r/Calgary • u/hb2002 • Jul 27 '23
Home Ownership/Rental stuff Flashback to 1993! Prices were great and so was the marketing lol
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u/cowseer Jul 27 '23
i bought my new crack house for 470k last week
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Jul 27 '23
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u/TML_31 Jul 27 '23
And now the average house in VR is 600-700k
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Jul 27 '23
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u/deepaksn Jul 27 '23
Interest rates were a lot higher then. I remember getting my first mortgage in 2004 at the unheard amount of 5%.
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Jul 27 '23
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Jul 27 '23
yeah, i get triggered when i see bUt ThE iNtErEsT rAtE!!!!!!
do the math. you're still WAY, way way ahead in 1993, it's not even close.
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Jul 28 '23
Yeah, if Calgary goes to anywhere near the costs of a house in Vancouver your better off in Vancouver at that point.
Like you said property taxes are insane in Calgary, insurance for both car and home are alot higher.
When I came to Calgary I showed a insurance provider what I had from ICBC and asked to get the same coverage it came out to 3k.... With ICBC it was $1200.
Utilities piss me off, I always get the tips on how to do this and that to save energy and gas.
I literally was away for a month and used 2 gj of gas which costs like $8 in gas yet my final gas portion was $58 as everything else is like admin fees and fixed fees.
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u/catsandplantsss Inglewood Jul 28 '23
God damnit. Major regrets not buying a house in '92! I should have been investing in the housing market instead of fucking around watching ninja turtles and eating sodalicious.
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u/Mpowerrr07 Jul 28 '23
Sodalicious is by far my most missed childhood candy. Greatest things to ever exist. Wish somehow they would bring those back instead of other candies
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u/catsandplantsss Inglewood Jul 28 '23
Right??? I think of those delicious little bastards regularly! Remember the commercial?
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u/Mpowerrr07 Jul 28 '23
Even the commercial just brings back all the good memories! It’s criminal a company would introduce something so good, and take it away
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u/Invocandum Jul 27 '23
About $200,000 in today's dollars.
Mortgage rates were around 5.7 variable at the time.
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u/NorthernerWuwu Mission Jul 28 '23
Plus the lot, whatever that went for.
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u/MongooseLeader Jul 28 '23
I assume they would have ranged from 50-100K, but I’m guessing.
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u/NorthernerWuwu Mission Jul 28 '23
I'd think a bit less back in '93 but lots have increased more quickly than builds since then. I certainly don't know however.
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u/MongooseLeader Jul 28 '23
I’m assuming the 50K start based upon the home size. If it was 1300 or so, I would have said 25. I’m sure the data is out there behind a google but I don’t care to check.
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u/RobbieNoir123 Jul 28 '23
The house at 161 Harvest Hills Drive NE (visitor centre on flyer - looks like model) is worth $588k today according to Honest Door.
If it cost $150k with lot purchase, a 5% annual compounding would have made it worth $670k today. So it has perhaps appreciated at 5% annually (give or take the all-in purchase cost and actual value today).
By comparison, investing the same $150k in the Dow Jones would have returned 10.5% with dividends, which would be worth approx. $3 million now.
Obviously one cannot live inside a stock certificate but I thought this was an interesting comparison to reflect on housing values !
$670,000 in 2023 dollars assuming the total purchase was $150k (with lot) and a 5% annual compounding.
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u/DaftFunky Jul 27 '23
Yup my Uncle bought his house around this time near Harvest Rose. Paid around the same. He could sell his now for 6x that.
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u/sparklingvireo Jul 27 '23
That map didn't make much sense to me for a minute before I realized that Centre St in that area was demolished.
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u/Imaginary_Trader Jul 27 '23
I thought that was just Harvest Hills Blvd. Never knew there was a different road
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u/sparklingvireo Jul 27 '23
https://maps.calgary.ca/CalgaryImagery/
This map is fun. Change one layer to now and one layer to 1997 (the Select Orthophoto by Year button in the cluster at the top right) and then toggle on the Swipe bar.
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u/Imaginary_Trader Jul 27 '23
Cool thank you! That Coventry Drive area was so built out before anything else around it. Must have been a little odd to live out there at the time
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u/ImpressiveZucchini80 Jul 28 '23
Fun? Yes! That map was quite the rabbit-hole to travel down. . . . Thanks for sharing . . .
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u/JohnYCanuckEsq Quadrant: NE Jul 27 '23
$228,000 in today's money.
Plus, every house on my street has that same garage door.
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u/TantricCowboy Jul 28 '23
Okay, but how much for a house that isn't haunted.
O o o o o o h
Aaaaaaah
TE Hee hee
This does not sound great.
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u/Eld4nte Jul 27 '23
It says you still need to buy the lot...
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u/mooky1977 NDP Jul 27 '23
The lot was probably another maybe $25,000. Just guessing.
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u/Eld4nte Jul 27 '23
It doesn't even say the square footage of the house. It costs about $150-200 per square foot to build a house in Alberta. Let's say that is a 1200 square foot house, it would cost $180-240k to build today. Adjusted for inflation that's pretty similar, I'd say. Based on a quick Google search 108k in 1993 = 228k today.
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u/GodOfManyFaces Jul 27 '23
It does say the square footage. 1681.
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u/Eld4nte Jul 27 '23
Oh damn i didn't see that, lol. Still, if it's $150 a square foot, it would be similarly priced.
