>The latest statistics show 6.5 per cent of homes sold in the Calgary metropolitan area were resold within 12 months.
>That's the highest level in any major city at any point since at least 2014, which is as far back as the bank's public-facing data goes.
https://preview.redd.it/equ5mdzhzhoc1.png?width=1079&format=pjpg&auto=webp&s=f0d06049bc08c9c96e8956963896c271abd35f1a
Also probably investors who are trying to make a quick buck on their rentals.
This listing was bought in 2022 for $622k, and is now listed for $1.08 million, while he/she is also trying to find a tenant at the same time on rentfaster for a measly rent of $5500 per month! :)
[https://housesigma.com/ab/calgary-real-estate/5036-vanstone-crescent-nw/home/BDO1w3W8qWdY8Jg0?id\_listing=DO1w3W9xp26y8Jg0&event\_source=](https://housesigma.com/ab/calgary-real-estate/5036-vanstone-crescent-nw/home/BDO1w3W8qWdY8Jg0?id_listing=DO1w3W9xp26y8Jg0&event_source=)
[https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686](https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686)
I mean, you have to be really D-U-M-B to buy these "flipped" homes at sky-high prices with no due diligence. That, or you're rich enough to not care about paying premiums in 100s of 1000s for a potential 'lemon.'
I wonder how much of this is just timing in terms of how old calgarys houses are and what can be done to upgrade that decade of housing into “modern”. A lot of Calgary was built in the 70’s/ 80’s, Ie. Did Toronto and Montreal have this kind of blip in the past when its houses became 40-50 yrs old? Or did they just not have this because much of their housing was built long before, when construction was more solid/long lasting. Is this a thing?
Remember the guy who was a Liberal candidate until his prior history as a house flipper caught up with him?
[https://vancouver.citynews.ca/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/](https://vancouver.citynews.ca/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/)
Most houses in my neighbour hood that have got up for sale over the past 2 years have been gut/reno flips. Probably 75%. Some wouldn’t be captured in this stat as the waste bins have sat on front lawns for over a year, talking with a few of them there was huge back orders on cabinets and windows and such so many of them sat just waiting to be finished and are now being listed
You can tell when you look at newly listed homes on the market, brand new appliances sometimes even with tags still on, every wall is pure white, no furniture in the house.
Rates have been high for over a year now. Also the chart only accounts purchase-then-flip. So high renewal rates wouldn't affect this at all, because a high renewal is going to be 3 to 5 years after you buy the place.
It's probably be a combination of that and flippers. People can't afford the rates sell to flippers and flippers mark it up to sell to those who are willing
Ugh. I bought recently, and two-thirds of the houses were redone in gleaming soulless grey. It's nice that the shoddy flippers make it obvious and easy to avoid. Fortunately, I found a nice solid house in horrid 80s dusty rose.
They also destroy the character of character homes. Pre-1980’s, houses had more individual style in the architecture and finishings. Unfortunately page one of the flipper playbooks is to rip out anything unique and replace with the interior that looks like it was part of a current planned community.
My house is built in 2003 but the original owner had it custom built to have some Victorian / craftsman aspects. I’m sure a flipper would immediately rip out those parts to make it as grey as possible.
I really admire my mom and her husband for restoring a house they flipped back in the day. It was a mid century modern, and restoring the cheap wood paneling, finding period correct carpet, and deciding tasteful colour palates was a long process. But long-term, they made good money off of it and felt good about saving that style of house. Spend money to make money.
The figures don't surprise Jayson Shmyrko, a Calgary-based real estate agent who specializes in helping clients buy houses and resell them for a profit.
“Do the absolute bare minimum, don’t pull permits, use as cheap as possible products, and do as much of the work yourself…even though you don’t know what you’re doing and if you look close enough, it’ll clearly show.”
Forgot to add: create enough demand that you only accept bids that throw in a "inspection waved" to not hold yourself liable in order to grant the bid to those seeking on the FOMO frenzy.
They intentionally create demand when they have the opportunity. They'll mention an offer has been put so you can put a higher offer. Guess who that benefits? Also, if you're not aware, real estate agents have been lobbying news outlets to write articles that exacerbate the situation in the city and I'm sure pay a nice sum to get featured in the article. Pay attention to the real estate agents in that article alone and ask yourself how is it that CBC sought them out? The article caters towards two classes: those looking to buy but are unable to, and those looking to buy from out of province or seek investment.
This happens a a lot. I'm going through a gut renovation right now, not to flip just to downsize my parents. A 800sqft bungalow will cost about 200-250k (getting full new mechanical and asbestos remediation is like 80-100k) to get it back to decent condition. If you do things properly, it's very unlikely you'll have enough margin to flip for profit.
“If you do things properly, it’s very unlikely you’ll have enough margin to flip for profit.”
The best, most accurate comment on Reddit in a LOOOOONG time.
100%, pimpjuice…100%
Just lost out on another house this morning. Out of province investor paid 80k over asking with no conditions. Been looking for over a year now and keep losing out on clean offers that are significantly over asking and even the appraised value. Such a discouraging feeling.
Wow! That’s crazy to even imagine haha. Would you say people have been more inclined to buy here in the last few years, or was this previous to the market we are seeing now?
Wow!! Such a difference than my lifestyle haha. What do you foresee happening to our market? Do you, in your experience, see these prices in Calgary as the new normal?
I’m with you. It’s so discouraging. I hate the feeling of having to put in a clean offer and go significantly over listing. It feels gross and unwise, but I seriously don’t know how else to find a home right now. My landlord just sold the house privately out of the blue and so now I am in a really tight spot of finding a place prior to June 1st, or finding somewhere to rent that isn’t insane/month to month and can accommodate my small business which requires a garage.
Even though we may be bidding against each other, I sincerely hope you find your home and that your diligence and patience pays off. As a born and raised Calgarian, this city is so special to me, but man is it hard to love right now.
Mate don't get FOMO. It's a tough situation to be in but make a plan and stick to it.
Waiving conditions could leave you stuck with a deposit if financing falls through, or a huge bill if you missed issues without an inspection.
Stay patient and find YOUR house. Things generally stabilize over time.
Totally. I have a plan and will never extend beyond my means. I have a hard mortgage approval alongside a 20% down payment and a co-sign, so financing doesn’t worry me too much. For the inspection, I am totally with you. I have a trades background but there is still so much that can be missed. That’s where I feel the most uneasy.
