Calgary Real Estate Market Update - October 2024

[@ChamberlainGroup]

👉Let's build a buying or selling strategy together: www.chamberlaingroup.ca/contact/ 👉 Monthly Calgary Market Report: tcgroup.me/z69

[@CanadianRealEstateChannel]

Really informative-appreciate the details!

[@victorhjwang220]

Canada's core business is not high tech, not manufacturing, but Real Estate. Canadians don't need to work hard, just speculate. Kids don't need to study hard, the best career is not Dr, engineer, just work as a realtor.

[@ChamberlainGroup]

😂 sure…

[@pizzaearthpancakesandother2549]

Über driver and realtor is the fÜture of Canuckian employment. You can do both!

[@didafm]

@@victorhjwang220 not a chance. 80% of realtors make less then 60k. 10% make 100k and 10% make over a 100k...also realtors are seldom able to invest in real estate property because bank won't approve on a commission unstable paycheck

[@scottritchie4664]

Condo fees are getting crazy high.

[@canadianjatti]

only for old buildings. mine only went up for a few dollars a month this year

[@didafm]

@@scottritchie4664 that's why you don't buy a condo. Lol

[@LottieHunt1001]

My condo fees were $144pm in 2008, now they are just under $300, which is still good for our townhome condos. Hoping when I list in the next couple of weeks, people recognize that we’ve had new decks and roofs in the last 10-15 years, with our condo fees absorbing the costs.

[@robertguay3773]

Housing has been on the most insane run since 2001 even if it drops 40% it would still have outpaced wage growth since then. in 2001 I was looking at a really nice house in Lake chaparral $224,900 the same houses in that area are over $780,000- $830,000 Tripling in price in only 2 decades while wages are only up 20% for non government employees. Funny thing is the job I did when I was looking to buy that house back then paid $45,600 on my T4 I sent to the bank. That same job pays $40,000-,$44,000 today.

[@tammykrasnova8936]

-People from Vancouver are indeed open to condos, just because they are priced out of the condos in BC. -I agree that 30 year amortization gives a piece of mind because the payment is lower, and some flexibility to invest the difference to other things like stocks. But don't you think it will lead to even more inflated prices? -Never understood the stress test for fixed rates. It made some sense for variables though

[@minzhu9528]

what I feel the trend is turning around. The rate cut is not for help mortgager, is to help CA out recession. But Recession is unavoidable, new trend will countinue.

[@blackbirdbeatle]

Feel lucky, good location, great shape duplex here in Crowfoot area. Definitely not a Spring market, but just like the 2014-2019 downturn, I think it'll weather anything to come well. Looking to move to a detached in the next few years and hopefully with savings, increase HHI, and lower rates, it'll be less painful.

[@randyburns3842]

Thank you I enjoyed your video. Hey I live in Edmonton. Do you think you could do one for here? I mean the graphs and charts don’t lie and I would be interested in your opinion on that. Thank you.

[@ishasharma137]

What do you think about new builder houses? Are they priced right or quite high

[@ChamberlainGroup]

Depends on what you’re looking at. If you want specific advice and help let’s chat here www.chamberlaingroup.ca/contact/

[@didafm]

I have a feeling this Winter Calgary real estate is going to be very slow. I don't know why. I just have that feeling

[@ChamberlainGroup]

It will be slower than some of the past years, which is welcomed.

[@didafm]

@@ChamberlainGroup yeah I mean slow as in crickets slow. I just have that guy feeling.

[@chibuikechigbo538]

30 years amortization also includes new home for every buyuer not only first time buyers

[@argeldelacruz9545]

Really are you sure? Going to sell my house and build a new one then

[@ChamberlainGroup]

I’m not sure about that. May want to check your source and get back to us here. I’ve heard differently.

[@LisaSmith-i9c]

Eligibility for 30 year amortization will expand from first time buyers only for new builds to all buyers for new builds and to only first time home buyers for anything out of the scope for new builds. I honestly think both scenarios should only be for first time home buyers. The point of the policy is to help first time home buyers that cannot get into the market as it should be.

[@jozefciszewski2074]

On my street house just sold in few hrs. 600k priced , probably sold at higher price for sure.

[@ChamberlainGroup]

Yup. Thanks for sharing this

[@philip1065]

Cutting rates and increasing amortization may give a lift to monthly costs, but it’s ultimately awful for buyers, pricing needs to come down, it’s not sustainable or reasonable for it to remain at current levels without a massive increase in wages which we know will never happen

[@JohnLee-]

Alberta is cheap compare to BC & ONTARIO

[@philip1065]

@@JohnLee- being cheaper than provinces that are even more inflated does not make it cheap.

[@sukhpreetsingh2662]

Dropping interest rate wont help us much as long as house prices are insanely high. It way far away from our reach. 😢

[@benny871]

I mean you’ve had plenty of opportunities back in 2010s. Why didnt you buy back then?

