Good time to buy Calgary condo?
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Thread: Good time to buy Calgary condo?

  1. #1
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    Good time to buy Calgary condo?

    Just wondering what Calgary cmf-ers - or others in the know might think. Would this be a good time to consider buying a small-ish condo in Calgary SW area? will current market prices dip lower or are increased prices on the horizon? Thought? Comments?


  2. #2
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    Depends on what your plan is long term or short term. If youre going to live there 10+ years then it would be a good time.. if you want to buy and flip in a few years.. maybe ok but dont think a condo will appreciate that much short term

  3. #3
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    do it now!

    I always prefer long term.

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  5. #4
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    Prices are likely to keep going lower, after the 2011 apex in Calgary (2-3 years prior to the apex in Vancouver/Toronto which was in 2013) and a huge supply glut. Appreciation is all but out of the question. If you need a place to live, you might tolerate paying slightly higher than normal, but as an investment, units still have a very long ways to go down.

  6. #5
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    While prices have taken a hit in Calgary, I think those with means still haven't blinked yet. Many listings are still high with people hoping to get bailed out by selling...which is unlikely unless oil recovers. Real estate is generally a trailing indicator, meaning it's one of the last to go down. Oil hasn't recovered really so Alberta is still in trouble.

    As people run out of money, prices will continue to go down. Now, if oil recovers or drilling starts up again, then prices will most likely rise but I think unemployment is still very high, eventually those son the bubble will have to face reality and sell for what they can get.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  7. #6
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    I personally would not buy a condo as an investment property but if you already live in Calgary, have a secure job, and plan to stay there in the long term, I think now is a good time to buy a condo, especially within inner city (East Village particularly).

  8. #7
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    I think that location will be the key in Calgary. Our real estate agent told us that those in the industry believe that there is 4-5 years of supply on or about to come on the market. If interest rates go up I believe that condo sales will be hit hardest. Don't expect any capital appreciation for some time and there is a good change of negative appreciation.

    The other issue is condo assessments, especially building envelopes, and most especially on low rise wood frame condos. Calgary is brutal for this. It reminds us of when we lived in Vancouver. There is apparently some legislation under consideration for future builds.

    We live in a so called higher end condo. Four floors. We rent. We thought of buying. So glad we did not. Apart from making much more money by putting our equity in the market, we avoided $35K in condo assessments and a condo fee that keeps increasing. Our complex has a steady stream of people working on the building, and on the plumbing/heating systems. It is very much buyer beware.

  9. #8
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    Quote Originally Posted by ykphil View Post
    I personally would not buy a condo as an investment property but if you already live in Calgary, have a secure job, and plan to stay there in the long term, I think now is a good time to buy a condo, especially within inner city (East Village particularly).
    Just helped move someone into a new condo in EV. I was impressed by the fact that the larger area is part of a comprehensive development plan, rather than condos popping up in areas without corresponding green space and services.

    I've never been a condo person personally, but I can see that for some people/lifestyles and in a well built and well-managed building it could make sense.

    I agree, those who bought on spec to flip or to become landlords could be having a tough go of it these days. Purchasers staying put for the long term should be ok. I recall comments re/ Calgary undergoing a housing collapse in the '80's when many people walked from their mortgages. Those who managed to stay the course through the dip and recovery ended up ok.


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