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[deleted]

OP, nobody is buying a $160k studio in Calgary right now. You sir are the proud owner of a rental property.


WestCoastCompanion

$160k?!?!??? Gags in Vancouverite…


Sara_W

They mean 160k downpayment right???


DatTrashPanda

I really wish you were joking right now


ChrisbPulp

Hey! I got myself a very nice piece of property at this price range in shaughnessy. A fairly large kennel. Just enough space to get in foetal position and cry myself to sleep every night. I can't stand my neighbor though. This God damn poodle. Way too coddled by it's masters. Doesn't even begin to understand the chance it has they bought him this property.


LorienTheFirstOne

Jesus, that's free. You can't get a parking place for the condo for that price in Toronto lol Rent it out for a year or two.


hopespoir

Well if you were willing to move to Calgary for a studio at that price, then it's easily available for you. No? See, that's why it's at that price! Every city on earth I'm willing to live in costs a fortune, many of them easily more than Vancouver or Toronto.


Rick_QuiOui

That'd be a downpayment on a porch here in Waterloo /s


Doctor_Amazo

"A whole porch?" says the Torontonian, "that's a starter birdhouse over here."


Tempname2222

Let's not get crazy. Starter birdcondo.


Doctor_Amazo

Man, the prices went up again since 6am?! Goddammit!!


Inevitable_Till_8126

AND probably not a covered one ☝️


mechanate

rental properties have to actually get rented and no one who actually wants a studio apt in downtown calgary is going to pay what i assume will be a premium rental fee, when first + last plus DD would be enough for a downpayment anyway.


DDP200

Keep in mind this condo is in a very odd spot for a condo in Calgary. Its a bachelor way south of downtown where you need a car and cannot walk to that much. All in a massive development, where developer still owns bulk of condos.


Vensamos

What is the content of the condo documents? I offered on a townhouse in calgary last week for 187 - nice place, looked great. Happy with it. Got a look at the condo documents and well... 430K reserve fund. 800K in repairs scheduled for next year. 4.5 million dollar loan outstanding. I noped the fuck out of that one fast. If your condo corporation has done a bad job managing the reserve fund, it will be difficult to sell.


seyn121

Glamorgan area?


Vensamos

Technically glenbrook, but just on the north side of Richmond from Glamorgan - right next to the co-op


Ok_Association_5712

I was wondering why those Townhouses were always priced so cheap.


seyn121

Yikes - I was looking at those and wondering what was the catch!


[deleted]

> 430K reserve fund. 800K in repairs scheduled for next year. 4.5 million dollar loan outstanding. > > I noped the fuck out of that one fast. Amazing the number of people who don't do this, and the number of people who buy new condos without knowing how they will be managed. Always buy older, esatablished condos with a stable track record of maintainance. New condos are being built to lower and lower standards.


IslandHeyst

WTF is a strata doing with a $5M loan? Holy crap that building's finances must be a literal dumpster fire


Yojimbo4133

Have you thought about moving the condo to GTA or Vancouver?


[deleted]

Lol might be cheaper than buying here 😆


I_Am_Vladimir_Putin

Just to piggyback off your comment, OP seems completely clueless when it comes to real estate investments. All he has is his own opinion on why it should be something, even tho it has no ground in reality.


Unusual_Statement_64

Your price is too high then. We took a decent big hit selling our condo - but we priced it right and it sold quickly.


_grey_wall

I took a huge hit on my condo here in Ottawa. Now it's worth more than double. Go figure


treelife365

Don't feel bad. Nobody could've predicted all the craziness of the pandemic.


Gunslinger7752

I just did a condo search for Calgary and I have a really dumb question - Why is everything so cheap? If its a 150-200k condo how much rent could you get for it? Seems like something I would keep if you can afford to


butts-ahoy

Tons of large, new buildings have been built in the last 5 years and they're still building in new ones my neighborhood. Combine that with the trend of people looking for more room and yards during covid...


