building a new house in calgary

[Volinder D]

Re: building a new house in calgary

Do NOT wait to buy anything. If you are in a position to buy do it as soon as possible. Six months will only bring much higher prices and shorter supply on materials and labour. If you want to wait for prices to level out in accordance to wages and the economy in general you will be waiting another 5 years, easily.

Fun examples from within the last year(ish):

I sold a condo of mine last October for $115,000, today my other condos in the same building are going for $175,000.

A condo I have ownership in was purchased in August for $215,000. It was appraised for re-financing at the beginning of the month at $295,000.

Another unit I bought a share in 2 months ago was purchased then for $160,000, owner occupying was offered $200,000 over the weekend by a random walk-up.

My house was appraised at $239,000 in December 2004 was re-appraised at the beginning of the month at $380,000.

A client of mine is a high end home builder and their costs of materials and labour have been rising at 2% - 3% per month for the last 12 months. Prices of new start homes have been increasing nearly 5% per month.

Furthermore we are no where near the per square foot value of TO, Van, or Houston (we are currently around 60% of those values), and we have a higher per capita income.

Buy anything and everything you can get your hands on and do it yesterday.

Well said. Everything you said is exactly what I'm going through right now. Back in August we signed on with the builder and I paid $340 000. As of later this week, we should have it sold (and it's only at framing right now) for $470 000. We were approached about the house, so no realtor fees either.

I do agree, don't wait, get your hands on property right away.

[Smarty39]

Re: building a new house in calgary

Well said. Everything you said is exactly what I'm going through right now. Back in August we signed on with the builder and I paid $340 000. As of later this week, we should have it sold (and it's only at framing right now) for $470 000. We were approached about the house, so no realtor fees either.

I do agree, don't wait, get your hands on property right away.

Nicely done....and I thought I was doing good. Bought our house in September for 307k, the footings just got poured 2 weeks ago and it was re-appraised at 364k. I agree with everyone else....DON'T WAIT! I am actually looking at buying some more property right now

[liquid]

Re: building a new house in calgary

Either buy now, or wait at least between 2 and 5 years. With interest rates on the rise, and housing prices increasing at the rate they are now..... It won't be too much longer until people hit their threshold, and houses start finding themselves back into the market.

[James]

Re: building a new house in calgary

260?! thats nuts!
The condo's im in are more private than most, plus I have done some upgrades (hardwood floors, painted every wall, starting on finishing the basement) plus Im a corner unit....so maybe im in for more cake than I thought!



All this makes me wish I had sucked up the initial cost and just bought a house when I was in the market...Id be sitting on a goldmine right now

[Canadian Turbo]

Re: building a new house in calgary

Well I purchased a downtown condo in October 2004 and I still have a few months to go before I move into it but comparable properties show that I probably have made over 50% so far with out even making a mortgage payment, not to mention the other 40% I made on my current place while waiting.

Thinking about doing it again.......

[Volinder D]

Re: building a new house in calgary

Either buy now, or wait at least between 2 and 5 years. With interest rates on the rise, and housing prices increasing at the rate they are now..... It won't be too much longer until people hit their threshold, and houses start finding themselves back into the market.

I agree!!!

[forreal]

Re: building a new house in calgary

damnit theres no more lots avaliable in chestermere either for me to buy as an investment

[gaffer]

Re: building a new house in calgary

There are no lots anywhere. The wife & I want to take possesion of a new house in July of 2007 so we went & saw the builder about starting. We are #45 on the waiting list just to look at a lot.

I am just hoping that the market does not go soft in the near future.

Andrew

[NeonGTI]

Re: building a new house in calgary

Being a real estate whore my senses tell me that the most undervalued area around Calgary is in Langdon.

You can build 2000 sq ft on a 1/4 acre lot for 300's.

It won't reach its full potential for about another 8 months, but it is gonna be good for a huge pop.

Also, as long as oil is about $55 - $60 the market ain't goin soft.

[Canadian Turbo]

Re: building a new house in calgary

Langdon does have some nice looking houses and bigger lots, but it is kind of small town like as well, but you could be right about the prices.

The way the market has been for the last few months I think it could take a few years for Calgary to catch up from thsi "boom" so I think we should be good. I dont think prices will over go down the pace of growth will just slow.

[gaffer]

Re: building a new house in calgary

Being a real estate whore my senses tell me that the most undervalued area around Calgary is in Langdon.

You can build 2000 sq ft on a 1/4 acre lot for 300's.

It won't reach its full potential for about another 8 months, but it is gonna be good for a huge pop.

Also, as long as oil is about $55 - $60 the market ain't goin soft.

You are right, we have soem friends that live out there and their lots are huge.

Bear in mind that the mosquitoes in Langdon can also carry you away.

Andrew

[NeonGTI]

Re: building a new house in calgary

Don't forget the smell of cow poop on the hot summer days. However the ranches are being bought up for housing lots.

I'm looking to buy something out there as it is no further to core than Tuscany, or Elbow Valley or those other outlaying communities.

[Smarty39]

Re: building a new house in calgary

haha...funny you guys are talking about Langdon. Most of you probably don't know that as of 5 or so years ago, there were only about 100 residents (me being one of them). My family (great grandparents) were one of the original residents in the town. My grandparents owned the General Store on main street, as well as ALL the land where houses currently rest (which used to be swamp by the way). Needlesstosay, my grandparents are enjoying quite a healthy retirement becuase of the sale, and I recently found out that the original quarter-section (where the first NEW houses were built) was purchased by my grandpa for.......$5000.00.....you can only guess what he sold it for.

Sorry for the life story, just thought it was funny how people were talking about a town that, until 5 years ago, most people didn't know existed!

[forreal]

Re: building a new house in calgary

haha...funny you guys are talking about Langdon. Most of you probably don't know that as of 5 or so years ago, there were only about 100 residents (me being one of them). My family (great grandparents) were one of the original residents in the town. My grandparents owned the General Store on main street, as well as ALL the land where houses currently rest (which used to be swamp by the way). Needlesstosay, my grandparents are enjoying quite a healthy retirement becuase of the sale, and I recently found out that the original quarter-section (where the first NEW houses were built) was purchased by my grandpa for.......$5000.00.....you can only guess what he sold it for.

Sorry for the life story, just thought it was funny how people were talking about a town that, until 5 years ago, most people didn't know existed!

haha sweet yo

[forreal]

Re: building a new house in calgary

please guys someone help me out with finding a lot here in calgary...i finaly got all this money and now i have nothing to invest it in :(

even in cranston would be good...thanks