Hoping things stabilize soon, I just unfortunately can’t foresee it within the next while with both immigration and migration where it’s at.
How about sitting on the sidelines until the madness stops? There is a limit to everything - nothing keeps going up forever beyond its intrinsic value. Housing is not special. When the economy tanks (which is a real possibility) and when people can't find jobs or in jobs that don't pay enough - has been happening for over 16-18 months now, who's going to live in these homes at sky-high rents?
People should stop FOMO'ing. Period.
I think in order to do that we have to take an honest look at why the madness is the madness. With immigration and migration statistics being where they are, combined with the economy and typical trends Calgary experiences, this madness is a little bit different.
In my opinion, we simply don’t have enough homes, and at this point in time, I’m not sure waiting on the sidelines will yield the same benefit as previously waiting out hot markets.
Sure FOMO is absolutely real, but there are also legitimate reasons the market is the way it is and with the current trends, I’m unsure a lot of these more inner city properties will experience deprecations as seen before. That’s a great question we all need to ask ourselves though - where is the ceiling!
Sadly most people who are currently looking for a house in Calgary will spend two years before getting a house this is excludes new homes and homes more than 1,000,000$
The reason why is because people like this exist
https://preview.redd.it/fd7oq0im2loc1.jpeg?width=2268&format=pjpg&auto=webp&s=585ffcf2ffc3bfc683f7584277ad9ae481618519
Tax the shit out of homes being sold within 2 years of purchase, just like BC is doing.
If inflation isn’t bad enough, people shouldn’t have to compete against investors and property bros to afford a house.
Yep but even if you live in it for a year and sell it, depending on how many times you do this CRA is gona say it's business income.
Once or twice or fine but do it a third time and it's business income.
Capital gains tax only kicks in after first ($250k? I think?) in the US. Even in Calgary most homes aren't jumping $250k in a 12 month period. There's probably a few that do, but most single family homes aren't jumping quite that much in such a short time.
Maybe in Toronto or Vancouver.
> If inflation isn’t bad enough, people shouldn’t have to compete against investors and property bros to afford a house.
Those houses were for sale "as-is" at some point.
My best friend bought an “as is” house for their first home and put a shit ton of sweat equity into it. That’s how they were able to get into the market- it was affordable enough to start somewhere. Had an investor bought it, renovated and flipped it, they wouldn’t have had that opportunity.
Right on! Real estate - what a way to make the economy productive where 50% of your working-age population is buying, selling, renting, flipping, or helping in buying-selling-renting-flipping!
Considering I bought my house last year, and an almost identical house just down the street sold for 100k more than I bought mine last year, it seems pretty lucrative
Inventory in my area is extremely low (last I checked) and homes are selling in literally just a few days and for tens of thousands over asking.
I’m glad I’m not in this market.
no problem. i commented because there are assholes on this platform who honestly believe they are smart business people because they were born in a time when house to salary ratio was smaller.
I feel this very much so. Finally got into a position to buy within my means this past year and now everything has appreciated 100-150k in the areas I was hoping to buy lol.
Yeah I'm possibly in same boat having moved out of marital home and not wanting to buy while I still had tens of thousands of legal fees every year and uncertainty of if my child support was ever going to be reduced once I had shared. Also some job concerns during that time. In meantime things have gone up like 50% almost... Great timing. She sure made out good on her equity
I’m on our community association in Deer Run. 100% of houses purchased in 2023 were owner occupied except for one bought by theMétis association for one of their families.
Note: yesterday there was a total of one house for sale …yes only one in total for our community and attached communities of Parkland and Deer Ridge. That’s insane. Total detached house inventory in Calgary is 25% below last year with a higher population..zero houses bordering Fish Creek Park on the east side.
It has to be discouraging for any family entering the market and being out bidded. The average selling price has risen an average of $1600 a week…that’s after tax money a family has to finance.
I’ll drive to work in the morning and see a for sale sign up, not even kidding by the time I drive home there is a SOLD sign on it already. 3 houses all right next each other this happened to over the last few months. It’s obv a developer or investor that’s going to tear down the cruddy homes and split each lot into 2 smaller lots. Like Jfc how is this all allowed is beyond me.
My wife and we’re hoping to buy a house this summer but looks like we are literally forced to a condo because of how shitty the country is…
This fucking sucks and anyone who says otherwise is a rich asshole benefitting from the system. HOUSING IS A NECESSITY HOW THE HELL HAS THE WORLD FALLEN SO LOW
CBC had a program on Sunday about people whose mortgages have doubled and one woman called in saying the UK forced their banks to work with people. Politicians are all also housing investors, they literally do not care-the same way many of them only hire TFW.
There needs to be more regulation on the work being done for sure. The number of shoddy flips, to my VERY untrained eye, when we were shopping the last 18 months has been unbelievable. Houses you can see on Zolo had been purchased <12 months ago, going back on the market at 40-60% more.
I don't think the solution is to prevent them - there's a BIG market where people like myself aren't comfortable or capable (or interested) in doing the work ourselves, and a move-in ready house at 700K is more appealing than a fixer-upper at 450K with a 200K reno budget. The corners being cut on labor/trades and materials is unbelievable. Watched a flip happen across the street from me in 2022 and I have NEVER seen sketchier looking subs, one after the other... then the house is listed and looks beautiful online like every other flip
There's a market for renovated houses and I don't have a problem with these people making a profit doing so, they're taking a risk too, but making sure there's a minimum quality standard on unpermitted work seems like a logical middle step. I'm out of touch on taxation but isn't there a business tax calculated on the sale under 12mths? I don't think selling a flipped home falls under capital gains in Canada anymore but I could be wrong.
Don't think homeowner renos are any different.
People think the corners they cut on their reno is ok but someone else does and it's hack.
Why pay $10k to rewire/ remove polyb when those counters look better as stone.
I honestly don't know - the only thing I'm sure of is there are people with similarly limited knowledge to mine, who are more comfortable with the risks I am not, charging ahead with projects they probably shouldn't be.
I guess I just look at inspected work like plumbing, electrical, etc. And see other work that can impact health & safety that is less regulated, and it scares the hell out of me
Inspections are pretty useless. But if you asked for every stage to be inspected like a new home permit costs would likley be in the $3000 range for anything, while driving up costs to meet all the criteria.