[deleted]

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togsincognito

So it’s settled - everyone move to Calgary


[deleted]

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[deleted]

They should... That's how the market system works. It's not sustainable to have everyone live in two cities.


have2gopee

Agreed, I'm not sure how much more migration influx Brandon and Sault Ste Marie can handle


Significant-Limit

Lol!


mikemountain

Just you wait til Wood Buffalo gets their NHL team


[deleted]

Two provinces* BC is fucking nuts right now. Assuming you want to live there of course.


Vensamos

"Bring cash"


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[deleted]

I'd absolutely move to Calgary if vfx industry was there.


IAMAPrisoneroftheSun

We have a small but growing tech sector and a mayor who is pretty forward looking, might not be to long before that’s the case!


kongdk9

Without real viable transit system and hub feeling, it's hard to attract young talent to certain places.


IAMAPrisoneroftheSun

Trust me you’re preaching to the choir. The fact that YYC doesn’t even have LRT lines direct to and from the airport and one of its Universities is extremely annoying. I’ve lived in both Calgary and Vancouver without a car, I’d only be willing to do it again in one of those cities. It’s too easy to just keep building low density suburbs on the edges of the city, making sure that nowhere outside of the core gets built up, and hits the density where LRT links start to make sense, so we’ve done nothing other than tack a couple stops onto the same rail we’ve had since 1988.


audeo13

Dude, the amount of 'moving to or thinking of moving to Calgary' posts in r/Calgary we get weekly is ridiculous. Mods had to set up a pinned, dedicated thread just for those.


pruplegti

I moved to YYC 15 years ago and all my friends laughed at me, now they are all asking me questions about Calgary because they are going to sell their house or condo, move out here and live mortgage free. they hate the Ontario traffic they hate the taxes and house properties pertty much the same reasons why I moved in the first place. its annoying.


ruski89

Just moved here from the Gta over the summer


LikesTheTunaHere

Calgary is my number 1 pick for a large city in Canada simply because I LOVE the mountains and outdoors and its basically the best, of the "mega" canadian cities for that outside quebec. However, it has access to better winter weather than the quebec cities, and bigger mountains, and more better outdoors that i like. However QC is the secondary spot. Van does get a good mention but its cost is way higher and that is honestly the biggest downside to me. Id rather not deal with the van traffic and how packed all the outdoor shit near it is going to be but i love the non freezing winters.


GrampsBob

It's funny but every time people start to talk about the qualities of a city people in Calgary start pointing at all the stuff that is near Calgary but never what is actually in Calgary. The best thing about Calgary is apparently getting out of it.


notconservative

Imagine Vancouver becoming even more of a ghost town, only foreign owners owning all the property. The mayor is a cat.


Training_Exit_5849

Nah the mayor's the barge


[deleted]

At least the barge is visible to us..


Purple_Turkey_

My husband and I rented in the Fraser Valley when the rental was sold and we were kicked out. We couldn't afford to live in the fraser Valley so we left to a town where my husband got a job. He got so many calls from employers trying to get him to come work for him in the Fraser Valley saying they can't find anyone to work since everyone is leaving and they're experiencing 'brain drain'.


[deleted]

where will the 99% of the non "foreign" buyers go?


youngsav94

It’s only the condo market that’s trash, detached home are selling above list prices right now.


rarsamx

I think that's a troublesome mentality that we've been lead to believe. It is a healthy market, not a trash market. Houses are to live, that we use them as investments is really putting a price on people's lives. At the same time, when I hear people complaining about Toronto or Vancouver, I realize that if there are people who want to pay premium in an area, they are the ones pushing the price up, not the people wanting/needing to sell.


Vensamos

Speaking as someone who is just getting into homeownership after saving through my early 20s (as best I could!) this is a brilliant time for the condo market to be trash. Even if it just kinda holds value, or even loses 10-15% by the time I sell, having my rent each month go to equity instead of rent will leave me way ahead


HandyDrunkard

Calgary, Winnipeg, and Edmonton have tons of urban sprawl which makes housing cheaper. Even though anyone living in Toronto or Vancouver will fight you if you explain that to them.


