for a few years I could see a steady rise over time.
burn_this_city is online now   Reply With Quote
Old 03-13-2021, 09:22 AM   #8
stampsx2
First Line Centre
 
stampsx2's Avatar
 
Join Date: Aug 2009
Location: Calgary
Exp:
Default

I think condo prices are down because Nenshi wanted it that way. He wanted more density and about five years ago he did a major push for building up instead of out. The result is a poor supply of detached homes. He has overbuilt the condo market without the demand being there. It was simple economics that he obviously didn’t care about.

Now with covid and people wanting more space, we have a problem.
stampsx2 is offline   Reply With Quote
Old 03-13-2021, 09:25 AM   #9
Fuzz
Franchise Player
 
Fuzz's Avatar
 
Join Date: Mar 2015
Exp:
Default

Quote:
Originally Posted by stampsx2 View Post
I think condo prices are down because Nenshi wanted it that way. He wanted more density and about five years ago he did a major push for building up instead of out. The result is a poor supply of detached homes. He has overbuilt the condo market without the demand being there. It was simple economics that he obviously didnít care about.

Now with covid and people wanting more space, we have a problem.
Nenshi has a lot more power than I ever realized, if any of what you say is true. Which it isn't.
__________________
Air Canada - We're not happy until you're not happy.
Telus - Almost as bad as Winnipeg.
Calgary Roads Dept - Ya, we'll get to that.
Fuzz is online now   Reply With Quote
Old 03-13-2021, 09:27 AM   #10
SportsJunky
Uncle Chester
 
SportsJunky's Avatar
 
Join Date: Feb 2007
Exp:
Default

Nenshi overbuilt the condo market? This guy wears a lot of hats.
__________________
Be better.
SportsJunky is offline   Reply With Quote
Old 03-13-2021, 09:37 AM   #11
stampsx2
First Line Centre
 
stampsx2's Avatar
 
Join Date: Aug 2009
Location: Calgary
Exp:
Default

Quote:
Originally Posted by Fuzz View Post
Nenshi has a lot more power than I ever realized, if any of what you say is true. Which it isn't.
Sportsjunky nice add to the conversation. Way to back up your points. I’m fully convinced i’m wrong by your one line troll attempt- and weak one i might add.

Has Nenshi not been saying we need to build up not out? Check a few news articles from 2012/2013.

Last edited by stampsx2; 03-13-2021 at 09:42 AM.
stampsx2 is offline   Reply With Quote
Old 03-13-2021, 09:40 AM   #12
ah123
First Line Centre
 
Join Date: Oct 2001
Location: Here
Exp:
Default

Quote:
Originally Posted by stampsx2 View Post
Has Nenshi not been saying we need to build up not out?


Yes, because if you build out, the City needs to provide more infrastructure (roads, sewage, transit, fire/ambulance), which increases property taxes. And people love to b*tch about property taxes
ah123 is online now   Reply With Quote
Old 03-13-2021, 09:41 AM   #13
Fuzz
Franchise Player
 
Fuzz's Avatar
 
Join Date: Mar 2015
Exp:
Default

Quote:
Originally Posted by stampsx2 View Post
Has Nenshi not been saying we need to build up not out? Check a few news articles from 2012/2013.
And? He didn't force condos to be built. Is there a shortage of new SFH being built because of polices he himself forced through? If a lot of condos got built it's because condo developers decided it made financial sense to do that, not because of Nenshi.
__________________
Air Canada - We're not happy until you're not happy.
Telus - Almost as bad as Winnipeg.
Calgary Roads Dept - Ya, we'll get to that.
Fuzz is online now   Reply With Quote
The Following User Says Thank You to Fuzz For This Useful Post:
Old 03-13-2021, 09:42 AM   #14
Winsor_Pilates
Franchise Player
 
Winsor_Pilates's Avatar
 
Join Date: Mar 2005
Location: Van City - Main St.
Exp:
Default

Calgary sounds like Vancouver last summer/fall.
People selling condos to move out to the burbs and get more space.
We are still seeing that but now our condo market has picked up too, so everything (almost) is in a seller's market.
Winsor_Pilates is offline   Reply With Quote
The Following User Says Thank You to Winsor_Pilates For This Useful Post:
Old 03-13-2021, 09:43 AM   #15
scotty2hotty
Powerplay Quarterback
 
scotty2hotty's Avatar
 
Join Date: Aug 2005
Location: Toronto
Exp:
Default

Just listed my house today, in fact. In a Toronto suburb. Showings start Thursday. Fully expecting to get about $100K above asking. That’s the kookiness of the market right now out here.