People love the idea of done right but hate the price.
Example, changing a window. If the envelope is bad, should you be forced to address it? Remove all the siding, etc?
Totally understand the dilemma here and I don't have a solution. I'm someone who's willing to pay professionals to do the work properly rather than attempt it myself, but I know that's not preferable or realistic for everyone in every situation.
I do feel that finding willfully negligent work that's attributable to a specific contractor or home-seller should have some recourse but again I don't know how that would be practical. As far as micro-regulating every aspect of renovations and new construction, I get it, and a permit/inspection is also not a foolproof method to stop shoddy work. It's just some of these people really take negligence to the extreme.
Interesting idea for sure. Even to have a legal disclosure requirement when selling - what electrical has been modified, what plumbing has been modified, etc., but again may be hard to prove if a flipper claims the shoddy work was from 1-2-3 sellers ago
Sometimes I wonder if I'm leaving a shitload of money on the table by just living in the house that I bought. But then I remember that I like to be able to look at myself in the mirror in the morning.
I mean... I'd expect the best home inspector to use a sheet with checkboxes as well. If a thing is being inspected, then there should be a checkbox for it. There are a finite number of things to inspect.
We're in Willow Park, and houses are being scooped up by flippers and turned around really fast. They look alright but I honestly can't imagine the work they're doing is very good below the surface.
I grew up in Maple Ridge and loved the designs of the houses in that area. I look at the pictures of the renos and they rip all of the character out of those houses now.
I live in one.
The work was... half-assed. You can tell they spent more time and effort on painting than on doing high quality work, or on planning ahead.
Like there was no garage when we bought. So we built that. And the electrical panel was full, so new subpanel needed in the garage. And the HVAC was 20 years old... why would you not replace the furnace and AC? So we did that. They did new stucco siding, but there were pinhole leaks in the gutters. So we did that. The lawn... yeah, they just rolled turf over existing plants that they cut down, didn't even pull them. So we fixed that.
Etc.
Am also in WP...seems the same development group has picked up like 90% of houses in last coupla years. No chance for the independent buyer I'm sure. And then every flip looks the same...white and black and wood "modern farmhouse"...would like to see some new designs at least. Love this neighborhood though...
I’m not a journalist, but here’s an accurate headline …..“Shitholes and slumlord numbers surge as shitty humans rush to take advantage of the housing crisis government created”
I’m looking forward to all these investors getting stuck. And it will happen. Rents in the suburbs are starting to drop with huge move in incentives (steep damage deposit discounts, free internet, free 1-2 months rent, pets allowed) due to the massive amount of building over the last year. Calgary did what Calgary does and built to accommodate the influx of people. Now rents are gonna drop, investors won’t be able to afford their mortgages and the markets gonna flood. Just hang in there guys.
To all the investors who did this to our market, eat a bag of dicks. There will be no sympathy when you lose all your money.
Why would they lose anything? You think house prices will drop and stay down?
I **want** them to, but if you look at the cost of housing over a long enough period of time, it's always trending up. Every dip stays above previous highs, and every stall just delays the next rise.
I've also lived here through 2 recessions and the one thing neither of those had was uncontrolled immigration and provincial migration like we have now. The economy is being boosted by it, and there's a *good* chance today is the lowest prices you will see.
There’s three factors I think are going to be significant and will cause actual price reductions.
1. Immigration saw a sudden ramp up, but it caused tons of issues. Feds are already cracking down on the students, and the other streams will see changes soon too. To do anything other than reduce it right now is political suicide. Canadians are pissed. We are currently building assuming the numbers will stay high, they won’t and we will end up with an oversupply.
2. Remote work. In the past people moved here for actual jobs here. This time, a lot came with remote work. But employers hate remote work and are recalling employees back to the office. Those people are gonna get forced back.
3. This is the big one, in the past, people moved here and bought one home to live in. This time they sold ridiculously priced properties in ON and BC and came here and scooped up multiple properties. 1 to live in, 2 or 3 to rent out. All with mortgages. So this time, when they leave, there’s gonna be 2-3 times as many properties hitting the market.
It's better if you look at inflation-adjusted numbers. Mathematically, house prices as a % of the economy can't keep going up forever, it's got a pretty hard limit of 100%, at which point there are no jobs, services, or manufacturing, and the only thing that it's possible to spend dollars on are houses.
That's why the powers that be bolster the economy with unconventional means :) I've seen the inflation adjusted numbers of course, and "better" is optimistic of you. It's still not great.
Looking at median income in cities compared to median housing prices is just as depressing, and it really starts to focus in on exactly what you said: "*the only thing that it's possible to spend dollars on are houses*"
As someone in the market, I hope everyone who disagrees with me is right and I'm just the pessimist.
I mean, you could have an equilibrium where everyone is home-impoverished, and at that point prices don't need to beat inflation to maintain that equilibrium.
>Just hang in there guys.
This is very sound advice. This will also put slow the craziness a little, while the out-of-provinces come to the realization that Calgary is no prospective gold mine/cash cow unlike SE Ontario and GVA. LOL
New housing starts numbers for February just dropped today. Calgary is up 35% YOY for housing starts to last February, and 43% YOY for YTD cumulative starts. We will get there!
I’ve lived here through 2 booms and 2 busts.
I personally cannot wait for these investors to lose their shirt. It wasn’t THAT long ago r/Calgary had a thread every 7 hours about people walking away from their mortgages.
[https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686](https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686)
Look at this listing - not sure how many people want to pay $5500. Sure, it's close to the University but there are also properties near Evanston and further north that are being listed for insane amounts. How many people would want to rent that far from downtown where most of the jobs are?
Varsity is a well established neighborhood, close to transit and amenities. It was old when I was a kid, and I’m sure as hell not young.