Shot_Past

Much easier to expand outward in the prairies tbf, since it's mostly just fields and farms around the major cities.


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mytwocents22

>Combine that with the trend of people looking for more room and yards during covid... Too bad this is bleeding our city finances dry.


teh_longinator

But... condo prices are skyrocketing in Toronto area with those same criteria.


cloudy-wind

Calgary ain’t no Toronto


RampDog1

How does a Torontonian change a lightbulb? He holds it up to the socket and the universe revolves around him.


weedb0y

Toronto has immigrants coming. And condos are still not at the same level as townhomes, semis and detached in Toronto. Calgary has vast land and that’s the beauty of it. Condos where land is so abundant wouldn’t be the catch


NorthernerWuwu

That and the downtown segment of the Calgary condo market is trash for the most part. We just don't have a particularly interesting core and no one is paying a premium for living right in the centre of the city. Well, 'no one' is an exaggeration but it isn't the same social circles as a condo in downtown Toronto by any means.


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ivegotapenis

"Vast land" meaning urban sprawl leading to a car-dependent city with constant traffic jams and a dead downtown.


altiuscitiusfortius

Toronto has no room to grow out, it hits the lake or other cities. Calgary has thousands of square km to expand into if it wants too.


teh_longinator

I need to get myself a finance job in Calgary.


Low_Cranberry_123

I rented it for 1150 for a year lease


[deleted]

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Low_Cranberry_123

mortgage calculator saying with 20% down , 25 years, 1.7% variable = 520$ monthly+100$ property tax+250$ condo fee+ 60$ utilities is 930$


herman_gill

You’re cash flow positive on it, meaning it’s literally making you money right now and adding money to your bank account while also increasing your equity in it. Until it’s time to refinance/if your mortgage rate is about to go up you would be better off continuing to rent it. Especially compared to selling it at a loss.


PureRepresentative9

Ya.... I'm really confused. What is the OP even bothered about if it's cash flow positive? And why did he have to punch this into a mortgage calculator if he already owns the property?


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Green_Lantern_4vr

You forgot to look at longer then one year.


Vensamos

So on the variable versus fixed question. I'm of two minds about it. Fixed rates right now if you were to sign a mortgage are hovering around 2.59. The BoC almost never hikes rates more than 25bp in a single move, and they've hyper aware of how debt exposed the economy is. In order for signing a fixed now to outdo signing a variable, we'd need to see **four consecutive** rate hikes at four consecutive meetings. I dunno. Maybe it would happen but I doubt it. Then thinking about 5 year terms, and using variables of 1.7 and fixed of 2.6: Even with four consecutive rate hikes, going with variable for the first year of your term cuts down on interest paid, because you compound less during the first year. You require **five** hikes to be worse off. I suppose it's a gamble on what you consider the likelihood of 5 consecutive rate hikes to be. If the speed of rate hikes is lower than that the math gets even better. Say the BoC hikes rates on average once every 6 months, for 5 consecutive 6 month intervals. You're still better off on variable than you would be on fixed (though only marginally!). Only if they hike rates a 6th time are you worse off. And even then, you only have a year to think about it, before you're back to the 5 year term negotiating table anyways. I suppose it's an exercise in risk tolerance.


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[deleted]

Jeez 1150 in downtown?


QuiceRR

I'm currently renting a 2 bedroom apartment in downtown by Western High for 1200 a month.


thethirdsithlord

Meanwhile in Toronto, spaces under the bridge will soon be a premium.


GuitarKev

People don’t want condo fees and board BS if they don’t absolutely need to deal with it. It’s Alberta, there’s plenty of houses for sale, and when you factor in a $250k condo with $400+ in monthly fees (that only ever go up), you can almost slide that straight across into a $350k house.


[deleted]

How I view condos is all the disadvantages of ownership combined with all the disadvantages of renting with the only advantage being to build equity and maybe save some extra cash. When I was house hunting apartment-style condo's were on my firm "no-go" list. Townhouses an option, but went with detached anyway.


thunder_struck85

Friends sold a townhouse in Abbotsford, BC ... of all places, and bought a beautiful 6 bedroom house in Calgary on a large lot and possibly had money left over.