[@sukhpreetsingh2662]

@@benny871 i was 15 year old than bud.😂

[@miltonfriedman7349]

Have you tried working harder or developing a valuable skill? Calgary real estate is pretty affordable for two working adults making average salaries and who have a basic level of financial literacy.

[@rcbash]

Mind me asking what you do for work sukh?

[@sukhpreetsingh2662]

@@rcbash i am medical Professional.

[@gerardr4869]

In Calgary, from 2015 -2019 it seems the inventory was high, and the benchmark was coming down slightly every year instead of increasing. Am I wrong? In my opinion, the benchmark will come down buy if the government keeps trowing stimulus it could stay flat.

[@stephenn88]

Recent price is driven by population not oil price

[@adamspencer5142]

Real estate here is still a bargain in my opinion, but without the pull of additional jobs that has driven migration in the past, for the deal to make sense, real estate in the seller market has to also be high. The sell in Toronto / Ontario and move to Alberta play is mostly gone as Ontario real estate has cratered, I think the same is true in Vancouver, but I'm not sure. I'd watch these markets.

[@itsthed5951]

How long until you see it become a buyers market?

[@ChamberlainGroup]

Depends on the next couple of months and how the mortgage changes effect our market and what it looks like going into 2025

I'm saving not to have enough money for down payment, but so I can move to south america or southeast asia.

[@infillvaluecreation]

The sad comedy of the Calgary inner city - the only profitable build to produce and sell is over 1 m, for a semi, and there is the least demand for semi over 1 m. Total mismatch of what can be built and what buyer want to pay and what he want to live in when spending 7 figures

[@ChamberlainGroup]

Interesting thought. We’ve seen so many builders build homes with suites which isn’t what all buyers want. Interesting times

[@Lisahay-y5m]

That’s interesting comment. I know many of the builders who are building in inner city are from my community. They think customers who spend over a million dollars on a infill need mortgage helper. This is not the the northeast. The infill are built poorly and cookie cutter.

[@freeaudiobooks7469]

Balanced. Lol!!!!!

[@ChamberlainGroup]

😬 what’s so funny about that? 🤔

[@didafm]

Youre delusional if you think prices wont drop10-15% of we hit 7000 listings.... These high price levels are based on 3 things; very high migration from bc/Ontario with deep pockets, insan immigration and low supply. All those variables dont exist

[@ChamberlainGroup]

Long term, Calgary over the coming decade will probably outpace many other cities in Canada. In the next year or so, we will see it being flat or up and down for many reasons.

[@didafm]

@@ChamberlainGroup over the next decade yes. But in the next 2-3 years will be flat

[@ChamberlainGroup]

@@didafm flat is higher than a 15% drop… 🤔

[@didafm]

@@ChamberlainGroup will drop.10-15% but level off after 2-3 years

[@leesmith3917]

Calgary will never go down. you have the mountain and tourist places around you

[@richardchambers1124]

I predict Calgary will be a shithole in 5 years. I hope I’m wrong though

[@ChamberlainGroup]

Ok…

[@AR-vl4yo]

Calgary is a shithole!

[@robertguay3773]

Toronto and Vancouver will be. So many people own multiple houses and did it leveraging their house they live in. If prices go back down to a historical average, a very large part of the population will be wiped out. We lived out there for a year and a half and you would talk to people who owned dozens of houses. They didn't even care if anyone was renting in them as they just kept leveraging up the line of credit to buy more. Houses went up 10% up the line of credit and buy 10% more houses and condos. A price correction would be really ugly.

[@LeilaLemieux]

@@ChamberlainGroupNIce one 😂

[@FredShin-m7x]

what does that mean?

[@dubCanuck1]

Uninsured mortgages. Does anyone actually have that?

[@miltonfriedman7349]

Most mortgages in Calgary are uninsured.

[@ChamberlainGroup]

Plenty of owners have this.

[@canadianjatti]

yes, my home purchased in 2019 was uninsured

[@neilwadden1749]

The 30 year mortgages which are renewed every 5 years will be the doom for the Canadian economy.

[@chrislegault5161]

sounds like you are gaslighing just to make it sound like things are normal.

[@ChamberlainGroup]

Just becuase I don't respond with utter fear for our market vs things are gong crazy... and I'm in the middle as the market transitions, really isn't gaslighting. Some parts of our markets are super slow and others aren't... what do you want me to say

[@XXLD69]

It's literally his job to bullshet people into buying houses, what do you expect him to do? 😂

[@WildAirCoach]

Canada's market will correct and go down. Read Wilful Blindness

[@billyt3130]

A mortgage balance of 530k is a monthly payment of 2900 per month, who can afford that?

[@ChamberlainGroup]

There are many who can afford that we help all the time.

[@miltonfriedman7349]

Everyone with a fulltime job.

[@billyt3130]

@@miltonfriedman7349 everyone with a full-time job 🤣

[@beye90]

and the weasel go pop ! the old bait and switch on the immigrants

[@GameRatedRKO]

I’m kicking myself in the nuts…bought a condo in June at the peak. If only I waited a bit longer 🥲