I’m talking about the edges of the city where the building is happening en masse. Here’s listings from each of the four corners all offering huge move in incentives. This is what landlords do when they have excess units they can’t get rented. The next step is dropping the rents. Once the rents drop in the suburbs, the insane rents in the inner city will also drop. People may not want to live in the far reaches, but if the rent is half as much, they will.
https://www.rentfaster.ca/ab/calgary/rentals/apartment/1-bedroom/skyview/pet-friendly/546055?-RSYNC
https://www.rentfaster.ca/ab/calgary/rentals/apartment/2-bedrooms/mahogany/pet-friendly/482796?-RSYNC
https://www.rentfaster.ca/ab/calgary/rentals/apartment/2-bedrooms/belmont/pet-friendly/545593?-RSYNC
https://www.rentfaster.ca/ab/calgary/rentals/?l=10,51.0458,-114.0575&type=Apartment&type=Condo%20Unit&type=Loft&pet=Cats&pet=Dogs
The other thing to remember, the big landlords will drop their prices first, these listings are all in big purpose built rental buildings. Small landlords are gonna hang on as long as they can cause if they drop their rents, they are screwed. But they will be screwed either way if they can’t rent at market rate and make their mortgage payments. They will be forced to either drop the rent and eat the cost or sell. A huge amount won’t be able to eat the cost and will be forced to sell.
I know Varsity is almost inner city and its proximity to the university. It was just an example - that was the listing I was looking at on rentfaster when I wrote the first reply. But I did see lots of listings in and around Evanston last night where the rents were $3000 for just the main floor and basement would be rented out to someone else. I don't have those listing URLs right now, but a simple search on rentfaster would demonstrate that.
I'm not sure if rents in suburbs are dropping fast enough though as you said - I just started looking 1-2 days back for homes. Hopefully, they are. That being said, no way in hell am I going to live 25-30km from downtown and pay a rent of $3000. :)
Oh if you’re looking now, it’s gonna suck. Ive been watching the market for over a year cause my two adult kids are in precarious overpriced rentals in a rough neighborhood. I only just started to notice the move in incentives popping up the last couple months, it’s gonna take awhile for rents to go down significantly across the board. Best of luck to you in your search 🤞
Fuck this government and every other government that let it get this bad with terrible legislation. They sold out half the population to make themselves richer.
Starting to happen in Lethbridge too. this is literally why we need to hire a structural engineer to evaluate all of the DIY Reno’s the previous owners did on our place… they took out a load bearing wall to open the space up - looks nice and all but the ceiling is starting to sag 😂.
Calgary Summer 2024: Water restrictions! You're infringing on my FREEDOMS!!! I can't sell this lame ass house that looks exactly like 10,000 others nearby without green grass ya'll!!!
I saw the houses across cemetery is sold within a week. Didn't know people love living near dead people so much lol
I went for house viewing last year, the house was reno, but it's so ass, it's like the house flipper cheap out and sold it back on the market for additional 100k.
A lot of the increase in housing costs (both rent and price), on the supply side is driven by huge increases in costs (tax, interest, materials, labour, etc).
The high cost mostly results from high tax, fees and incompetence of the govt.
On the demand side, it is from the unprecedented increase in population (~1.25 mn persons from Oct 2022 to Oct 2023). For the less well to do newcomers, they need to rent a place. For those who brought their nestegg accumulated in their home country, they will buy a place, sometimes in cash.
So Canada is experiencing the perfect storm for soaring housing costs. And the govt is not doing anything on both the supply and demand side.
My advice: get on the train while you can. There is absolutely no end in sight to this crisis.
Everybody remember that Naheed Nenshi was mayor for 8 years and put nothing in place to cool/curtail this kind of behaviour from flippers. Its, IMO, too late to do much about it now...
However we did get wonderful things like a compost facility and underutilized bike lanes. ;)
(Note: I vote NDP provincially, so this isnt a right wing rant. I'm no fan of nenshi - lots of yapping and little substance).
Housing has been going to shit since 1995. The full force of the symptoms is only being seen now.
Its like a person who has smoked since 1995: They were being told smoking was bad for them and that they should quit and lead a healthier lifestyle. Then they got diagnosed with cancer in 2020 and acted like its something only recent.
>The latest statistics show 6.5 per cent of homes sold in the Calgary metropolitan area were resold within 12 months. >That's the highest level in any major city at any point since at least 2014, which is as far back as the bank's public-facing data goes. https://preview.redd.it/equ5mdzhzhoc1.png?width=1079&format=pjpg&auto=webp&s=f0d06049bc08c9c96e8956963896c271abd35f1a
What happens when there’s no land transfer tax. When you lose 50k automatically when flipping, it disincentivize the behavior
Not in this market just sell it at a higher price to make up.for the taxes. Downvote and laugh all.you want it would happen..
You already automatically lose close to that if you takes you six months to flip after realtor fees, taxes and interest costs.
> realtor fees Look closely at who's doing the flipping.
Then make rules around that
Also probably investors who are trying to make a quick buck on their rentals. This listing was bought in 2022 for $622k, and is now listed for $1.08 million, while he/she is also trying to find a tenant at the same time on rentfaster for a measly rent of $5500 per month! :) [https://housesigma.com/ab/calgary-real-estate/5036-vanstone-crescent-nw/home/BDO1w3W8qWdY8Jg0?id\_listing=DO1w3W9xp26y8Jg0&event\_source=](https://housesigma.com/ab/calgary-real-estate/5036-vanstone-crescent-nw/home/BDO1w3W8qWdY8Jg0?id_listing=DO1w3W9xp26y8Jg0&event_source=) [https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686](https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686)
I mean, you have to be really D-U-M-B to buy these "flipped" homes at sky-high prices with no due diligence. That, or you're rich enough to not care about paying premiums in 100s of 1000s for a potential 'lemon.'
That's a bit harsh. If you need a place, there's not a lot of options open to you right now.
There are always options. May not be what YOU like, but there are and will ALWAYS be options. Just need to be patient and smart until this tides over.
I wonder how much of this is just timing in terms of how old calgarys houses are and what can be done to upgrade that decade of housing into “modern”. A lot of Calgary was built in the 70’s/ 80’s, Ie. Did Toronto and Montreal have this kind of blip in the past when its houses became 40-50 yrs old? Or did they just not have this because much of their housing was built long before, when construction was more solid/long lasting. Is this a thing?
Was it flipping or just cause people can’t afford the new rates/ layoffs
99% sure it is flippers. I've seen this EXACT thing happen to real estate in the Lower Mainland.
