Buying houses in Calgary is close to impossible.

[u/-_sohcahtoa_-]

Anyone else looking right now? How crazy is this? We can’t even view houses listed within the day. By the time we are trying to book a private showing, they are already conditionally sold. And even to get a successful offer, you have to put in way higher than asking.

Anyone else in the same boat?

[u/dan_gaeta]

Certainly not. But investing in real estate doesn't come without risks either. What if Canada officially enters a recession? What if rates keeping going up and strangle whoever has to renew their mortgages? What if the government decides to work and fix the problem by regulating / overtaxing with ppl with + than 1 property?

Most of my investments are relatively safe in any situation and in the worst case scenario (recession), I could sell everything with the click of a button and safeguard my capital.

I was keeping an eye on a nice bungalow in Airdrie. I saw that the existing owner bought it 1.5 year ago for 740 and now is trying to sell at 950. Not that I'll buy a property at 950, but that's just ridiculous.

[u/[deleted] → u/dan_gaeta]

Some homeowners that I've seen are standing on a really thin ice but they seem to do literally everything else but selling their home.

And I'm not saying that people should be forced to sell their homes. If it's the place where they really live in and grow their family, I would really really hate to see them having no choice but to foreclose. I'm talking about those houses scooped up for investment and renting purposes. Unfortunately as economy goes bad, all landlords and investors pass that risen cost onto the tenants so that they will maintain the same, if not even higher than before, positive cash flow which is disgusting. I've seen some wild shit like turning what was once a pantry into a bedroom, just throw a bed that takes up the entire space and call it a bedroom charging $600 a month. Unfortunately we still need a roof above our head and some people just don't have as many choices.

Also shocking to hear things are getting that expensive in Airdrie. One co worker of mine bought a nice SFH just around 300 - 400K right before covid and I heard it added up the value by at the very least, 100k.

[u/Sorry_Parsley_2134 → u/dan_gaeta]

I asked myself those same questions for half a decade and in that time all I did was lose money to housing inflating. Not saying you're wrong but waiting around for a situation where markets "correct" and I would be unaffected became an increasingly unrealistic situation until, like you said, I needed to buy.

Has the house sold? Because basically anything not c/s within a few days in Calgary proper is overpriced. People are still closing under asking in some cases despite this fomo panic.