Quote:
Originally Posted by Danma
This is a fantastic thread that we've got here... one thing I'm finding interesting is not just where people moved but when they did it. I went shopping in spring 2006, and my house cost nearly $300k. The same house, 18 months earlier, sold for $190k. Had I been in a position to buy even 2 years earlier I believe I would either have a larger house or live much closer to downtown. I work in Ramsay and back in 2001 a house in the area for $130k was common; Nowadays there are old shacks literally falling apart selling for three times that price (or more).
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P.S. What would get me into an apartment condo? Three bedrooms!
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I purchased in '97 for $120K. In ten years, the value tripled, with a slight pull back from that currently. I only wish my wages had tripled!
I cringe at how far most young people are willing to extend themselves to get into a house. But CHEAPER alternatives if you want three bedrooms and are planning on having a family - limited in Calgary. I'd note that as a group we are evenly split between inner and outer city choices, with a majority preferring the inner city if price was no object. I'd also note that most of us strongly prefer a house.
Frankly, if apartments are going to really take off in Calgary, houses need to get even more expensive and/or the commutes needs to get worse. Since we are building ring roads and LRT out to the 'burbs, we are left with more expensive houses. Apartments need to get better too - not in height, fancy amenities, or superior finish. Those things are for DINKs AND SINKs who have extra money to afford on those things. Apartments need focus on basic value, like 3 bedrooms, children's private play area, in - apartment laundry, schools within walking distance, enough square feet for two kids and two parents without feeling like you're in a rat cage, and a bunch of other things I'm probably not thinking of being a SINK myself.
The PRICE is everything. If you can get a 3 bedroom apartment for <$300K, versus a starter home for >$500K, people will have to buy the apartment, no matter how much they want a back yard.
Apartments need to offer such features in the inner city, not out in Royal Oak. I don't know how you get buildings like that built in the inner city - right now it caters mostly to the upscale singles - I'm sure mostly due to land value and lack of child-amenities nearby. I'd say the best Calgary can do is to go forward with Planit, and encourage TOD near LRT, and restrict the R1/R2 zonage, including the towns surrounding Calgary. We can't be too restrictive - we are still competing with other cities, but it certainly would be nice to be taking the lead in building a compact city for a change.