I’ll let you know ...


Edit: Sorry. Just realized you were asking about Calgary specifically
__________________
I like to quote myself - scotty2hotty
scotty2hotty is offline   Reply With Quote
Old 03-13-2021, 09:49 AM   #16
Roughneck
First Line Centre
 
Roughneck's Avatar
 
Join Date: Nov 2005
Location: the middle
Exp:
Default

Quote:
Originally Posted by Fuzz View Post
Nenshi has a lot more power than I ever realized, if any of what you say is true. Which it isn't.

Definitely wasn't developers and REITs response to things like gaps in the purpose-built rental market or anything like that. Nenshi was right in there, pouring concrete, fishing wire, putting up drywall, all while the developers looked on helplessly wondering what they'd do with all these units they'd end up owning against their will, meant to attract renters looking for flexibility, which would naturally drive down condo ownership demand.

Last edited by Roughneck; 03-13-2021 at 09:52 AM.
Roughneck is offline   Reply With Quote
The Following 3 Users Say Thank You to Roughneck For This Useful Post:
Old 03-13-2021, 09:52 AM   #17
Harry Lime
Franchise Player
 
Harry Lime's Avatar
 
Join Date: Feb 2014
Exp:
Default

I'm going to keep checking on this thread so that I can learn more about Nenshi's designer hats, information that Stamps desperately needs from Sportsjunky.

My parents were thinking of selling at some point in the near future, and we are in the process of cleaning things up right now, considering the atmosphere in the market.
__________________
"We don't even know who our best player is yet. It could be any one of us at this point." - Peter LaFleur, player/coach, Average Joe's Gymnasium
Harry Lime is online now   Reply With Quote
Old 03-13-2021, 10:10 AM   #18
Scroopy Noopers
Pent-up
 
Scroopy Noopers's Avatar
 
Join Date: Mar 2018
Location: Plutanamo Bay.
Exp:
Default

Quote:
Originally Posted by scotty2hotty View Post
Just listed my house today, in fact. In a Toronto suburb. Showings start Thursday. Fully expecting to get about $100K above asking. Thatís the kookiness of the market right now out here.

Iíll let you know ...


Edit: Sorry. Just realized you were asking about Calgary specifically
Iím calling $250k over asking. No conditions.
Scroopy Noopers is offline   Reply With Quote
Old 03-13-2021, 10:19 AM   #19
stampsx2
First Line Centre
 
stampsx2's Avatar
 
Join Date: Aug 2009
Location: Calgary
Exp:
Default

Quote:
Originally Posted by scotty2hotty View Post
Just listed my house today, in fact. In a Toronto suburb. Showings start Thursday. Fully expecting to get about $100K above asking. Thatís the kookiness of the market right now out here.

Iíll let you know ...


Edit: Sorry. Just realized you were asking about Calgary specifically
Congratulations if you do get $100,000 over asking. Iím really not sure how so many people can afford to buy house or condo in Toronto or Vancouver. I mean $500,000 for a one bedroom condo? Really?
stampsx2 is offline   Reply With Quote
Old 03-13-2021, 10:23 AM   #20
Fighting Banana Slug
First Line Centre
 
Fighting Banana Slug's Avatar
 
Join Date: Feb 2012
Location: Calgary
Exp:
Default

I am thinking about selling my rental bungalow this summer. I hope the trend continues!
__________________
From HFBoard oiler fan, in analyzing MacT's management:
O.K. there has been a lot of talk on whether or not MacTavish has actually done a good job for us, most fans on this board are very basic in their analysis and I feel would change their opinion entirely if the team was successful.
Fighting Banana Slug is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 03:55 PM.

Calgary Flames
2021-22




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021