| Housing starts at a 12 year low - Click HERE for Original Thread |
| silvia s13 |
http://www.canada.com/edmontonjourn...4c-19b95e6e494a
Not sure if anyone else works new home construction but its all I have been doing for the past 3+ years. I knew the news was going to be bad but I wondered how bad it would be.
Anyone else looking for work? :mad: |
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| GQsmooth |
| Well no shit, the prices are outrageous, and no one wants to buy in this ridiculous market! |
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| ChromeDragon |
| They saturated the market and did it to themselves. Once the excess is bought up they should be able to return to a more reasonable pace. |
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| TrevorK |
| There have been some half-finished houses on the MLS recently as well from builders themselves, things are definitely slowing. |
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| EK9Hatch |
Still being a renter, I welcome the slow down! :thumbup:
Jamie |
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| Blackout-spec |
i just bought a house today! i was already pre approved so i should be good to go!
defiantly lots of houses, lots of shit holes too! |
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| Graphicdude |
Woohoo! This only makes it easier for me to find a house this fall.
Move out of the condo and into some new digs, like the Jeffersons, I'm movin on up! |
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| kevito_ |
quote:
Originally posted by GQsmooth
Well no shit, the prices are outrageous, and no one wants to buy in this ridiculous market!
I completely agree. Some houses that go for $500,000 are way too expensive for what you get! For half a million, it better have a heated garage with a nice kitchen! |
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| SilverE90 |
| I don't mind seeing the average prices dropping (everything is overpriced imo), but what pisses me off is that many builders haven't dropped their prices. There is a house my wife and I have been wanting to build and in the past year the price is exactly the same but the price of our house has probably dropped about 50k. If my 500k house has dropped about 10% why haven't the 800k homes dropped 10%??? :( |
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| zhao |
^ because they are price gouging and have always been price gouging. it does not cost a crapload to build a house. 10 years ago you could buy a brand new 2 story house outside the city for well under 100k. now its 400k+ for the same house.
you can't tell me the cost of building a house quadrupled in 5 years because of demand. wages certainly didn't quadruple, nor did material costs (if so what, because in the maritimes you can still buy a decent house around 1500 squarefoot for under 100k as long as its not inside a big city). lots aren't the concern; lots are tiny as hell in new houses, and the house quality is crap compared to older houses so its not that either. |
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| midnite |
quote:
Originally posted by kevito_
I completely agree. Some houses that go for $500,000 are way too expensive for what you get! For half a million, it better have a heated garage with a nice kitchen!
I agree, a nice kitchen in the garage would kick ass. |
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| SilverE90 |
| ^ I have hot and cold water in my garage and 2 drains and a heater. Does that count as a kitchen? lol |
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| 2008rav4ltd |
Compare prices to get two houses. One is used 1-5 years old and the other would be built from scratch. For the price of the used house, the new house comes with oh just a house, cement pad and front lawn. Still need a garage, backyard, fence, deck, and all the problems fixed because builders cut corners.
With the surplus of single family houses on the market, who is stupid enough to get a new one built. I was considering it until I thought about it. The only problem is it is a PITA to go looking at houses till you find the one that has all you want. But you definitely will get the best bang for the buck.
F**K the builders, find the people that overspent and need to unload their house or they will go bankrupt.
Anyone think that we will have 80 year mortgages like in BC? I would definitely take one, and dump money into it once my STB wife gets done school and the kid is old enough to go to kinder garden. Also by them my pay should have gone up too. |
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| joshturbo |
quote:
Originally posted by SilverE90
I don't mind seeing the average prices dropping (everything is overpriced imo), but what pisses me off is that many builders haven't dropped their prices. There is a house my wife and I have been wanting to build and in the past year the price is exactly the same but the price of our house has probably dropped about 50k. If my 500k house has dropped about 10% why haven't the 800k homes dropped 10%??? :(
my buddie builds the 1.5 to 5 million dollar homes and he said its one of the busiest years they ever had, the high new homes are busy so that might explain why they havt dropped |
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| SilverE90 |
^ I believe that but it still annoys the hell out of me.
quote:
Originally posted by 2008rav4ltd
Compare prices to get two houses. One is used 1-5 years old and the other would be built from scratch. For the price of the used house, the new house comes with oh just a house, cement pad and front lawn. Still need a garage, backyard, fence, deck, and all the problems fixed because builders cut corners.
With the surplus of single family houses on the market, who is stupid enough to get a new one built. I was considering it until I thought about it. The only problem is it is a PITA to go looking at houses till you find the one that has all you want. But you definitely will get the best bang for the buck.