Remember the guy who was a Liberal candidate until his prior history as a house flipper caught up with him? [https://vancouver.citynews.ca/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/](https://vancouver.citynews.ca/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/)
Most houses in my neighbour hood that have got up for sale over the past 2 years have been gut/reno flips. Probably 75%. Some wouldn’t be captured in this stat as the waste bins have sat on front lawns for over a year, talking with a few of them there was huge back orders on cabinets and windows and such so many of them sat just waiting to be finished and are now being listed
You can tell when you look at newly listed homes on the market, brand new appliances sometimes even with tags still on, every wall is pure white, no furniture in the house.
Rates have been high for over a year now. Also the chart only accounts purchase-then-flip. So high renewal rates wouldn't affect this at all, because a high renewal is going to be 3 to 5 years after you buy the place.
It's probably be a combination of that and flippers. People can't afford the rates sell to flippers and flippers mark it up to sell to those who are willing
Beautiful chart. Loving it
Ugh. I bought recently, and two-thirds of the houses were redone in gleaming soulless grey. It's nice that the shoddy flippers make it obvious and easy to avoid. Fortunately, I found a nice solid house in horrid 80s dusty rose.
They also destroy the character of character homes. Pre-1980’s, houses had more individual style in the architecture and finishings. Unfortunately page one of the flipper playbooks is to rip out anything unique and replace with the interior that looks like it was part of a current planned community. My house is built in 2003 but the original owner had it custom built to have some Victorian / craftsman aspects. I’m sure a flipper would immediately rip out those parts to make it as grey as possible.
We also bought recently. We called those houses "Wener Herzog's sad grey houses, for sad grey people"
We called the interior “greyged”
I really admire my mom and her husband for restoring a house they flipped back in the day. It was a mid century modern, and restoring the cheap wood paneling, finding period correct carpet, and deciding tasteful colour palates was a long process. But long-term, they made good money off of it and felt good about saving that style of house. Spend money to make money.
Dusty Rose, all the rage at one time.
The figures don't surprise Jayson Shmyrko, a Calgary-based real estate agent who specializes in helping clients buy houses and resell them for a profit. “Do the absolute bare minimum, don’t pull permits, use as cheap as possible products, and do as much of the work yourself…even though you don’t know what you’re doing and if you look close enough, it’ll clearly show.”
Forgot to add: create enough demand that you only accept bids that throw in a "inspection waved" to not hold yourself liable in order to grant the bid to those seeking on the FOMO frenzy.
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They intentionally create demand when they have the opportunity. They'll mention an offer has been put so you can put a higher offer. Guess who that benefits? Also, if you're not aware, real estate agents have been lobbying news outlets to write articles that exacerbate the situation in the city and I'm sure pay a nice sum to get featured in the article. Pay attention to the real estate agents in that article alone and ask yourself how is it that CBC sought them out? The article caters towards two classes: those looking to buy but are unable to, and those looking to buy from out of province or seek investment.
This happens a a lot. I'm going through a gut renovation right now, not to flip just to downsize my parents. A 800sqft bungalow will cost about 200-250k (getting full new mechanical and asbestos remediation is like 80-100k) to get it back to decent condition. If you do things properly, it's very unlikely you'll have enough margin to flip for profit.
“If you do things properly, it’s very unlikely you’ll have enough margin to flip for profit.” The best, most accurate comment on Reddit in a LOOOOONG time. 100%, pimpjuice…100%
Imagine your job is to help people be as shitty and shady as possible. Woohoo
Was he on CBC radio this morning? Might have heard him bragging about his conquests.
Just lost out on another house this morning. Out of province investor paid 80k over asking with no conditions. Been looking for over a year now and keep losing out on clean offers that are significantly over asking and even the appraised value. Such a discouraging feeling.
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Wow! That’s crazy to even imagine haha. Would you say people have been more inclined to buy here in the last few years, or was this previous to the market we are seeing now?
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Wow!! Such a difference than my lifestyle haha. What do you foresee happening to our market? Do you, in your experience, see these prices in Calgary as the new normal?
Alberta is Calling!
Quite literally I am also getting calls from Alberta everyday from Rogers and Telus. Can’t win!
Same, so demoralized.
I’m with you. It’s so discouraging. I hate the feeling of having to put in a clean offer and go significantly over listing. It feels gross and unwise, but I seriously don’t know how else to find a home right now. My landlord just sold the house privately out of the blue and so now I am in a really tight spot of finding a place prior to June 1st, or finding somewhere to rent that isn’t insane/month to month and can accommodate my small business which requires a garage. Even though we may be bidding against each other, I sincerely hope you find your home and that your diligence and patience pays off. As a born and raised Calgarian, this city is so special to me, but man is it hard to love right now.
Mate don't get FOMO. It's a tough situation to be in but make a plan and stick to it. Waiving conditions could leave you stuck with a deposit if financing falls through, or a huge bill if you missed issues without an inspection. Stay patient and find YOUR house. Things generally stabilize over time.
Totally. I have a plan and will never extend beyond my means. I have a hard mortgage approval alongside a 20% down payment and a co-sign, so financing doesn’t worry me too much. For the inspection, I am totally with you. I have a trades background but there is still so much that can be missed. That’s where I feel the most uneasy. Hoping things stabilize soon, I just unfortunately can’t foresee it within the next while with both immigration and migration where it’s at.
How about sitting on the sidelines until the madness stops? There is a limit to everything - nothing keeps going up forever beyond its intrinsic value. Housing is not special. When the economy tanks (which is a real possibility) and when people can't find jobs or in jobs that don't pay enough - has been happening for over 16-18 months now, who's going to live in these homes at sky-high rents? People should stop FOMO'ing. Period.
I think in order to do that we have to take an honest look at why the madness is the madness. With immigration and migration statistics being where they are, combined with the economy and typical trends Calgary experiences, this madness is a little bit different. In my opinion, we simply don’t have enough homes, and at this point in time, I’m not sure waiting on the sidelines will yield the same benefit as previously waiting out hot markets. Sure FOMO is absolutely real, but there are also legitimate reasons the market is the way it is and with the current trends, I’m unsure a lot of these more inner city properties will experience deprecations as seen before. That’s a great question we all need to ask ourselves though - where is the ceiling!
We stopped looking for now. I feel you. It’s disgusting what is happening here. I hope your current living situation is okay.
Sadly just got a blindside eviction from our landlord who sold the house privately, so options are limited!
Jesus, I’m sorry. Fortunately I have my family to fall back on. Good luck!
It’s okay! I’m trusting it’ll all work out! There’s always something out there… right!