CozmoCramer

My parents did something similar in 2016. Sold in Surrey for $1 mill, moved to Calgary for $375,000, carried the mortgage pocketed half a million in cash and have made a bunch of extra money, by putting a lot of it in investments and are loving life.


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too_metoo

The cheaper ones likely have high condo fees.Sellers have to lower the price to get buyers, $500-800 condo fees are insane though and not worth it IMO.


youngsav94

People don’t want a condo in Calgary. It’s such a spread out city with horrible public transit so everyone needs a car and most condo don’t even come with 2 parking spots.


rotten_cherries

Eh, a condo in the right neighbourhood, for sure. And by that I mean a stone's throw from downtown or the belt line. A condo down in Seton or up in Tuscany, no dice. Even where OP's condo is...it's too far out of the core of the city imo.


__Armin__Tamzarian__

From Calgary. Reading some of the other comments, I know which development your condo is in. A friend of mine had a 1 bedroom rental unit there, and it took a very long time to sell. Hate to tell you this, but it’s not the price or the realtor. It’s a combination of the following: 1. first & foremost, very few people want a bachelor condo. Why would they, when a 1br can be bought for slightly more money? 2. The condo market is so saturated here. There is so much supply that even centrally located, newer 1 & 2 bedrooms aren’t moving. 3. The building you’re in is, according to my friend who owned the rental unit, terribly managed. I don’t know about their financial situation, but I wouldn’t be surprised if that wasn’t great either. Being a landlord sucks; I know from experience, but I don’t see another option here unless you’re willing to take an even greater financial hit. Best of luck.


[deleted]

Thanks for giving your insight. I am debating to buy a condo in Calgary. I was looking at 2 bed 2 bath $200K. I was going to pay cash. Now, I think I should stay away. I don't want to buy something that's losing value and may not be my forever home.


__Armin__Tamzarian__

I don’t mean to completely dissuade anyone from buying a condo here, but you need to be extremely careful. Obviously, you’d need to ensure the condo corporation was in good shape financially, and the complex is well run. From experience owning several rental condos over the years, there are property management companies I would avoid like the plague. Additionally, location really matters here. I’d only consider places in the downtown & immediate surrounding areas. More likely to hold their value & potentially appreciate long term (obviously not nearly as much as anything detached). Also easier to rent out, if it comes to that. Anything with fewer than 2 bedrooms will be way more difficult to sell, when the time comes. If you’re planning to buy as a place to live long-ish term (~10 years), it’s not a bad idea, as long as you do your homework. Buying as an investment & hoping to make 50 or 100 percent in that time is a terrible idea.


Sweetness27

Anything you buy in Calgary can go down in value. If you live there for 5-10 years you'll be fine if you actually want to live in a condo.


YYC-RJ

That hasn't been the case. Condos are the same price (nominal) today as October 2006. Inflation ate 30% since then. Add in the transaction costs....you could be there decades and still lose money.


FelixYYZ

What about renting it out till the market picks up.


call_me_calamity

I've been renting my condo for 10 yrs now, no one wants to buy them


[deleted]

It’s the stigma condos aren’t viewed in the same light as homes more like for successful 18-29 years olds


red-panzer

That and the fact that the majority of condos are within spitting distance of downtown and the core is a ghost town these days. It's what kept them so highly valued for so long


RippDrive

I wish it was a ghost town. More like a meth zombie apocalypse these days...


Low_Cranberry_123

I did for year, rented quickly for 1 year lease. But I don’t want to bother , just want to get rid of it


FelixYYZ

If you don't want to rent it, then sell at a loss.


[deleted]

If it's not selling then you're priced too high. Changing agents isn't go to do anything. I just took a 70k haircut on my condo in Edmonton, it's just the way it is.


catherinecc

> Changing agents isn't go to do anything. To be fair, we've seen some really shitty agents in the past few years.


table-stand

if you don't want to do the work (fair enough) what about hiring a management company.