I agree you get more with a used or even just finished new home but my problem is if I am going to spend 800ish I want a house exactly the way I want. Plus I want to stay in this home for a long time. I have looked at tons of used homes in teh 7-800 range and it seems like these people have the worst taste ever. Mostly older people seem to build in this price range so it feels like my parents should be moving in and not me. Plus there are always some major things missing even on the expensive houses that I want and are just too big of a pita to put in afterwards. Examples are like a drain in the garage to in floor heating in the house.
I am just going to keep waiting until some of those new home builders drop prices or I find the right used home (unlikely). |
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| 2008rav4ltd |
Well someones making a lot of dough to afford that kind of price range.
Anyways a drain in the garage is a must, so is a well insulated garage. Then you can wash and wax your car in the garage :). Also maybe a high ceiling so you can use a car lift ;).
Spruce grove houses start around 360000 for 1700ft 2 story attached garage. In Edmonton that would be about 430000.
I'm considering moving to Spruce, work is only 17 kms away. |
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| chu77 |
| Do you guys think that now is the right time to buy? Or wait till winter? Also how you get foreclosure listings |
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| bruce_eli |
Depends on what kind of options you have.
If you are in the air, look up the new mortgage laws that are taking effect October 15th this year. They could take you out of the market. |
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| Blackout-spec |
| i think the new rules are no more 40 yr mortgages, and you need atleast 5% down or something like that. |
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| Ruiner |
quote:
Originally posted by kevito_
I completely agree. Some houses that go for $500,000 are way too expensive for what you get! For half a million, it better have a heated garage with a nice kitchen!
Mine does. |
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| ehos |
quote:
Originally posted by chu77
Do you guys think that now is the right time to buy? Or wait till winter? Also how you get foreclosure listings
It might not be the time for you to buy, but if you are considering buying, start looking! Get a good realtor (oxymoron), but at least get in the game.
Kyle just got a good deal and there is soo many houses that I personally think are a steal! (So it must be a good buy if I'm saying that).
It comes down to your salary, how stable it is. And what type of money you're looking to spend. It will always depend on these factors.
There's alot of stupid asses that bought 5-600K houses, BUT, they aren't so stupid because they can afford them on their salaries (but it would suck to pay a 500K mortgage on a house worth 300K!). But that's just personal opinion. If you can afford it, and you aren't a flipper, it's good time to buy. I know of a few people on this forum that are upside down, but they aren't going to sell, so who cares?
The market isn't going to any cheaper (maybe a 5-7% move, but the big huge 25% move is over) because right now, people make too much money. If houses dipped to 200K, then everyone would run out and buy a house because they could pay them off in 4-5 years. Not going to happen (unless there's a HUGE employment bust).
The 'average' (1000sq, double garage, basement) house can be had for 220-260K. That's almost pre-boom house prices if you forget about age (new houses suck anyways, they're made by kids). Back in the day houses were built by trades people (you know, 4+ years experience).
I feel for all those suckers in Edmonton condos (jeez), they're going to get a nice surprise in a few years when their condo conversions run out of money. |
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| 2008rav4ltd |
| No way is it that cheap. Just did an MLS search. |
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| ehos |
quote:
Originally posted by 2008rav4ltd
No way is it that cheap. Just did an MLS search.
MLS? What's that?
Mlx son. MLX. |
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| Twigs_Dee |
quote:
Originally posted by chu77
Do you guys think that now is the right time to buy? Or wait till winter? Also how you get foreclosure listings
i know of couple places going in foreclosure as of today (Monday). stupid landlord hasn't been paying his bills for his places..... too stupid to make even one payment a year to ensure this wouldn't happen and he still makes $$. :dunno: |
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| 2008rav4ltd |
I thought all houses with realtors are listed on MLS. Most private sales are on Comfree, Kijiji and whatever other website is out there.
Care to expand on what MLX is?
Got any examples of houses going at the above mentioned prices?
Seriously need to buy a house, I prefer a double attached garage, semi detached is my next choice, and 1/2 duplex is my last choice.
The new mortgage laws are maximum 35 year amortization periods for those mortgages that don't have 20% downpayment, and you have to make the 5% downpayment. These are the mortgages that require insurance.
I believe if you have the 20% downpayment then your ammortization can be set at 40.
For all first time buyers take advantage of the RRSP program. I believe it is withdraw up to 5% of your first home purchase value tax free. But the money has to be in the RRSP for minimum 90 days. |
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| chu77 |
| Twigs_Dee- how did you find out about the foreclosure? you can pm me the details if you want. |
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| ehos |
quote:
Originally posted by 2008rav4ltd
Care to expand on what MLX is?
MLX is the backend system of the Mls, it's what the realtors use. Mls.ca is horribly out of date and it would take some good luck to actually get a good deal just using that site.