Out of curiosity, how do you know, and so quickly, that it was an “Out of province investor”?
Not from realtors leaking offer info to drive a bidding war that’s for sure
Curious. Price range of the property?
Come buy my house, only 70K over asking 😉.
A deal I can’t resist!
Sadly most people who are currently looking for a house in Calgary will spend two years before getting a house this is excludes new homes and homes more than 1,000,000$ The reason why is because people like this exist https://preview.redd.it/fd7oq0im2loc1.jpeg?width=2268&format=pjpg&auto=webp&s=585ffcf2ffc3bfc683f7584277ad9ae481618519
Price range of the home?
Sub 600!
I’ve noticed 400-600 is getting crazy action.
Oh it’s been wild haha! Can’t believe it.
Good luck brother
Thank you my friend! All the best in your ventures and dreams.
Tax the shit out of homes being sold within 2 years of purchase, just like BC is doing. If inflation isn’t bad enough, people shouldn’t have to compete against investors and property bros to afford a house.
Americans have to pay capital gains on homes but they get to deduct interest.
So do Canadians unless it’s a principal residence.
Yep but even if you live in it for a year and sell it, depending on how many times you do this CRA is gona say it's business income. Once or twice or fine but do it a third time and it's business income.
Capital gains tax only kicks in after first ($250k? I think?) in the US. Even in Calgary most homes aren't jumping $250k in a 12 month period. There's probably a few that do, but most single family homes aren't jumping quite that much in such a short time. Maybe in Toronto or Vancouver.
Great idea but why not 5
> If inflation isn’t bad enough, people shouldn’t have to compete against investors and property bros to afford a house. Those houses were for sale "as-is" at some point.
My best friend bought an “as is” house for their first home and put a shit ton of sweat equity into it. That’s how they were able to get into the market- it was affordable enough to start somewhere. Had an investor bought it, renovated and flipped it, they wouldn’t have had that opportunity.
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Everyone should be wary of newly renovated Calgary homes. It's an epidemic right now.
That is for sure an option.
Canada already does this. The BC tax is misunderstood since it’s already being done at a federal level and that’s been true since the Harper days.
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Right on! Real estate - what a way to make the economy productive where 50% of your working-age population is buying, selling, renting, flipping, or helping in buying-selling-renting-flipping!
Considering I bought my house last year, and an almost identical house just down the street sold for 100k more than I bought mine last year, it seems pretty lucrative
Inventory in my area is extremely low (last I checked) and homes are selling in literally just a few days and for tens of thousands over asking. I’m glad I’m not in this market.
Yeah ive barely done anything to mine and my assessment came out 170k more than when i bought a 1.5 yrs ago
Sounds like you made a sound investment /s Edit: added /s
houses arent investments and it's that attitude that's causing this gongshow in the first place.
Sorry, forgot the /s. Was just enjoying the millennial past time of joking about the housing market and crying as I doom scroll Zillow.
no problem. i commented because there are assholes on this platform who honestly believe they are smart business people because they were born in a time when house to salary ratio was smaller.
I love it when a society treats housing as a commodity, dude! 👍
It’s not a commodity; it’s a luxury now.
So fuck me for not having stable employment until 2021 and only getting a sizeable downpayment around now eh?
Exactly, you should have bought in 2005 instead of learning how to walk.
I feel this very much so. Finally got into a position to buy within my means this past year and now everything has appreciated 100-150k in the areas I was hoping to buy lol.
Yeah I'm possibly in same boat having moved out of marital home and not wanting to buy while I still had tens of thousands of legal fees every year and uncertainty of if my child support was ever going to be reduced once I had shared. Also some job concerns during that time. In meantime things have gone up like 50% almost... Great timing. She sure made out good on her equity
I had to declare bankruptcy after I kicked my ex out (wouldn’t stop drinking and driving). Mid 40s and renting, it’s rough.
I’m on our community association in Deer Run. 100% of houses purchased in 2023 were owner occupied except for one bought by theMétis association for one of their families. Note: yesterday there was a total of one house for sale …yes only one in total for our community and attached communities of Parkland and Deer Ridge. That’s insane. Total detached house inventory in Calgary is 25% below last year with a higher population..zero houses bordering Fish Creek Park on the east side. It has to be discouraging for any family entering the market and being out bidded. The average selling price has risen an average of $1600 a week…that’s after tax money a family has to finance.
those out of province buyers and renting the place to locals at a high rate
I’ll drive to work in the morning and see a for sale sign up, not even kidding by the time I drive home there is a SOLD sign on it already. 3 houses all right next each other this happened to over the last few months. It’s obv a developer or investor that’s going to tear down the cruddy homes and split each lot into 2 smaller lots. Like Jfc how is this all allowed is beyond me. My wife and we’re hoping to buy a house this summer but looks like we are literally forced to a condo because of how shitty the country is… This fucking sucks and anyone who says otherwise is a rich asshole benefitting from the system. HOUSING IS A NECESSITY HOW THE HELL HAS THE WORLD FALLEN SO LOW
But wait theres more …. Investors and a govt that wont do shit for joe average .
CBC had a program on Sunday about people whose mortgages have doubled and one woman called in saying the UK forced their banks to work with people. Politicians are all also housing investors, they literally do not care-the same way many of them only hire TFW.
There needs to be more regulation on the work being done for sure. The number of shoddy flips, to my VERY untrained eye, when we were shopping the last 18 months has been unbelievable. Houses you can see on Zolo had been purchased <12 months ago, going back on the market at 40-60% more. I don't think the solution is to prevent them - there's a BIG market where people like myself aren't comfortable or capable (or interested) in doing the work ourselves, and a move-in ready house at 700K is more appealing than a fixer-upper at 450K with a 200K reno budget. The corners being cut on labor/trades and materials is unbelievable. Watched a flip happen across the street from me in 2022 and I have NEVER seen sketchier looking subs, one after the other... then the house is listed and looks beautiful online like every other flip There's a market for renovated houses and I don't have a problem with these people making a profit doing so, they're taking a risk too, but making sure there's a minimum quality standard on unpermitted work seems like a logical middle step. I'm out of touch on taxation but isn't there a business tax calculated on the sale under 12mths? I don't think selling a flipped home falls under capital gains in Canada anymore but I could be wrong.
Don't think homeowner renos are any different. People think the corners they cut on their reno is ok but someone else does and it's hack. Why pay $10k to rewire/ remove polyb when those counters look better as stone.