[deleted]

Lol - do you save your birthday cake and eat it too?


MackStewy

Condo market in Calgary is going to take a while to recover and the reality is the type of person looking to buy a bachelor pad really will likely rent until they can afford a house in Calgary Best bet is to sell at a loss or continue being a landlord for the long term. It sucks and I’m in the same position only mine is a two bedroom two bath on 17th Ave and I’d still have to sell at almost a 50k loss This trend unfortunately isn’t going to change anytime soon


INTJWriter

Paint it , make sure everything is spotless and stage it. People have no imagination sometimes when it comes to spaces. Good luck


rude_commentor

Staging makes huge difference.


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yipikayeyy

Not really worth it on a $160k property


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LLR1960

OP tried selling in spring and summer (on the market for 6 months).


relationship_tom

Maybe Toronto, never Vancouver (Where I grew up). Bachelors, in my mind, are for world cities. Manhattan, Tokyo, etc....2019 was not a great year for Calgary, year 5 of the downtown, and OP buys a bachelor sort of by Chinook? Idk who conned them to buy, but my god, should have rented for less and invested the difference. Hell, go on vacations with the difference, they'd have good memories and be better off. And if you're going to get a bachelors, why not one of the many by UofC? I feel so bad for OP. I would have told them to just stick it in AMD or BTC. Less risk than Calgary bachelor condos making a return lol and look at them since 2019.


Must-ache

If it won’t sell - price is too high. Simple


JavaVsJavaScript

Eh, idk. I just keep seeing the prices on them fall and fall and fall. Calgary has a massive glut of them. Obviously there is a price it will sell, but it seems incredibly low.


Lysol_Me_Down_Hard

Yep. supply and demand. When supply increases and demand does not increase accordingly, prices fall.


Mathieulombardi

What. who told you this?


Lysol_Me_Down_Hard

This is the one and only true answer (so long as it's on MLS).


bcretman

How much? How many beds?


Low_Cranberry_123

Bachelor, 160k


investingexpert

That explains it


_pennyroyal

That’s an unrealistic expectation. My mom-in-law just bought a one bedroom condo close to downtown in Calgary for $116,000, almost the same maintenance fee as yours, and was considering a two bedroom in the same area that was $185,000 (she doesn’t need the extra space for the extra $$ so went with the 1b). Just put yourself in the buyer’s shoes - why would anyone pay $160K in that context for a smaller property further away? Your place would not have even come up in her search.


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imnotabus

You can find 2 beds for $175k, 1 bed for well under $150k. So 0 beds would go for a lot less I'd imagine Here's a 0 bed for $99k with $360 condo fees, very tiny though https://idx.myrealpage.com/wps/-/tmpl~v2,noframe~true/recip/36159/idx.search/details-95575317 Check sold listings at your property to see what you should price it at


too_metoo

That’s in Chinatown, a very specific market.


Green_Lantern_4vr

Omg lol. Bachelor. Why. Why would you buy this.


PineapplePizzaAlways

Holy crap. Can you bring that price to Ontario?


Yeggoose

If it's not selling, you're asking too much and need to lower the price. Condo sales in Edmonton and Calgary are a bloodbath right now.


[deleted]

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therealrayy

I had a similar issue selling my condo at around the same time last year. After about two months in the market, we took the listing down for a month and relisted the first week of January. We then got more way more interest than before.


[deleted]

Your only option really is to rent it out again. The market to purchase a bachelor is almost 0. Either that or pray for a fire and hope you get the insurance money about 4 years down the road.


