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Meh. 5 years ago my house in Calgary was worth 380k. I just sold it for 385k. It might have gone up to 400k if I had waited a bit. Its not 'bubbling' everywher

Meh. 5 years ago my house in Calgary was worth 380k. I just sold it for 385k. It might have gone up to 400k if I had waited a bit. Its not 'bubbling' everywhere - just the meccas of Toronto and Vancouver and their bedroom communities are going nuts. Move to western Canada and prices are still very reasonable.

voisin 6y ago
"Detached home sales in February amounted to 1,123, up from 678 the year prior, while prices edged up to $572,670 from $526,084 previously." [0] Calgary detached homes are up 9% year over year, in a pandemic, with Alberta's oil industry haemorrhaging jobs. The only way 9% is low is in relation to the rest of Canada. BC (Victoria, Nanaimo, Kelowna, etc, all outside Vancouver) are up 30%. Nova Scotia is up 30%+ even outside Halifax. [0] https://www.cbc.ca/news/canada/calgary/calgary-real-estate-board-creb-home-sales-real-estate-1.5932346 https://www.cbc.ca/news/canada/calgary/calgary-real-estate-b...
- RocketOne 6y ago
  And here's the truth about the 'average' prices in that article. They are heavily skewed by the high end houses, not the ones the average person buys. Ive owned there for 35 years and my two houses have always within 10k of the average price. Now, the average is 160k higher? That'll happen when the high end houses are selling for 10 million when we rarely had a house over 1 million a few years ago. Here's a chart showing the actual average prices: http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_orig.jpg http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_... The top purple line shows single family homes which peaked at about 500k in 07, about 14 years ago. Now they are supposedly about 550k which is only a few percent rise per year. This is totally consistent with my own house values. The CBC article says prices are up 9% from last year. It doesnt bother to mention that they aren't much different than 14 years ago. Edit: I recall about 10 years ago when someone built a house in a nice part of Calgary that was over 3M and people were surprised there was a house that expensive. A quick check shows there are several homes for sale over 10M now and there are over fifty at 3M and up. The high end stuff keeps rising astronomically.
  - cmrdporcupine 6y ago
    As usual whenever we see an average we should ask for the standard deviation as well, to help make sense of it. Also not a surprise that Calgary peaked in 07, as that is when the oil price peaked.
cmrdporcupine 6y ago
No, Alberta is the exception due to the oil economy and chronic low oil prices. And not for long, I just saw an article this morning about Alberta real estate switching to a seller's market. Everywhere outside of Alberta (and maybe Sask) is going mental. Not just the GTA and the Lower Mainland.

voisin 6y ago

"Detached home sales in February amounted to 1,123, up from 678 the year prior, while prices edged up to $572,670 from $526,084 previously." [0] Calgary detached homes are up 9% year over year, in a pandemic, with Alberta's oil industry haemorrhaging jobs. The only way 9% is low is in relation to the rest of Canada. BC (Victoria, Nanaimo, Kelowna, etc, all outside Vancouver) are up 30%. Nova Scotia is up 30%+ even outside Halifax. [0] https://www.cbc.ca/news/canada/calgary/calgary-real-estate-board-creb-home-sales-real-estate-1.5932346 https://www.cbc.ca/news/canada/calgary/calgary-real-estate-b...

RocketOne 6y ago
And here's the truth about the 'average' prices in that article. They are heavily skewed by the high end houses, not the ones the average person buys. Ive owned there for 35 years and my two houses have always within 10k of the average price. Now, the average is 160k higher? That'll happen when the high end houses are selling for 10 million when we rarely had a house over 1 million a few years ago. Here's a chart showing the actual average prices: http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_orig.jpg http://www.chpc.biz/uploads/9/7/9/5/9795010/chart-calgary1j_... The top purple line shows single family homes which peaked at about 500k in 07, about 14 years ago. Now they are supposedly about 550k which is only a few percent rise per year. This is totally consistent with my own house values. The CBC article says prices are up 9% from last year. It doesnt bother to mention that they aren't much different than 14 years ago. Edit: I recall about 10 years ago when someone built a house in a nice part of Calgary that was over 3M and people were surprised there was a house that expensive. A quick check shows there are several homes for sale over 10M now and there are over fifty at 3M and up. The high end stuff keeps rising astronomically.
- cmrdporcupine 6y ago
  As usual whenever we see an average we should ask for the standard deviation as well, to help make sense of it. Also not a surprise that Calgary peaked in 07, as that is when the oil price peaked.

cmrdporcupine 6y ago

No, Alberta is the exception due to the oil economy and chronic low oil prices. And not for long, I just saw an article this morning about Alberta real estate switching to a seller's market. Everywhere outside of Alberta (and maybe Sask) is going mental. Not just the GTA and the Lower Mainland.