As for deals, I will leave out areas like Macauley, AAve, etc (the real dregs IMO), and you can see things like..
(I'm only mentioning houses with garages, as I assume everyone would want some type of garage) :) And no super tiny houses...
E3147688 - 170K, cheap house, dd garage.
E3141387 - 210K, nice house, small, reno'd, s garage.
E3141606 - 225K ok house, s gar.
E3155210 - 230K, 1700sq ft! huge gar, but, needs lots of work!
Those are listed prices and the cheapest decent houses I found in a quick search. There is some real quality west end houses in move in condition in the west end for $250-260 (listed).
So, yeah, houses are cheap now (as compared to before).
Also, like I said before you will have to ignore age (inspection etc) but who wants a house built by kids nowadays anyways? I would never buy a house between 2002-2009. Crap.
E3148602 - 240k
E3148100 - 240K, west end!
E3138162 - 250K, west end.
E3152933 - 255K, west end.
I dunno, everyone has their own personal prefs as well, some houses that other people love, I hate. And vice versa, so take it with a grain of salt. |
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| 2008rav4ltd |
| Any of them in a good enough neighborhood to start a new family? |
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| ehrgeiz |
quote:
Originally posted by 2008rav4ltd
For all first time buyers take advantage of the RRSP program. I believe it is withdraw up to 5% of your first home purchase value tax free. But the money has to be in the RRSP for minimum 90 days.
Yeah, but then you have to pay it all back within like 5 years or something isn't it? |
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| 2008rav4ltd |
| I think it was 15 years. That isn't alot. Probably 100 bucks a month. I'm not sure if you have to put it back into the same RRSP, or maybe it is any RRSP. I get RRSP contributions from work so it works out for me. |
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| ehos |
quote:
Originally posted by 2008rav4ltd
Any of them in a good enough neighborhood to start a new family?
People make good neighborhoods! :) I know people that say they are having a good/safe time in Alberta Ave, McCauley, but personally I still have reservations about alot areas in Edmonton.
Your 'neighbourhood', in all reality is going to be the house to your left and right, and in front/back. That's it. Not many people actually know the names of all their neighbours unless it's a newer area/cul de sac etc.
You could be in Glenora, and living next to a crack house and then what? There goes YOUR 'neighbourhood'.
That's why when you look at buying a house, you can't just look at the house you're buying. I think you should spend alot of time talking to the people around your house too.
But strictly looking at 'areas', there some really decent/undervalued areas that people just balk at right away. I think Montrose/Balwin are decent (just drive around in there) and you'll get a deal. The west end is basically all good if you don't mind the rush.
The North has a bad rep, but again, every area is different. One street difference can make a huge deal.
Again, my personal biased opinion. I've lived in Edmonton long enough to know that bad areas turn decent and previously decent areas are not that great anymore.
The only place I would NEVER buy a house in Edmonton is RIVERBEND. URGH! All of Edmonton is now this magical 'RIVERBEND'. (Overpriced, unaccessible, badly serviced, isolated area). The real Riverbend is a tiny tiny community in Edmonton, yet it seems everyone lives there (they don't, they live in the urban sprawl jungle of the SouthEast).
:) |
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| 2008rav4ltd |
Lol I currently live there. I live in the 15-20 year old area, so that is the original area. Anyways, I have to consider the schools that are close by, the commute, and more. Where I currently live (in a cul de sac) kids are all playing on the street, virtually un attended to. The people in the cul de sac generally keep an eye out for each other. I'm looking for something with a similar feel.
Also older homes have the bigger yards :). |
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| Blackout-spec |
i checked house prices a a few weeks ago and compared them to when i purchased. There was maybe 1-2 houses that i would buy that were as nice in the same price range.
to my knowledge, the market has not dropped at all, nor has it went up. i think its a good time to buy, but im no financial adviser, or a realtor. im just going on personal experience. |
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| SilverE90 |
quote:
Originally posted by ehos
MLS? What's that?
Mlx son. MLX.
Care to post (or pm) a user id and password? Otherwise the site is useless for everyone here... |
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| 2008rav4ltd |
| It is for realtors only. Find an agent and get access to them. |
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| SilverE90 |
| ^ I know that and I know someone that checks stuff for me, but he makes it sound like everyone should be using it and you are somehow stupid for using mls which is all people can use if they are just looking for shits and giggles. :beer: |
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| silvse-r |
| So why further confuse people by mentioning MLX if it is not accessible to the public. He should have just said get a REALTOR since they have access to more information that are not available in MLS.ca |
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| ehrgeiz |
| Anyway an individual could pay for their own account on mlxchange? |
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