| bluesuburbansky |
Well, perhaps that isn't possible since they've always been a little weird....
But I'm talking more in terms of the house/condo market. The bf is shopping for condos down there and I did some hunting with him over the weekend. He found one he liked -- 850 square foot 2 bedroom renovated but in a older bulding, good location off 17th ave, underground parking. Nice place but nothing amazing but .... list for $209 000!!! So he put in an offer -- $230 000. And he STILL didn't get it! As well, the winner was willing to offer without ANY conditions (no look at the legal docs or anything). The market is absolutely NUTS! Another place he looked at sold for $180 000 3 months ago and now is going for $230 000!
Anyway, I just can't get over it. I don't know how anyone can afford to live!
His realtor says us Edmontonians should buy now. Says Calgary's market is usually 30% more expensive than Edmonton but right now it is about 100%. So Edmonton's day is coming....and it'd be really good to own before it happens.
Just curious since alot of you sink a lot of money into your cars...does this make you reconsider where you put your money? :dunno: |
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| newaccorddriver |
quote:
Originally posted by bluesuburbansky
Just curious since alot of you sink a lot of money into your cars...does this make you reconsider where you put your money? :dunno:
i see a house as an investment. a car is just a toy, the reason why id prefer to sink money into a car is because if you already have a house and are happy with it, then why change? sure it might make you some more money in the end, but a major change like that isnt as easy as it looks. and who on this forum can really afford to own 2 houses if thats what your refering to? it might make more sense for us to pay a mortgage instead of rent though |
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| ehos |
| I think this post is about 6 months too late. We're fully into the housing market 'boom'. |
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| Buddyworm |
Like ehos said, shoulda gotten in sooner. But rest assured, had I the money I would have invested in real-estate. Just to finance car modifications. However, being a student that is about as possible as me successfully instigating a threesome with two semi-attractive women.
B-Wurm :D |
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| TrevorK |
quote:
Originally posted by bluesuburbansky
Anyway, I just can't get over it. I don't know how anyone can afford to live!
$230K isn't really that much - look at places like Vancouver and Toronto, where the economy isn't nearly as hot as it is here, and house prices are more.
All that aside - $230K is still in the affordable range for a couple. That's only $1150/month ($250K mortgage) - affordable for one person, more than affordable for two.
The problem is that people are too used to low house prices, so they tailor their budget accordingly. Then when they go up, they just complain how high they've gone, yet don't realize that if they stopped wasting money they'd still be able to afford it. |
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| SilverZ24 |
quote:
Originally posted by bluesuburbansky
His realtor says us Edmontonians should buy now. Says Calgary's market is usually 30% more expensive than Edmonton but right now it is about 100%.
That definitely isn't right. It isn't double the cost to buy in Calgary. I know someone that built a new 1650sq ft 2 story (no garage) for about 280. I am quite sure you couldn't build the same thing in Edmonton for 140. Probably more like 220ish. It is more, but not anywhere close to 100% more. |
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| Talontsi96 |
| As I mentioned in a previous realestate thread. Calgary is MAD right now. A buddy of mine bought an 1100sqft house (older but renovated) for $480,000 and the asking price was $430,000. I'd say its prettly close to +100% if not more than what you'd pay for an eqivalent in Edmonton. |
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| bluesuburbansky |
quote:
Originally posted by SilverZ24
That definitely isn't right. It isn't double the cost to buy in Calgary. I know someone that built a new 1650sq ft 2 story (no garage) for about 280. I am quite sure you couldn't build the same thing in Edmonton for 140. Probably more like 220ish. It is more, but not anywhere close to 100% more.
