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Record new construction raises red flags in Canada

By tovarichpeter following x   2015 Jul 23, 9:08am 445 views   4 comments   watch   sfw   quote     share    


More than a quarter of Canadian construction industry professionals told a new survey by London-based Royal Institute of Chartered Surveyors they were worried that Torontos housing market was at risk of a price correction because of high levels of new home construction. Half also pointed to Calgary as a market where the level of residential construction threatened to outstrip demand amid falling oil prices, putting home prices at risk.


1   Feux Follets   ignore (1)   2018 May 15, 5:23am   ↑ like (0)   ↓ dislike (0)   quote        

Fast forward to May 2018 ! It's Calgary Once Again !

Why a whopping 6,500 condo units are being built in Calgary right now

Is there really a market for all of these condos? Who is going to buy them? Isn't Calgary supposed to be in a recession, with slow growth and high unemployment? Aren't people fleeing Calgary?

Turns out there are some solid reasons behind the condo boom.

Developers are not building for today, but for future demand.

It can take several years to get a condo project approved and then several more to construct. The planning, designing and financing of many of Calgary's current condo projects started several years ago, before the oil-price crash. It's difficult for condo developers to stop and start based on economic swings in our city's boom-bust economy.

Condo developers are betting Calgary's economy is on the rise — maybe not back to boom times, but toward sustained growth.

The necessary numbers

A quick check with the City of Calgary and it turns out there are, give or take: 15 condo construction sites in the city centre (building 2,253 new homes), 50 sites in developed communities (1,576 new homes) and 23 condo construction sites in the developing communities (2,693 new homes).

In addition to all this shovel-in-the-ground stuff, there are another 128 condo projects that have the necessary permits, but construction hasn't started yet.

2   Feux Follets   ignore (1)   2018 May 15, 5:30am   ↑ like (0)   ↓ dislike (0)   quote        

In January of 2017 this story.

Hundreds of new condos sit empty in Calgary. Hot 2014 market spurred building boom but the 2 years that followed have been anything but.

Real estate numbers show hundreds of new condos in Calgary are sitting empty.

The Canada Mortgage and Housing Corporation (CMHC) says about 1,500 newly built housing units sat vacant across the city last month and more than 800 were apartment-style condos.

Many of the empty condos were planned during an earlier boom, said Matthew Boukall, a senior director with Altus Group, a real estate advisory company.

"We're actually just seeing the natural progression of the market," he said.

3   Hassan_Rouhani   ignore (2)   2018 May 15, 6:28am   ↑ like (0)   ↓ dislike (0)   quote        

No problem: they can have our homeless to fill these empty houses.
4   APOCALYPSEFUCKisShostikovitch   ignore (30)   2018 May 15, 6:56am   ↑ like (0)   ↓ dislike (0)   quote        

Everybody in the world wants to live in a freezing hellhole in the middle of Alberta - or at least every PRC Army officer trying to expatriate stolen millions.

The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available

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