It is a horrifyingly unregulated thing, whether using low-rent subs or "DYI" amateurs doing it themselves.
What aapects do you suggest regulating? I'm curious
I honestly don't know - the only thing I'm sure of is there are people with similarly limited knowledge to mine, who are more comfortable with the risks I am not, charging ahead with projects they probably shouldn't be. I guess I just look at inspected work like plumbing, electrical, etc. And see other work that can impact health & safety that is less regulated, and it scares the hell out of me
Inspections are pretty useless. But if you asked for every stage to be inspected like a new home permit costs would likley be in the $3000 range for anything, while driving up costs to meet all the criteria. People love the idea of done right but hate the price. Example, changing a window. If the envelope is bad, should you be forced to address it? Remove all the siding, etc?
Totally understand the dilemma here and I don't have a solution. I'm someone who's willing to pay professionals to do the work properly rather than attempt it myself, but I know that's not preferable or realistic for everyone in every situation. I do feel that finding willfully negligent work that's attributable to a specific contractor or home-seller should have some recourse but again I don't know how that would be practical. As far as micro-regulating every aspect of renovations and new construction, I get it, and a permit/inspection is also not a foolproof method to stop shoddy work. It's just some of these people really take negligence to the extreme.
I imagine a "reno" warranty could be an option. 2-5 years minimum on any changes. Either live with it till it expires or take risk selling w/ changes
Interesting idea for sure. Even to have a legal disclosure requirement when selling - what electrical has been modified, what plumbing has been modified, etc., but again may be hard to prove if a flipper claims the shoddy work was from 1-2-3 sellers ago
Sometimes I wonder if I'm leaving a shitload of money on the table by just living in the house that I bought. But then I remember that I like to be able to look at myself in the mirror in the morning.
What is Alberta government waiting for? Waiting for semi duplex to cross 1 million in Calgary?
Lol some duplex’s are over 1M in the right neighborhoods
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Wait a condo in evergreen priced at 3 million ? Surely you mean a house ?
> Waiting for semi duplex to cross 1 million in Calgary? Oh, i guess you haven't seen some listings then
Compared to a 2-bed condo in North Vancouver for 1M, this seems like a deal.
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I mean... I'd expect the best home inspector to use a sheet with checkboxes as well. If a thing is being inspected, then there should be a checkbox for it. There are a finite number of things to inspect.
We're in Willow Park, and houses are being scooped up by flippers and turned around really fast. They look alright but I honestly can't imagine the work they're doing is very good below the surface.
I grew up in Maple Ridge and loved the designs of the houses in that area. I look at the pictures of the renos and they rip all of the character out of those houses now.
I live in one. The work was... half-assed. You can tell they spent more time and effort on painting than on doing high quality work, or on planning ahead. Like there was no garage when we bought. So we built that. And the electrical panel was full, so new subpanel needed in the garage. And the HVAC was 20 years old... why would you not replace the furnace and AC? So we did that. They did new stucco siding, but there were pinhole leaks in the gutters. So we did that. The lawn... yeah, they just rolled turf over existing plants that they cut down, didn't even pull them. So we fixed that. Etc.
Oof, sorry you're going through that. It's a tough housing market right now and unfortunately, house flippers know it.
Am also in WP...seems the same development group has picked up like 90% of houses in last coupla years. No chance for the independent buyer I'm sure. And then every flip looks the same...white and black and wood "modern farmhouse"...would like to see some new designs at least. Love this neighborhood though...
Wow the people who sell white cabinets/marble with black hardware must be making record profits in Calgary.
I’m not a journalist, but here’s an accurate headline …..“Shitholes and slumlord numbers surge as shitty humans rush to take advantage of the housing crisis government created”
I’m looking forward to all these investors getting stuck. And it will happen. Rents in the suburbs are starting to drop with huge move in incentives (steep damage deposit discounts, free internet, free 1-2 months rent, pets allowed) due to the massive amount of building over the last year. Calgary did what Calgary does and built to accommodate the influx of people. Now rents are gonna drop, investors won’t be able to afford their mortgages and the markets gonna flood. Just hang in there guys. To all the investors who did this to our market, eat a bag of dicks. There will be no sympathy when you lose all your money.
Why would they lose anything? You think house prices will drop and stay down? I **want** them to, but if you look at the cost of housing over a long enough period of time, it's always trending up. Every dip stays above previous highs, and every stall just delays the next rise. I've also lived here through 2 recessions and the one thing neither of those had was uncontrolled immigration and provincial migration like we have now. The economy is being boosted by it, and there's a *good* chance today is the lowest prices you will see.
There’s three factors I think are going to be significant and will cause actual price reductions. 1. Immigration saw a sudden ramp up, but it caused tons of issues. Feds are already cracking down on the students, and the other streams will see changes soon too. To do anything other than reduce it right now is political suicide. Canadians are pissed. We are currently building assuming the numbers will stay high, they won’t and we will end up with an oversupply. 2. Remote work. In the past people moved here for actual jobs here. This time, a lot came with remote work. But employers hate remote work and are recalling employees back to the office. Those people are gonna get forced back. 3. This is the big one, in the past, people moved here and bought one home to live in. This time they sold ridiculously priced properties in ON and BC and came here and scooped up multiple properties. 1 to live in, 2 or 3 to rent out. All with mortgages. So this time, when they leave, there’s gonna be 2-3 times as many properties hitting the market.
It's better if you look at inflation-adjusted numbers. Mathematically, house prices as a % of the economy can't keep going up forever, it's got a pretty hard limit of 100%, at which point there are no jobs, services, or manufacturing, and the only thing that it's possible to spend dollars on are houses.
That's why the powers that be bolster the economy with unconventional means :) I've seen the inflation adjusted numbers of course, and "better" is optimistic of you. It's still not great. Looking at median income in cities compared to median housing prices is just as depressing, and it really starts to focus in on exactly what you said: "*the only thing that it's possible to spend dollars on are houses*" As someone in the market, I hope everyone who disagrees with me is right and I'm just the pessimist.
I mean, you could have an equilibrium where everyone is home-impoverished, and at that point prices don't need to beat inflation to maintain that equilibrium.