I'm betting he built practically out of the city??? Even Airdrie and Okotoks are starting to get really crazy. |
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| oldraven |
| Yeah, it has a lot to do with where my money got spent for the last three years. (thus the car not even running for a year and a half) Bought low, sold high, now I may finally be able to spend some much needed money on the car. |
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| jberger |
quote:
Originally posted by ehos
I think this post is about 6 months too late. We're fully into the housing market 'boom'.
i think next year we will see a major price increase, i think that we have just begun on price increase around edmonton
but tmo |
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| red92 |
| Bought mine 8 months ago, selling now |
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| Insomniac |
quote:
Originally posted by Talontsi96
As I mentioned in a previous realestate thread. Calgary is MAD right now. A buddy of mine bought an 1100sqft house (older but renovated) for $480,000 and the asking price was $430,000. I'd say its prettly close to +100% if not more than what you'd pay for an eqivalent in Edmonton.
I think it's very location specific. My bud in Calgary has a ~900sqft 90 year old house just across the river from downtown, it is worth nearly $500k (similar to this house ). That house in Edmonton would be way less than $250k in a similar area. If you compare house on the outskirts of town (sprawl), what you can buy in Calgary for $400k (like this) might cost you $300k here. |
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| HeavyEarly87T |
Post war house at the top of the 99st hill, south side of the river 500K...same house south side of 100th ave & 163 st 180K to 250K
LOCATION, LOCATION, LOCATION! Thats where the markup is. |
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| Insomniac |
Calgary's prices are MORE location specific, because they have more sprawl, and more congested roads.
This happens when living in the sprawl can mean a 45-60 minute downtown commute, where as in Edmonton, you're looking at probably 35 minutes, max. |
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| n0c7 |
quote:
Originally posted by Insomniac
(similar to this house ).
Wow.. a 60 year old shack.. I was thinking more like $5000. Location is definitely the key, although the area doesnt look too pretty from the pictures.
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| 2ndgenlude |
we got in the boom right at the right time.
we paid 155k for our house and it was recently appraised at 250k+ |
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| n0c7 |
quote:
Originally posted by 2ndgenlude
we got in the boom right at the right time.
we paid 155k for our house and it was recently appraised at 250k+
Roughly the same deal here. $178,000 appraised at well over $230,000 about 6 months ago, and we didnt even have our landscaping and fence in yet. |
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| 2ndgenlude |
| we put 10k in our landscaping and thats included in the appraisal |
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| Insomniac |
when did you buy your places?
I got my condo 2 years ago for about $150k, and they are now listing for $213k. |
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| 2ndgenlude |
| bought 4-5 years ago |
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| Transporter |
quote:
Originally posted by ehos
I think this post is about 6 months too late. We're fully into the housing market 'boom'.
like he said post is bit late absortion rate in edmonton is at record high of 86% as of march
that means for every 100 house 86 are sold
normal rate is supposed to be 30% go figure
and i can't find a house for the life me!!!:confused: :confused: |
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| jberger |
well i guess we will see when they start building scoffords upgrader at fort sask this fall (i think that is when they are breaking ground), cause that is going to raise the prices even higher, then there is the new red water plant ( not sure of the name, maybe argium expansion) but this is supposed to be the biggest plant in north america.
so all this oil stuff should just keep raising the prices of homes around edmonton and area |
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| TheNeonEdge |
You guys this that is crazy, Im out here in Victoria where houses built just after the war 900-1100 Sq. ft are going for about $
450 000
where as some that are a block away from the harbor are up near 750!!! and these arnt fancy places either.
It's nuts, but I want to live here, so i might dish out some bucks for a condo near downtown!
--ThE EdGe |
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| n0c7 |
quote:
Originally posted by Insomniac
when did you buy your places?
Bought December 2003, took posession July 2004. |
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| SilverZ24 |
quote:
Originally posted by Insomniac
I think it's very location specific. My bud in Calgary has a ~900sqft 90 year old house just across the river from downtown, it is worth nearly $500k (similar to this house ). That house in Edmonton would be way less than $250k in a similar area. If you compare house on the outskirts of town (sprawl), what you can buy in Calgary for $400k (like this) might cost you $300k here.
True. But the average is far from 100% more in Calgary.
The house I was referring to in Calgary was build in Makenzie Towne which is exactly the same as Terwillegar Towne in Edmonton. It was a Jayman home and Jayman says their houses in Terwillegar Towne start at 230, plus upgrades. The house in Calgary had about 10 grand in upgrades.
