We talk to a lot of sellers on a daily, weekly, and monthly basis and the question that seems to come up a ton is the state of Alberta and the effect it has on Real Estate. This is our opinion of the marketplace, comment below with your thoughts.
Video transcription:
Hi there, this is Dean here from ASAP House Buyers in Calgary. I am recording this short video because one of the things we keep being asked is “what is the market like in Calgary?”.
The easiest answer I guess is “it depends”.
I mean basically it depends on the property type and location: single-family homes that are well-priced are still selling but there’s lots and lots that’s sitting vacant, and people in Alberta know that the last 3, 4, 5 years have been tough and that’s affected pricing so we’re seeing a lot of people that bought 4 or 5 years ago that purchased at a price that was way up here, they put 5% down for example, and now they’re seeing their value down here. And they have no equity. To the point where, to list with a Realtor wouldn’t make sense for them because they would actually have to pay out-of-pocket to pay the realtor fees or the bank or both quite honestly.
Investment properties are in demand, Alberta is on sale!
There’s a lot of people and/or companies that are coming in and buying, I mean half of downtown is vacant and there are companies seeing long term but we don’t know how long it will take for the market to change.
Condo’s: there is a huge overbuild situation, I mean these are projects that we lined up long before the recession and once they get too far in they are more or less pot-committed and so there’s going to be a lot of excess condos in the market for quite a while.
So at the end of the day people are asking “what’s going to make my house sell in Calgary” Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out. At the end of the day people are people right? You, or I, or any buyer is really looking for the same things: they want a good neighbourhood, they want Access to Transportation, shopping, good schools, close to work, etc. I mean those are the properties that are selling because it is solving somebody’s problem. Maybe they got a new job and they want to be closer to it, maybe their kids couldn’t get into the school they wanted so they are moving to be closer to that.
Buying a house right now is a luxury, buying a house is typically only happening if they if they need to, not necessarily just want to. You aren’t hearing a lot of people say “Ah, you know I just want more space.” Most people are just waiting that out. Now don’t get me wrong, there are those that can still make those changes and for those people it’s a great time to buy – one hundred percent – it’s definitely a buyers market.
I don’t know if that helps anybody out there but just with the amount of questions that we’ve been getting it’s just going to be easier to send over this video link somebody can watch that. And I hope that answers some of your questions, but if it’s still confusing you can absolutely give me a call anytime – I give everybody my direct number which is 403-613-8119. You can also reach me at dean@asaphousebuyers.ca . But we are happy to be problem solvers to whatever situation when people call or email or text or reach out.
We want to get as much information as we can and just give you a solution, hopefully a couple solutions, but we want to give you what your best solution is. And if that best solution is….even yesterday I told someone their best option was to “stay in your house. Don’t sell, wait 3, 4, 5 years until the economy improves and then you won’t be in this situation”. If that’s the best thing for you, then that’s what we want.
So with that I’m going to sign off but as I said if you need help with your property: if there’s a foreclosure, if there’s a divorce, if there’s any kind of situation we would be happy to help. Okay, thanks so much guys, and have a great day!
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