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Downtown Real Estate

MacLac said:
Buzz words like, "Frenzy, sizzles, Alberta’s largest city." Must be Stampede time of year....don't believe the hype.
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I don't get triggered by things like 'Alberta's largest city' versus when you read about Edmonton 'Alberta's capital city' - it's just another way of saying Edmonton or Calgary so you are not repeating the same word over and over again in a news story.

Alberta's festival city - Edmonton
Stampede city - Calgary
Etc etc
 
TAS said:
A tale of two markets? At least when it comes to downtown living.

Calgary is setting all-time sales records right now as people flock to Alberta. Not translating as much here, at least in the condo market.

www.google.com

Calgary real estate market sizzles as newcomers flock to Alberta - Calgary | Globalnews.ca

Home sales in Alberta's largest city set a record in June, up 11 per cent year-over-year, with apartment sales alone up 48 per cent.
www.google.com www.google.com

The frenzy in Calgary — the city set an all-time record for home sales in June, up 11 per cent year-over-year, with apartment sales alone up an eye-popping 48 per cent — flies in the face of what’s happening nationally.
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Trust me it’ll come. There’s millions of people who can’t afford to live in other parts of the country and an exodus is inevitable.

Trust me it’s not a good thing. Real estate should not be considered an investment and high housing costs are crippling economies across the country. Edmonton with its low housing costs means everyone has more disposable income for things that benefit the economy and their quality of life.

Keep those prices low and drive them even lower.
 
Stevey_G said:
Trust me it’ll come. There’s millions of people who can’t afford to live in other parts of the country and an exodus is inevitable.

Trust me it’s not a good thing. Real estate should not be considered an investment and high housing costs are crippling economies across the country. Edmonton with its low housing costs means everyone has more disposable income for things that benefit the economy and their quality of life.

Keep those prices low and drive them even lower.
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Headlines like that from YYC are useless. "Home sales are up 11% year over year." All that means is that people are cashing in their chips on their mortgages and renting.
 
Things are brewing here too. Just a couple examples I’ve heard or seen today. A family member sold their home in trumpeter, it sold in 2 days to a family from BC for $700k+. Also just saw a house in castle brook sold for $923k, which was 30% above the city’s assessed value of $711k.
 
My guess is that we’ll see a sharp rise in detached home prices until they eventually become pretty unaffordable, which will finally kick our condo market up a bit. It’s too bad that that’ll likely be the case as home affordability has been so healthy here. But it would be nice as well for so many condo owners who have lost value to be able to sell at a break even or even small gains. And then for the condo market to eventually be attractive for new projects and people renovating older buildings/units as well.

Our inventory vs Calgary is pretty depressing in the core. So many beautiful places in the 280-500k range. Our options are very limited under 450k if you don’t want something pretty old/dates/cheap. Many in Calgary are less than 10 years old, most of ours are 40+.
 
IanO said:
A tale of two cities for sure.
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Over the decades I have observed Calgary has more ups and downs than Edmonton, we don't have the highs or lows as much. Also if you see something there, in a year or so it will happen here too.

The rest of Canada is going to figure out what the last affordable major city is soon. Brace ourselves, the tsunami of people looking for affordable housing is coming.
 
thommyjo said:
My guess is that we’ll see a sharp rise in detached home prices until they eventually become pretty unaffordable, which will finally kick our condo market up a bit. It’s too bad that that’ll likely be the case as home affordability has been so healthy here. But it would be nice as well for so many condo owners who have lost value to be able to sell at a break even or even small gains. And then for the condo market to eventually be attractive for new projects and people renovating older buildings/units as well.

Our inventory vs Calgary is pretty depressing in the core. So many beautiful places in the 280-500k range. Our options are very limited under 450k if you don’t want something pretty old/dates/cheap. Many in Calgary are less than 10 years old, most of ours are 40+.
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Older buildings can be well maintained and/or upgraded. Some of those older ones here have great locations and are better sized than some newer places which tend to be smaller.
 
David A said:
Over the decades I have observed Calgary has more ups and downs than Edmonton, we don't have the highs or lows as much. Also if you see something there, in a year or so it will happen here too.

The rest of Canada is going to figure out what the last affordable major city is soon. Brace ourselves, the tsunami of people looking for affordable housing is coming.
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You have got to figure that SFH RE prices here are about to go bananas in probably the next three years. I don't own a place and frankly haven't been planning on purchasing anything, but I've been thinking I might have to buy a place just to not miss the boat... which this kind of real estate FOMO is scary to think about.
 
In Edmonton, I missed the boat -- my parents second house cost $13,000.00 -- I bought my first house for $39,000.00 and sold it 6 months later for $120,000.00 (developer was trying to consolidate the block and my property was a key piece). I bought my second house for $180,000.00. The boat keeps moving at a rapid speed is my point.
 
archited said:
In Edmonton, I missed the boat -- my parents second house cost $13,000.00 -- I bought my first house for $39,000.00 and sold it 6 months later for $120,000.00 (developer was trying to consolidate the block and my property was a key piece). I bought my second house for $180,000.00. The boat keeps moving at a rapid speed is my point.
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Moral of the story… you saved $71,000 on the purchase of a $180,000 house by buying purchasing something else six months prior.
 
I think the solution (for now) might be targeting older (B or C-class) office locations to convert to
residential, which can include affordable housing.
 
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