Good time to buy Calgary condo? - Page 2
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Thread: Good time to buy Calgary condo?

  1. #11
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    Quote Originally Posted by ian View Post

    It was better for us to rent. And rents have been decreasing in Calgary because of high inventories. I would also assume that their are a number of folks who, in the past, bought condos as investments are now trying to unload them.
    We bought a couple of condos in 2010, one for us, one for my mother who in the end never moved from Montreal, so we rented her condo, a nice 600 sq.ft. unit in East Village -which was at the time completely undeverlopped, for $1700 a month. When I put the ad on Kijiji on a Friday night at 11 pm, I had a flurry of emails and text messages within 10 minutes. The next day, the place was rented, and it stayed rented without interruption for years. Fast forward to January 2016, our tenant loses his job and leaves Calgary. Put the condo for rent for $1700, no taker, not even a reply, then $1600, $1500, $1400, $1300...still no taker. So we sold our own condo (luckily at a profit) and moved into our rental which is just fine for us since we travel out of Canada 6 months of the year and use the place essentially as a glorified storage unit. We'll just keep this condo as our pied-à-terre in Canada until the market rebounds. Our short-term plan is to build a little house in the Gulf Islands, so once the place is finished, we'll just rent it until the right time comes.


  2. #12
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    Jun 2016
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    Your experience matches what we have seen in the market over the past two and even three years.

    You are fortunate that you bought in 2010. Those who bought at the height of the market in 2013 have not been so fortunate. The market frenzy at that time,and the prospect of projected falling energy prices convinced us to put our home equity into equities instead of real estate. Hopefully Calgary is starting to move toward some sort of normality. Big issue now is the consolidations/mergers that have resulted in additional layoffs.

  3. #13
    Senior Member
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    Nov 2014
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    How about detached house in the NE area...Rundle, Whitehorn and Castleridge? Any thoughts?

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  5. #14
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    Jun 2016
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    Absolutely no idea. We were watching the southwest and southeast villa and condo markets.

  6. #15
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    Feb 2017
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    EDM, Alberta
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    In Edmonton and keeping an eye on condo prices. I'm leaning towards renting, but won't hesitate to snatch up an opportunity to buy something decent and take advantage of it. Whatever is happening in Calgary with condos, is probably even more-so in Edmonton.

    I've seen a lot of places for sale for months now with owners not budging on price. Others get thrown up at low prices and disappear pretty quick, probably by someone in the same boat as me waiting to pounce on something good.

  7. #16
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    Quote Originally Posted by WGZ View Post
    In Edmonton and keeping an eye on condo prices. I'm leaning towards renting, but won't hesitate to snatch up an opportunity to buy something decent and take advantage of it. Whatever is happening in Calgary with condos, is probably even more-so in Edmonton.
    I think Edmonton is in much better shape than Calgary. Not to mention the massive commercial and residential construction going on right now in the core.


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