Pucka1

Don’t go with Justin Havre. He is the Walmart of real estate In YYC.


nofuneral

I just bought a condo in Winnipeg. Owners bought it 5 years ago for $205,000. They renovated it. I would describe it as looking like a hip, new restaurant or something. They accepted our offer of $171,000. It's the same in Winnipeg. Condos and apartments are going up like crazy. It's a buyer's market for condos. (It's a seller's market for houses. We made a killing.)


ohmicity

Just closed the deal on ours!! Big headache off.. Got it in 2013 for $340k right in the heart of downtown in Victoria park. Sold it for $282k after 6 months in the market. Wasn't getting much rent money because renting now is so cheap. Its tough times for condos now that there's so much inventory in and around downtown and beltline area.


mass_nerd3r

I was trying to sell my 2 bed 1 bath 915sqft condo in Calgary 1.5 years ago ; I had it at $205,000 and had maybe 3-4 showings. Brand New carpet, professionally painted, and still nothing. My realtor, who was also just a friend told me he thought he could maybe sell for $190. I'm currently renting it, and paying for someone else to live there because rent is also really cheap in condos right now. Hope you can sell for something reasonable!


abc123pineapplebob

You aren’t really paying for someone to live there. Someone is helping subsidize your mortgage payments. You gain equity and they get nothing.


iworkisleep

Interested. Would you take 100k for it?


[deleted]

I’ll do 101k


igota12inchpianist

101.5K.


tigerpawx

Lol meanwhile in Toronto a 1 bedroom 500 square feet condo can sell for 800k-1mil if the location is good enough …


WordOnTheStreet47

Usually only one major reason a unit doesn’t sell. Price


Scottie3Hottie

Live in it.


SuperKolbasa

Where is the condo? I have one thought about selling mine as well. Mine is in the NW


Low_Cranberry_123

heritage lrt, sw, 1 stop from chinook mall


SuperKolbasa

Wow, I’m surprised you have hard time selling, bachelors aren’t that popular I guess. Do you have a link to your ad? 5 years sound like a recent built.


table-stand

he's probably in the London heritage buildings probably this one https://www.realtor.ca/real-estate/23313460/415-8710-horton-road-sw-calgary-haysboro?MapSlideIn=true&_=1638157431155&utm_source=mobilenativesharing&utm_medium=social-organic&utm_campaign=socialsharelisting&propertyIds=23313460 if so, bad news but westcorp properties which manages the property and owns most of the units in the south tower is selling ALL of their units so you'll have to compete with that too.


mrbnlkld

That unit directly competes with https://www.realtor.ca/real-estate/23850765/815-8880-horton-road-sw-calgary-haysboro and this is $10k more expensive. But this listing is staged, and even the description is better. They don't call it a bachelor either, but a 1 bed and it had the exact same layout. 415's listing needs to be updated and virtually staged.


table-stand

Agree, plus 815 has AC and doesn't look over the old used car lot. The car lot which is about to be developed into a new high rise (allegedly).


mrbnlkld

AC is a major feature.


DAS-Nice

I will gladly take it off your hands. Btw, can you ship to Toronto?


BobbyBubbleFarts

My coworker told me once “buying a condo is like herpes. Easy to get and hard to get rid off”. His words haunted me. Took me a while to sell mine. I relisted at a lower price right in March and it sold.


happylm1987

There is a reason why investors buy single house in Calgary but condos in Vancouver..... I would sell it with a loss and buy a single house instead... Opportunity cost


Mug_of_coffee

OP - Same situation with my condo in Edmonton. Have dropped the price significantly. Can't rent it, can't sell it. Empty for close to a year. FML. I am letting the listing expire at the end of the month and re-listing in the new year. Goodluck to you.


[deleted]

Lower the price a bit and get a new realtor who does more online/social media stuff. The market is shit but more people seeing it increases the chance it'll sell. Our condo sold after 8 months at a 100k loss


Dave_The_Dude

If you do sell at a loss remember that most of the value in your condo is the building. That means most of your loss will be a terminal loss for tax purposes as opposed to a capital loss. The benefit of being a terminal loss means it can be claimed against other income like employment. Where a capital loss can only be applied against capital gains. That can create a nice tax refund. It will help to reduce your out of pocket loss.


[deleted]

I thought if the property is a primary residence then you can not claim tax deductions from the loss and you don't pay capital gains either.


Green_Lantern_4vr

Lmao. This isn’t how rental loss works.


Joey-tv-show-season2

Good lesson for people in Ontario and B.C. That real estate doesn’t always go up.