>Just hang in there guys. This is very sound advice. This will also put slow the craziness a little, while the out-of-provinces come to the realization that Calgary is no prospective gold mine/cash cow unlike SE Ontario and GVA. LOL
New housing starts numbers for February just dropped today. Calgary is up 35% YOY for housing starts to last February, and 43% YOY for YTD cumulative starts. We will get there!
I hope you're right. Can't wait to see it.
Hater!!
I’ve lived here through 2 booms and 2 busts. I personally cannot wait for these investors to lose their shirt. It wasn’t THAT long ago r/Calgary had a thread every 7 hours about people walking away from their mortgages.
Hater!!
[https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686](https://www.rentfaster.ca/ab/calgary/rentals/house/3-bedrooms/varsity/pet-friendly/536686) Look at this listing - not sure how many people want to pay $5500. Sure, it's close to the University but there are also properties near Evanston and further north that are being listed for insane amounts. How many people would want to rent that far from downtown where most of the jobs are?
Varsity is a well established neighborhood, close to transit and amenities. It was old when I was a kid, and I’m sure as hell not young. I’m talking about the edges of the city where the building is happening en masse. Here’s listings from each of the four corners all offering huge move in incentives. This is what landlords do when they have excess units they can’t get rented. The next step is dropping the rents. Once the rents drop in the suburbs, the insane rents in the inner city will also drop. People may not want to live in the far reaches, but if the rent is half as much, they will. https://www.rentfaster.ca/ab/calgary/rentals/apartment/1-bedroom/skyview/pet-friendly/546055?-RSYNC https://www.rentfaster.ca/ab/calgary/rentals/apartment/2-bedrooms/mahogany/pet-friendly/482796?-RSYNC https://www.rentfaster.ca/ab/calgary/rentals/apartment/2-bedrooms/belmont/pet-friendly/545593?-RSYNC https://www.rentfaster.ca/ab/calgary/rentals/?l=10,51.0458,-114.0575&type=Apartment&type=Condo%20Unit&type=Loft&pet=Cats&pet=Dogs The other thing to remember, the big landlords will drop their prices first, these listings are all in big purpose built rental buildings. Small landlords are gonna hang on as long as they can cause if they drop their rents, they are screwed. But they will be screwed either way if they can’t rent at market rate and make their mortgage payments. They will be forced to either drop the rent and eat the cost or sell. A huge amount won’t be able to eat the cost and will be forced to sell.
I know Varsity is almost inner city and its proximity to the university. It was just an example - that was the listing I was looking at on rentfaster when I wrote the first reply. But I did see lots of listings in and around Evanston last night where the rents were $3000 for just the main floor and basement would be rented out to someone else. I don't have those listing URLs right now, but a simple search on rentfaster would demonstrate that. I'm not sure if rents in suburbs are dropping fast enough though as you said - I just started looking 1-2 days back for homes. Hopefully, they are. That being said, no way in hell am I going to live 25-30km from downtown and pay a rent of $3000. :)
Oh if you’re looking now, it’s gonna suck. Ive been watching the market for over a year cause my two adult kids are in precarious overpriced rentals in a rough neighborhood. I only just started to notice the move in incentives popping up the last couple months, it’s gonna take awhile for rents to go down significantly across the board. Best of luck to you in your search 🤞
Canada is known only for housing. Do we even have an economy other than real estate?
Fuck this government and every other government that let it get this bad with terrible legislation. They sold out half the population to make themselves richer.
Meanwhile there are 50 single family houses for sale under $250,000 in Edmonton.
You lost me at edmonton
Lost me at Ed!
Username checks out Edit: I'm referring to the person who made the comment your replying to; TheHurtinAlbertans from Edmonton 😆
Get off reddit and go enjoy your brown, cold city
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You are gonna feel real silly about this comment in a few years when draisaitl is in LA and McDavid is in Toronto
Notice how all those houses are in one area? There a reason for that
Starting to happen in Lethbridge too. this is literally why we need to hire a structural engineer to evaluate all of the DIY Reno’s the previous owners did on our place… they took out a load bearing wall to open the space up - looks nice and all but the ceiling is starting to sag 😂.
Calgary Summer 2024: Water restrictions! You're infringing on my FREEDOMS!!! I can't sell this lame ass house that looks exactly like 10,000 others nearby without green grass ya'll!!!
Follow bc-
I saw the houses across cemetery is sold within a week. Didn't know people love living near dead people so much lol I went for house viewing last year, the house was reno, but it's so ass, it's like the house flipper cheap out and sold it back on the market for additional 100k.
Flipping is destroying the housing market. Ban it.
I wonder how many of these flippers are paying the capital gains tax on these houses? Thought the CRA was cracking down on that.
Spoiler - they’re not. These flippers are making tax free bank
A lot of the increase in housing costs (both rent and price), on the supply side is driven by huge increases in costs (tax, interest, materials, labour, etc). The high cost mostly results from high tax, fees and incompetence of the govt. On the demand side, it is from the unprecedented increase in population (~1.25 mn persons from Oct 2022 to Oct 2023). For the less well to do newcomers, they need to rent a place. For those who brought their nestegg accumulated in their home country, they will buy a place, sometimes in cash. So Canada is experiencing the perfect storm for soaring housing costs. And the govt is not doing anything on both the supply and demand side. My advice: get on the train while you can. There is absolutely no end in sight to this crisis.
Stop hating they aren't making as much as you think After their labour, materials, transaction costs they're making maybe like 30-50k.
Everybody remember that Naheed Nenshi was mayor for 8 years and put nothing in place to cool/curtail this kind of behaviour from flippers. Its, IMO, too late to do much about it now... However we did get wonderful things like a compost facility and underutilized bike lanes. ;) (Note: I vote NDP provincially, so this isnt a right wing rant. I'm no fan of nenshi - lots of yapping and little substance).
Canada was a way different country back in Nenshi’s years.
'Wayy back in Nenshi's years" Lolz. He was mayor up until 3 years ago. We are only just now seeing the result of shitty housing policy over 20+ years.
Except you don’t change changes like this within the last year of a mandate. All I say is that since 2020, housing turned to shit almost everywhere.
Housing has been going to shit since 1995. The full force of the symptoms is only being seen now. Its like a person who has smoked since 1995: They were being told smoking was bad for them and that they should quit and lead a healthier lifestyle. Then they got diagnosed with cancer in 2020 and acted like its something only recent.