This was a great conversation 👏 more, please. I've been in Calgary for 18 years and I love this city. Bought my first home in Redstone and now building my forever home in Mahogany.
The gravy train that was selling Calgary as a safe haven for investors in realestate is coming to an end. People are the asset and as they realize that jobs are not here, they will leave and housing prices will fall.
Prices can't keep going up forever. Once buyer demand is maxed out, we’re likely to see a market downturn. With current interest rates, not many Canadian families can afford a $600K home. If mortgage rates don't come down soon, it could spell disaster.
I own two small restaurants in Calgary, and I’ve noticed that since the housing crisis in Calgary, total spending per table has dropped, even with the same number of customers. I had to cut 35% of my staff this year. With high unemployment, I’m not sure if Calgary is as attractive for people moving from other provinces. Historically speaking, I don’t think Calgary’s market needs to 'catch up' on a national scale.
@@gamgyool99 I’m not saying it needs to catch up. There are many economists saying that it could do that. I’m sorry to hear about the loss of revenue and employees for your restaurants. How long have you seen this trend happening or when did you notice the shift?
Watching developers with deep pockets go through my inner city community like locusts removing lower income renters and bulldozing their perfectly good houses for "densification" has been a pretty negative experience for everyone involved who isn't the developer. Nearly all the trees are removed. Anyone with a below average income is removed. Parking availability for residents is removed. In return we have received million dollar infills and rowhouses too small for families to live in and infrastructure overwhelmed by gentrification. Densification is the real estate version of trickle down economics. Somehow if we remove the lower income rentals and replace them with 900k rowhouses affordability will appear.
@@Hypeman10 I don't have to get out more I got to watch it from my backyard in Rosscarrock when all four of the affordable rentals around my house were picked up by developers and bulldozed to be replaced by million dollar duplex's for "affordability". Can you give me an example in YYC of developers removing high income housing and replacing it with affordable rentals?
I found this discussion insightful - thanks for this. I see that a more cooperative effort is required from public and private sectors to solve the housing crisis. More specifically, when home builders have high input costs with low margins, how can affordable purchases or rent be provided? A diverse offering of housing is for sure needed.
I’m glad you found this helpful. It is true that there isn’t a single solution to the growth our city is seeing and will see in the future. Let’s hope and work towards the best future we can for our city.
Im enjoying the discussion, Im gonna have to watch this again, gf walked in and got triggered by some of the points being made. People that only know Calgary, only know Alberta life. Have no clue how other cities work, have no concept of reading or understanding how other places function. And where Calgary is heading. And theres always fluctuations. But city is growing and you really cant stop it and cant expect municipal/provincial govt to impede it. Theres no traffic here, people complaining about Altadore/Marda Loop being busy .... Cmon. Walk around there all the time and no one around. Even living in Beltline, its ok for activity, i appreciate it but not close to living in similar area in Montreal. Thats a lot of people, and all the way to 5 am you see people out and about. 8-10pm here, tumbleweeds. Travel. Expand your horizons. I respect we need affordable housing because but people seem to hunt down these Calgary real estate YT channels to whine and complain about when a city grows and what it means.
People have realized that living in zoos like Vancouver and Toronto isn't really a good quality of life. Extra busy, extra cost, extra headache, Calgary has a better pace and importance on things that matter in a quality life. It's really just a bonus that it is easier on the wallet. The amount of people I meet all over the world that know Calgary and Banff now is astounding. Add in that this is Calgary not necessarily booming, just coasting at this point. Wait until really good times and Calgary will be ridiculously hot!
I think Calgary's inner city will go crazy as we get closer to 2M people, the arena is finished and the green line is built. Density will have to increase and amenities.
Prices can keep goimg higher than people give credit. There is alot of money in this city. Multidwelling homes is the city solution to the population boom we will continue to have. Houses will continue to be desired and demand will continue to outpace supply. Also Noone speaks about the greatest transfer of wealth that will take place in the next 10-20 years.
Inner city will underperform long term like it always had. When toronto people move here, they move inner city since it's more similar to what they know. When they turn "Calgarian" they will move out to the suburbs and look for more space
You could think that’s what it is but it’s actually the opposite. They move here for the detached suburbs vs inner city. Many from GTA and Van look at our inner city and wouldn’t consider it an option because it’s quiet and not enough amenities. There a ton to unpack here and could a great video actually.
@@ChamberlainGroup Didn't know that. But it kinda makes sense, I mean I think a lot of it is that for Toronto and Vancouver who are used to very long commutes, don't really mind living in larger/quieter/better housed suburbs and still have a comparative decent commute. Yeah it's interesting to know more about the profile for those incoming from other parts of Canada
Market is just on cusp of a major correction, i last week conditionally sold my condo in Calgary after being in the market for more than 3 months, and almost 40000 less than i could have get in March April 2024
Hindsight bla bla. Condo market is not fire here yet because homes and townhouses are still more affordable than Toronto and van. Calgary needs to turn into Dubai with lots of hot jobs before the condo market can rocket off
You did overprice it. That’s why it sold for 40k less. Most agents will list lower then the price to get lots of people to come look at the property. Your place was on the market for so long because people didn’t see the value from the listing you had.