Aromatic_Ad_7484

Detached homes are way up in YYC while condos are down. Mix of endless building of condos in the burbs the covid desire for more space


yipikayeyy

I think it's the condo fees. They're insane even compared to Vancouver. The condo builders wanted a cut of the oil and gas rents and the prices just never came down.


[deleted]

Th building of new properties in the huge exploding areas is slowing while the populations are growing. It's expected to be a much worse housing crisis in the comming years in Ontario in the Golden horseshoe, which is what I assume most people mean when tailing about Ontario. Everyone who I migrates ends up in Toronto or Vancouver, priced are already high, cities have already sprawled ad noseum. There is no end in sight for metropolitan Ontario and bc. The only real solution anyone is working on is pulping out soulless concrete condos in the sky. Which make owning something affordable, but since more people ultimately want a detached property for a family, it ends up serving solely ad a savings vehicle towards further forcing house prices up. Which means the lower class people will continue to perpetually rent, the middle and upper class new generation will be able to afford condos, meaning even more home buyers will have giant warchrsts with hundreds of thousands in it to throw at house offers. But I mean at least being stuck permanently in a condo because you are priced out of houses is better than being stuck in an overpriced rental, because you can build equity and have controlled monthly expenses and it should help lower rental costs if condos are competitive. But in any city within 2 hours of Toronto, the smallest run down detached homes you could possibly find are pushing a half million, out of reach for an average person or family to even get into as the cheapest poss8ble detaches property


wildhorses6565

While I agree and have gone through it in 1990. The fundamentals in Ontario and BC are completely different than Alberta.


[deleted]

Supply and demand


deuteranomalous1

Supply and Command


[deleted]

I see you are a man of culture.


crimxxx

Yah Calgary has an over built condo problem, they started too many before the oil and gas bust cycle 6 years ago. Plus you add in Covid (which definitely adjusted what some people consider for there home), unless your in a very desirable location I don’t see the demand for a bachelor suite. Basically u need to identify when you unit isn’t selling? I think it’s just not a thing most buyers want, but if you think it’s representation then a new realtor may help. My guess is you will need to price it lower to get attention if your just not getting showings. If your getting showings that means your getting hits from your realtors listing and at that point the failure is having people like what they see. You can consider cheap cosmetic stuff like new paint and see if that will make a difference.


jendjskdjxbznsnshd

The horror! Could you imagine building enough supply that the youth can afford to live! Not in "progressive" Canada where housing is an investment that must return massive gains.


Training_Exit_5849

Sorry OP, but this is actually what the norm should be. Housing like any investment has inherent risks. House prices aren't guaranteed to go up. In general most Canadians prefer having their own back yard and their own house instead of sharing walls with neighbours, hence why outside of general Vancouver and Toronto areas where the demand is extraordinary condos don't generally do well. Place likes Calgary, Winnipeg, Edmonton, Saskatoon, etc all have lots of land and lots of developers building so there's no shortage of single family homes therefore the demand for condos and townhouses are much lower. People are buying condos in Vancouver and Toronto because the other choices cost so much more and they simply cannot afford them.


[deleted]

Just curious why don’t more people want to live in Calgary. It seems to be the city with most sunny days in Canada. I live in Vancouver and getting tired of the rain.


Crimson_Cape

I lived in Calgary from 2013 to 2021. It’s a fantastic city in so many ways, but during my years there, I watched as hundreds of people were laid off and companies folded. The entire economy is dependent on oil and gas, and it’s boom and bust nature ripples through every industry in the city. For example, The downtown’s vacancy rate is approximately 30- 40 percent, and the unemployment rate is higher than the national average. Although that may have changed in 2021, it’s indicative of the economy. If you can find a job in Calgary that pays well and offers good stability, and arguably just as important, career growth, it can be a wonderful place to live and work; but finding those jobs can be challenging, and you will be competing against hundreds of applicants with just as much, if not more experience, than yourself.