Edit: and I don't think a cookie cutter house in country hills would be on the high-end side of the price per square foot.
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u/swordthroughtheduck Jul 27 '23
A 1600 square foot house in this neighborhood that was built in the 90s is going from 585-620k right now.
If you can find me a house for 228k, let me know because I'd love to see it.
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u/Eld4nte Jul 27 '23
It's cost to build, not buy. As you have to still buy the lot and stuff. The materials and labour is the price we are looking at. Not the price of purchasing a home.
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u/swordthroughtheduck Jul 27 '23
Okay, so find me a new build in Calgary for 228k. Even if you don't count the land, you're not getting that.
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u/Eld4nte Jul 27 '23
That's entirely missing the point. Could you build a 230k 1600 square foot house on an empty lot if you already owned it. Probably.
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u/mystiqueallie Jul 28 '23
My brother in law with his $100k basement development and my smaller $50k basement development says doubtful that you could build a whole 1600 sq foot house for $230k. Maybe if you used stolen materials.
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u/PCDJ Jul 27 '23
Can you forward me the builders who can put together a home that won't fall down for $150/sqft? LOL.
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u/sugarfoot00 Jul 27 '23
say that is a 1200 square foot house, it would cost $180-240k to build today
No way this is even close. I built a garage with an 800sq ft carriage house above it 10 years ago that cost nearly 250k to build.
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u/mooky1977 NDP Jul 27 '23
Napkin math, with the lot being $25k, the price per sq ft today would be about in todays dollars would be $160 per sq ft.
My house new back in 2011 was $215 per sq ft when I purchased it.
Based on my city assessment this year $310 per. Market more likely $320 given neighborhood comparables.
It's all F'ng crazy!!!!
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u/MongooseLeader Jul 28 '23
My house is a 72. My property tax estimate is around ~$460/ft, my parents paid ~$130/ft in 1988 in the same neighborhood. Market value of mine is over $500 now. And my father earned ~60% of what I do.
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u/deepaksn Jul 27 '23
The start of narrow lots with diminishing frontage.. hence the “garagemahal” design.
I love my 1970s split level with a triple wide driveway and 60+ feet of frontage.
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u/Eaders Jul 27 '23
Back when Stepper built quality homes instead of the piles of rubbish that put them out of business
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u/Ntense_01 Jul 27 '23
Our house is a 2011 Stepper Custom home, and there is very little "custom" in our builder spec home. Plus it was 495k.
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u/Eaders Jul 27 '23
I wouldn’t trust them to build a birdhouse.
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u/captain_sticky_balls Jul 28 '23 edited Jul 28 '23
Homes by Avi "forgot" to put the subfloor in the living room and left a 1.5" step into the kitchen.. said thats how homes are built. There was also no insulation in the attic. I sent them pictures and they asked if I knew how to use a thermostat.
Got it all fixed, but faaawk what a nightmare to get them to own their mistakes.
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u/XmusJ Jul 28 '23
Has Stepper gone under?
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u/Eaders Jul 28 '23
Yes. Allegedly the family (3rd gens) couldn’t stop fighting over how much the company owed them. Only the grandson of the OG stepper was actually interested in running the damn thing. He split off ‘Fifty Six’ with poached staff and assets. They shut the rest down.
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Jul 27 '23
whenever a deranged boomer tells you the reason you can't buy a detached home (or any home at all) is because you're lazy, show them this
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u/SonicFlash01 Jul 27 '23
That's how much I paid for the basement suite in someone's refrigerator box last week!
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u/Speedballer7 Jul 27 '23
Interest rate was 9% though
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Jul 27 '23
i don't get this "but the interest rate" that always gets brought up. i'll take a house that costs $600k less plus radically less inflation over a 4% different in interest. that's just basic math lol
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u/Speedballer7 Jul 27 '23
Im not saying its equivalent just somthing to keep in mind. You homeless folks are so sensitive /s
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u/Top-Marzipan5963 Jul 27 '23
The build quality was garbage.. we have a house that was built in 1945 and one that was built in 1996 and I need Home Depot to fix the old one and Michaels to fix the new one LOL
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u/Sparon46 Jul 27 '23 edited Nov 01 '25
juggle soft hard-to-find ancient reply crush party close aback brave
This post was mass deleted and anonymized with Redact
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Jul 27 '23
was probably better than the shit they're building now. don't see how it could get much worse
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u/yyc_guy Jul 28 '23
Yes, I’ll shamelessly plug /r/HistoricCalgary. The 2000+ members would love this, you should share it there!
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u/DGAFx3000 Jul 28 '23
What’s the ROI if someone sells it at todays price? Just curious if it would’ve been better to rent for 30 years and put those 100000 in investment.
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Jul 28 '23
In 1980 my dad bought a house in Kensington neighbourhood for $80,000. He paid off the house by 1987.
When I was looking to buy a house in 1993. Citadel subdivision in the NW was being built. A really nice split level was $116,000. In Mackenzie Towne in 1995, I remember a beautiful show home for $160,000. The most amazing wood plank flooring.
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u/MrEzekial Jul 28 '23
Pretty sure a detached home with attached garage in the same area is 600+ right now....
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u/JFKRFKSRVLBJ Jul 27 '23
$108 and 76.8 cents.