I also know someone else that just moved into a 2100sq ft house in Tuscany (really popular new area in Calgary) and it has a walk out basement that is completely finished. The house was 410 grand. Granted it was about 9-10 months ago that they signed the papers for that house and locked in that amount. In a popular neighborhood in sw Edmonton the same house probably would be close to 400. And theirs is probably at more like 450+ now.
Bottom line, the average is definitely far from 100%.
I think average new house price in Edmonton is around 250 and Calgary is around 300 right now. |
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| bluesuburbansky |
quote:
Originally posted by SilverZ24
Bottom line, the average is definitely far from 100%.
I think average new house price in Edmonton is around 250 and Calgary is around 300 right now.
Hey, I'm just quoting the realtor. You probably are right about new homes. But what we were looking at was a 2 bedroom condo! In a 25 year old building! I can see paying a lot for a new house but something that old.... :dunno: |
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| SilverZ24 |
Estimate from the Edmonton Real Estate Board:
quote:
Costs for constructing new properties will increase significantly with the average new house in Edmonton costing $295,000 in 2006, up almost 10% from $268,500 in 2005
And the only comparison I could quickly find between Edmonton and Calgary:
Average total home sales in Calgary vs Edmonton
March 05 276,800 (Calgary) 216,187 (Edmonton) - 28% more in Calgary
March 06 363,370 (Calgary) 256,159 (Edmonton) - 42% more in Calgary
I would imagine the difference is more in used homes and less in new construction because of how desperate many people are to get into a house asap. |
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| SilverZ24 |
| The other problem with those averages is that Calgary has way more million dollar plus houses and that aren't even comparable to anything in Edmonton because there are way fewer people that rich in Edmonton. So that kind of skews the averages a bit. |
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| Talontsi96 |
quote:
Originally posted by SilverZ24
Bottom line, the average is definitely far from 100%.
I think average new house price in Edmonton is around 250 and Calgary is around 300 right now.
If you think that the average NEW house in Clagary sells for $300,000, you should look at the stats. The averaga house (period) rose to 368,000 from 283,000 last year. Don't quote prices of houses that someone bought 9-10 months or a year ago , they are far from current. Houses now in Calgary are selling from $10,000 to $61,000 OVER list.
Here is some stats for you:
http://www.jimsparrow.com/Calgary_P...age_693912.html |
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| SilverZ24 |
quote:
Originally posted by Talontsi96
If you think that the average NEW house in Clagary sells for $300,000, you should look at the stats. The averaga house (period) rose to 368,000 from 283,000 last year. Don't quote prices of houses that someone bought 9-10 months or a year ago , they are far from current.
Here is some stats for you:
http://www.jimsparrow.com/Calgary_P...age_693912.html
Read my later post... :beer: |
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| Insomniac |
quote:
Originally posted by SilverZ24
The other problem with those averages is that Calgary has way more million dollar plus houses and that aren't even comparable to anything in Edmonton because there are way fewer people that rich in Edmonton. So that kind of skews the averages a bit.
Check the median prices and it washes out a bit |
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| SilverZ24 |
quote:
Originally posted by Insomniac
Check the median prices and it washes out a bit
Didn't look for that the first time, but from the same sorces as my last post:
Median price of total home sales in Calgary vs Edmonton
March 05 220,000 (Calgary) 202,000 (Edmonton) - 9% more in Calgary
March 06 285,000 (Calgary) 246,250 (Edmonton) - 16% more in Calgary
From my last post:
Average total home sales in Calgary vs Edmonton
March 05 276,800 (Calgary) 216,187 (Edmonton) - 28% more in Calgary
March 06 363,370 (Calgary) 256,159 (Edmonton) - 42% more in Calgary
All that came from the EREB and the CREB since they are probably the most accurate places for the info. |
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| SilverZ24 |
quote:
Originally posted by Insomniac
Got one like that for Edmonton?
Similar link from EREB where I got my info from:
http://www.ereb.com/z_stats/MonthlyStats.pdf
Even breaks it up by differnt areas of the city. :thumbup: |
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