That is exactly same kind of condo in same builing rent is $1600/month but buying price is 364K.


http://www.rentfaster.ca/listingview.php?listingID=10738
Address: 10 Discovery Ridge Close SW Calgary, AB
Property Type: Condo
Monthly Rent: $1600.00
Square Footage: 1100
Year Built: 2005
Bedrooms : 2
Bathrooms : 2


MLS®: C3325480 (For Sale:$364,900)
Location : 10 Discovery Ridge Close SW Calgary, AB

http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fMode%3d0%26Page%3d1%26vs%3dResidential%26ret%3d300%26sts%3d0-0%26beds%3d2-0%26baths%3d0-0%26aid%3d4834%26MapURL%3d%253fAreaID%253d6401%26mp%3d0-0-0%26mrt%3d0-0-4%26trt%3d2%26of%3d1%26ps%3d10%26o%3dA&Mode=0&PropertyID=6986775

Interior Floor Space : 1032.27 sqft
Built in : 2005
Title : Condominium
Location : 10 Discovery Ridge Close SW Calgary, AB
Bedrooms : 2
Bathrooms : 2


Is it a good investment?

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Calgary Data Last Updated May 16, 2008
Total Properties 15692 - Res 9833 - Condo - 4240 Acreage - 962

This is with a population of 1.2 million people.

Not the kind I will invest in.

I don't know abt Calgary market, but given these numbers, it will only be a matter of time before the market finds a balance - either the rent will go up or the prices will come down.

http://langley-financial-planning.blogspot.com/

I sat back today and assessed how my personal housing situation has changed in the past few years. My wife and I bought a condo in 2004 for a reasonable price that made our mortgage payments plus strata and property taxes less than the cost of renting. We were happy with our purchase and paid down our mortgage quickly, starting with a 15 year amortization and making double payments until we sold the unit last August for nearly double what we paid.

Needless to say we were happy with the profits and would have gladly purchased a reasonable townhouse to accomodate our growing family but no such suitable unit was found after a fairly extensive search.

We are now renting a larger condo in a brand new smaller building and we enjoy our location close to work and amenities. Our cost of renting this unit is half the cost of purchasing on a monthly basis and we are socking away our savings for an even larger down payment once we find a suitable home at a reasonable price. This extra monthly savings combined with the earnings from our extracted home equity is very substantial by any account and make these renters quite satisfied with our lowly renting status!

Now I find myself at Vancouver Housing Bubble Ground Zero

The building we live in has 32 units and currently 20 of these units are listed on the MLS website. Yes, that is right, no typo - 2/3rds of the units in our building, including the one we rent are for sale at this very moment. My landlord was hoping for quick profits by flipping this condo and realizing no quick sale he franticly sought a renter to help cover his costs while trying to sell the unit. His asking rent was ridiculous but was easily bid down by 25% with some fairly convincing arguments and some stiff competition.

The parking garage is empty and we have watched the poor realtors hold open houses all spring long with no traffic and no bids. Reluctantly the sellers lower their prices by $2000 and $4000 at a time but still no takers. Nobody realizes the game is over yet and there are a declining supply of greater fools to buy mediocre houses at inflated prices.

I am happy with my spectator status. It is going to get real interesting so grab some popcorn and a cold pop!

http://njrereport.com/index.php/2008/04/09/tracking-realtor-spin/?ref=patrick.net


I think we are at level 4 or 5 somewhere:

4. “We are returning to more balanced markets between home buyers and sellers… We feel confident that housing is landing softly as rates continue to rise.” - David Lereah, NAR Chief Economist

5. “This is part of the market adjustment we’ve been discussing, with a soft landing in sight for the housing sector. The level of home sales activity is now at a sustainable level. Overall fundamentals remain solid…” - David Lereah, NAR Chief Economist

It seems GTA is not different than AB.

http://toreal.blogs.com/


Toronto real estate market continues downward trend:
Daily Sales Report -- May 30, 2008
Year Daily Month to Date Year to Date
East 2008 88 2,119 8,287
East 2007 118 2,392 9,451
Change -25% -11% -12%
West 2008 146 3,430 13,437
West 2007 165 3,816 14,873
Change -12% -10% -10%
Central 2008 78 1,532 6,073
Central 2007 97 1,858 7,079
Change -20% -18% -14%
North 2008 77 1,831 7,019
North 2007 101 2,145 8,111
Change -24% -15% -13%
2008 Total 390 8,912 34,816
2007 Total 481 10,211 39,514

Change -19% -13% -12%

I think mostly people are from GTA here so they can do better analysis.

--------------------------------------------------------------
About Residential ReSales in GTA in 2008:

Feb.2008 sales decreased 11.2%
Mar.2008 sales decreased 22.2%
Apr.2008 sales decreased 7.3%
May.2008 sales decreased 16% avg.price $398,148
and inventory listings are up 15%.
Did anybody see the thousands signs on Houses “For
Sale By Owner” in NorthWest Brampton?
“And still in this situation and to date, it remains a sellers’ market,I think now that buyers have more
(expensive) choises on the Market”
said President of TREB, Ms.O’Neill.
This Trend of sales shows that in 2008 will have about 79,800 sales or the same volume as 2003.
So the value of houses are the same as 2003.Period.
What’s mean market value? If the product is on demand than the price will going up (gold,oil,materials,food etc.). Unfortunatly about Real Estate Market in Canada is something different market and will be forever selers market?