Employement is maxed out. Cyclical boom-bust economy will prevent a significant bubble from forming. Prices in Calgary won’t catch up, the other metros will just meet us down here.
Absolutely. In addition to sales listings on realtor, rental listings gone up by 70% on rentfaster in less than 3 months. The bubble is going to pop soon.
Calgary is heading to Toronto. Politicians are doing the same thing regardless it's Liberal or Conservative, very bad for the ordinary working class and next generations.
It's only heading that way because of greedy real-estate agents and mortage brokers encouraging high prices. Prices will drop, people asking million dollars for homes are all dropping below seen many prices drops on asking prices which tells, money is drying up. And all these new people can go back to India!! And take their crime with them.
I hear what you’re saying. The economics seem different than those years so it’s hard to know if history will repeat itself on the same way. Do you think it will be the exact same?
@@ChamberlainGroup The new government will repeal C-69bill. Billions and billions dollars will be pouring in AB and massive international hot money is eagerly waiting.
We need limits on the amount of housing each person or corporation can own, we have homes its just unattainable. Like what......yes we need new builds but only a certain percentage are buying
Really liked hearing how each community is doing and giving us context about the character of each spot. Currie, bridgeland, rundle, McKenzie... Keep it coming
WTI has been hovering around $70/barrel for a week now(today is September 5th, 2024). That's the warning you need. It wouldn't take much to topple the house of cards from here.
Just at 19:40 of this podcast...If rates decrease and ofc affordability doesn't increase in ON/BC...Calgary RE "may" experience the wealth effect that ON and BC experienced whereby HELOCs and refinancing/renting become an economic trend. I also wold think that if true you wouldn't want to be the last to get on that merry go round when the market flatlines and/or reverses...fundamentally though it looks like a goldilocks scenario. I witness outside observers mention commodities prices and the correlation with Calgary RE; but, this time the jobs weren't there. Jobs in the city have diversified and ofc the immigration (both international and interprovincial) is a tail wind. This could mean a more balanced market, relative affordability (currently); a "global city" and diversified economy would portend to the city have more consistency, increased gains and less negative volaitility. Also, the current "leadership" looks to have a similar fiscal/socioecnomic playbook that BC/ON cities have had...this trend will only enrich the current owners of the city (though QOL will go down). Get a passport and use your HELOC as a carry trade in a better climate/better forex country. But what do I know...I'm a lowly pipefitter...listening further...creating bougieness...within the city, marketing it outside to GTA/GVA refugees as well as the marketing of Banff and the rail direct to downtown (on route to Banff) from the airport.
I understand the need for more density. I think we can all agree on that. I don’t think ruining some of the most desirable communities in the city by replacing R1 homes with 8 plex’s is the solution. Bad long term decision. Blanket density isn’t creating affordability, it is ruining desirability. Big difference. Releasing developers on every single family lot in the city will have catastrophic effects for some very beautiful neighborhoods, Silver Springs for example. How can this man be so blind. You can’t just allow developers to freely dictate community growth and expect that to work out well. There needs to be respect given to community context. I’m sorry to say it but Calgary will not be one of the most desirable cities in the world in 20 years, guaranteed.
Think of living in an urban setting where you walk down the street and you pass 4-5 restaurants, a corner store and more. Then move to a suburb of Calgary, where you are driving for most everything. That's the difference.
@@ChamberlainGroup , it's a nice sentiment but that train of thought creates overpopulated nightmares where families will inevitably not live and you'll recreate the GTHA. Then it'll be, “of course we have to build dozen-storey towers everywhere” and worse.
@@ChamberlainGroup , it's a nice ideal; you have the rest of the country to see how that train of thought always inevitably ends up. I don't think suburbs are empty space.
I am not biased when I say about 40% of people in this country live in GTA and surrounding areas. The remaining 60% are split amongst whatever's left of the country.
Lemme answer like a realtor. Hi folks, yada, yada, then plz destroy the like button. Nobody has a crystal ball. Yada, yada.. The future of Calgary is it will build world's first Ponzi museum and showcase the con artists.
I understand that, in general, someone will never trash the industry that their in, especially in sales, but this round table discussion seems a bit biased. You have a bunch of realtors basically saying calgary is up up up from here. I respect the hustle, but cmon. The downtrend is already starting. People realize they would rather move back to Toronto or Vancouver now that these 2 cities are also experimenting a major downturn.
Calgary is still good value compared to Vancouver and Toronto. Plus with more rate cuts coming, anyone on the sidelines waiting will be buying this imaginary ‘correction’ everyone keeps referencing.
@PaulN-hi5fn but we keep saying people will be buying once there's rate cuts. There's been 2 so far and it still hasn't "rocked" the market like these realtors are saying. The peak peaked about 2 months ago.
@@charlesbarkley2440 are you comparing oversaturated condo markets to Calgary as a whole? Besides condos, everything priced appropriately moves fast here. I don’t think you know what a downturn is.
@@charlesbarkley2440 I am not a realtor, I have no respect for that profession. The opinions above are my own, you don’t need these clickbait videos (advertisements) to follow market trends.
I think most being living in this city for more than a decade understand what it means… crude oil price downturn ( probably by 2025-2026), mass layoffs offs, people running out in fast pace= real estate downturn)- cyclical industry and economy in AB.