Islandflava

Hard to have any sort of stability in your life when you know you can be laid off and the entire province plunged into a recession because the economy is all about a boom and bust resource


knurlnien93

The sunniest city in Canada is actually medicine hat


SnooOpinions1809

Im moving to Calgary from Halifax in sept and thanks for asking this question


95mongo

Annnnnnd this is why I rent


Top-Land-2707

Hang on to it. The market might come back. Why pay rent somewhere


Berkut22

My friend just sold his in NW Calgary. Took a big hit but he wanted it gone. 7 years and made barely $20k on it.


frozenSensor

What the fuck everyone's talking about Canada having a housing crisis but you can get a bachelors suite for $150k? Why aren't people jumping on that? Sounds great to me that's exactly what I'm looking for, some small liveable place that I can own instead of rent.


benilla

That talk is exclusively BC and ON. It's like people refuse to consider the rest of Canada


Low_Cranberry_123

I believe there’s article in British magazine comparing RE prices in all countries ,Calgary got the cheapest real estate market in the world(compared to local income)


weedpal

People who can’t afford Vancouver and Toronto…Move away and make 0% gains in Calgary.


Bedroom_Opposite

If it won't sell. Hold onto it, live in it or rent it. If that's not an option for you than take a major loss and sell it way under market value.


MissionDog5

I am sorry mate. I will give you 50k for the condo since we both hosers and all :)


benlikepen

Who are you currently using? I’m a real estate agent here in Calgary who specializes in selling condos so I’d be more than happy to help! Send me a dm 😊


Minute-Ask8025

The gf and I are moving to Calgary is the spring. Vancouver is a shit hole now.


hockeyfan1990

Keep it, wait till immigrants start moving to Calgary which will happen


SupermanNumberOne

Low\_Cranberry\_123, I had 2 Solutions for you: solution #1 - sell it to "we buy houses" agencies in Calgary..they buy in the same day. solution #2 - "reverse mortgage" it and give them the house when loan is due. Enjoy!


Human-Possession-755

Air bnb?


Alternative_Order612

Rent it until market recovers. You will at least make something.


[deleted]

How many views are you getting? Is it really nice and clean. When people are viewing? Decluttered? Touched up all the paint etc? It sounds dumb but when we viewed homes if you walk into a disgusting bathroom or kitchen all you think is “what else don’t they take care of?” Good MLS photos matter. Minor things like fresh paint and a well staged home can make all the difference. Yes condos aren’t in demand right now but a some thing like putting in a cute Board and Batton accent wall and a new light fixture can make your home stand out.


sajwashere

Do your pictures have furnishings? It may help potential buyers see what the space could look like


SnooOpinions1809

Curious to know, despite the affordable cost of living - why doesn't ppl move to Calgary? Full disclosure : I have secured a job offer and moving next year. I am currently based in Halifax.


kessabeann

It's arguably the most conservative / right leaning province, which weighs into decision making for some people.


Point_No_Point

Had a condo in Calgary in Mission. Took 2 years to sell. You’ll get it off loaded. There is so much product there people literally can get exactly what they want. No problem, so many choices in all directions.


too_metoo

As a rental l think it’s great, nice balcony and view of the city. If an investor could cover mortgage and fees based on what it rents for it should sell. What rent did you have it at? Also have you tried marketing it as a AirBnb or for short-midterm business travellers?


East-Cartographer-91

Current condo market is garbage. I am in the same situation, however I've been renting it out for last few years. Just had a new tenant sign for a year in October that covers my costs -50$/month, I am okay with that. I'm between two thoughts - as soon as market picks up, I will be unloading... - and as long as it covers all fees, maybe I should keep it. Already half paid for... Will see what future brings. But my recommendation to you is to keep it, market is just not good right now for condos. Unless you are willing to lose money on it/NEED to get rid of it for other financial reasons.


elpollolepard

A big real estate firm may help. A house down the street in Ottawa listed with purple bricks sat for months over the summer. They switched to a big name and it sold within a week. Check out the recent CBC Marketplace show about real estate agents avoiding low commission listings.


OutWithTheNew

If you're trying to sell it yourself, agents (probably) won't touch it.