# Buying property in Calgary



## sofia403 (Apr 6, 2016)

Hello CMF members,
I just sold a house in Calgary. Mainly because I didn't like the location. It was listed in the low 400k range and sold in about 6 weeks for what I consider a fair price. 
Just wondering what everyone's thought on Calgary market right now. I would like to buy again because I'm being told that I can negotiate a good deal right now. But I'm not sure if its wise to do so considering the tough economic times. 
I have a full time secure jobs. no kids. And have roughly 50k equity from this sale which is not much but would be enough for 10-15 % down payment on a house if I choose to buy again.
I just really dont know if it is worth buying or if the prices would keep falling. Any advice would be really much appreciated. thank you.


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## Feruk (Aug 15, 2012)

I've been looking for a while now. In the last couple weeks, I've started seeing price drops on pretty much anything that doesn't move in under a month. Listings that expire get posted for less. My overall impression is that the bottom's nowhere near in. Having said that, I'm looking in the 500k-700k market. In lower markets, you'll have a lot more buyers and I doubt you'll see much price drop.

Also keep the worst-case scenario of walking away from a mortgage in mind. Can't do it with anything under 20% down payment. I think if you work in oil & gas (or something directly tied to it), you'd be stupid to buy for anything under 20% down with how uncertain your employment is.


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## Just a Guy (Mar 27, 2012)

There is plenty of "doom and gloom" in the headlines but I've always found things are usually over when they hit the mainstream media. All that being said, oil has been recovering quite a bit lately, interest rates are still low and there are no signs of it rising any time soon, so prices may only experience a minor blip...

Then again, I don't try to predict the future.


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## sags (May 15, 2010)

Oil prices may recover some, but companies have downsized for the future and won't be mass hiring again anytime soon.

Petty much all capital projects that aren't already underway have been scrapped and aren't viable unless oil triples in price from where they currently are.

The future doesn't look good for Calgary real estate.


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## Westerncanada (Nov 11, 2013)

sags said:


> Oil prices may recover some, but companies have downsized for the future and won't be mass hiring again anytime soon.
> 
> Petty much all capital projects that aren't already underway have been scrapped and aren't viable unless oil triples in price from where they currently are.
> 
> The future doesn't look good for Calgary real estate.



My 2 Cents:

1.) Wait.. prices will keep dropping
or
2.) Be Patient.. offer much lower on homes you like and wait it out.. someone will bite. 


My strategy when buying last fall was to check all the homes i liked price history over the last 10years.. when i found one that was down in value or that I could offer less then 100K of its one time selling price, i took it. 

I looked at 29 different places and put 5 offers in , the 5th accepted at over 100K less then what it sold for in 2007.


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## Just a Guy (Mar 27, 2012)

sags said:


> Oil prices may recover some, but companies have downsized for the future and won't be mass hiring again anytime soon.
> 
> Petty much all capital projects that aren't already underway have been scrapped and aren't viable unless oil triples in price from where they currently are.
> 
> The future doesn't look good for Calgary real estate.


You say that as if logic, and not greed, drives the economy...Alberta wouldn't cycle through boom and bust as much as they do if this were true.


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## tygrus (Mar 13, 2012)

The oil companies are going to have to go into super lean mode to make money with oil in the range its likely to be for a long time and to compete with Saudi. A lot of those workers will never be hired back and a lot of those big mega projects will never see the light of day.


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## sofia403 (Apr 6, 2016)

thank you for reply and advise! 
yes it is very hard to predict what will happened here in Calgary in short term. 
I work in telecom sector and survived the last recession too, but it wasn't as concerning as this time around. Oil prices are recovering but are still low and its is affecting all businesses big or small.

I think I will play it safe and will look around more at what is happening with the market.


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## spdr1812 (Apr 8, 2016)

I build new homes in Calgary and the market under 500K should remain pretty even , people that are in a bind will drop in that range but there is way higher swings on the 800K - million+ homes , and most of those are investments that are bleeding the owners right now . Just like in '07 - '09 anyone determined to by over the 500K mark just might drop down under into your $$ area because of the ongoing uncertainty , thus keeping prices fairly even ..

Jayman and Albi both had record sales in Feb ( interest rates ? ) but doesn't mean its turning around anytime soon , we are forecasting another 3 months of very tough times on our end and slow recovery till the end of the year and into '17 .


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## Mechanic (Oct 29, 2013)

I priced out some property a little north of Calgary. There are some decent buys in the 6-900 range but under 500 seems to be holding. I also priced out building new but seems not many deals going that route, might better to buy the same house pre-owned and save some money. I'm going to keep looking. Sold my place but have an RV so can live in that for a while. Maybe its time to leave Alberta ?


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## Just a Guy (Mar 27, 2012)

You may be to late, I read an article about a record number of abandoned vehicles at the airport parking lots...apparently the import workers have given the a new meaning to "park and fly". Many of the vehicles were still financed as well.

Oops, wrong city...it was Edmonton. 

October 2015 -130+

http://www.macleans.ca/economy/business/why-are-travellers-abandoning-cars-at-the-edmonton-airport/

Jan 2016 - 100+
http://www.thestar.com/news/canada/...f-vehicles-abandoned-at-edmonton-airport.html


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## Durise (May 16, 2016)

I suggest you wait for some time. Don't be hurry, If prices decline it will be better for you.


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