Crosstown | 88m | 30s | Anthem

JonnyCanuck

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This project has been planned for almost 10 years. Anthem are a big player and obviously do not have confidence in the Calgary condo market at the present. I know their last project on Memorial Drive changed to rental after construction started but building purpose built rentals is not their business model.
It's too bad that people are just not buying condos in Calgary at least not in the inner city. Not sure why that is when rents for new apartments are upwards to $2000 a month. Why not put that towards a mortgage payment instead?
 

potatopizzafan

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This project has been planned for almost 10 years. Anthem are a big player and obviously do not have confidence in the Calgary condo market at the present. I know their last project on Memorial Drive changed to rental after construction started but building purpose built rentals is not their business model.
It's too bad that people are just not buying condos in Calgary at least not in the inner city. Not sure why that is when rents for new apartments are upwards to $2000 a month. Why not put that towards a mortgage payment instead?
I think its a chicken and egg scenario, prices have dropped, so people are scared to buy as they don't want to lose money on their investment. Then prices drop further because people aren't buying.
 

peopletalking

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This might sound dumb as hell but I'd rather wait to see this progress until the city gets their priorities sorted and finally fixes the intersection and train station at 25th and McLeod. The station is going to end up being elevated, if they wait they could do a better job at incorporating that factor into the development. Considering there 4 towers going up, and LRT across the street, there will without a doubt be a decent amount of transit users in the building.
 

UrbanRED

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This project has been planned for almost 10 years. Anthem are a big player and obviously do not have confidence in the Calgary condo market at the present. I know their last project on Memorial Drive changed to rental after construction started but building purpose built rentals is not their business model.
It's too bad that people are just not buying condos in Calgary at least not in the inner city. Not sure why that is when rents for new apartments are upwards to $2000 a month. Why not put that towards a mortgage payment instead?

It's because no one thinks they'll be in Calgary for the long term. That + people are doing poorly so they don't have enough money for a downpayment.
 

gsunnyg

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Condo insurance premiums have been skyrocketing across Canada. Plus with a condo, even if you pay off your mortgage, you'll still be paying $300-600 roughly on condo fees for as long as you own it, then you got special assessments every blue moon. All that still doesn't account for property taxes. The models so messed up that it makes single detached homes more lucrative to buy. You can instead get money to help pay for your mortgage by putting your single-detached home basement up for rent. Then comes the part where condos aren't selling and have hardly had any price growth for investors and long term home buyers.

I hate how financially unattractive it has become to own a condo. Something needs to be done about it. I'd like to buy one soon as well and put it up for rent but then sometimes I second guess myself and think it's probably a better idea to buy a small detached home. At least the land value will grow.

This project has been planned for almost 10 years. Anthem are a big player and obviously do not have confidence in the Calgary condo market at the present. I know their last project on Memorial Drive changed to rental after construction started but building purpose built rentals is not their business model.
It's too bad that people are just not buying condos in Calgary at least not in the inner city. Not sure why that is when rents for new apartments are upwards to $2000 a month. Why not put that towards a mortgage payment instead?
 
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gsunnyg

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This might sound dumb as hell but I'd rather wait to see this progress until the city gets their priorities sorted and finally fixes the intersection and train station at 25th and McLeod. The station is going to end up being elevated, if they wait they could do a better job at incorporating that factor into the development. Considering there 4 towers going up, and LRT across the street, there will without a doubt be a decent amount of transit users in the building.
Does seem like a good idea but I can't think of a single development integrated well with an LRT station in our city outside the Core, so what makes you think that'll change? I don't think developers care and the City doesn't put enough emphasis on design so we keep getting crappy TODs like the new BMO center which could have done an incredible job to integrate the development with the Ctrain station by putting retail at ground level and maybe some affordable housing units on top (or at least engineered for some if future funding came up). Instead, we're getting a giant grey wall with some landscaping.
 

JonnyCanuck

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UrbanRED

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They can't be moving away in great numbers. If not buying, young people are continuing to rent purpose built apartments that are popping up all over the place. There have been thousands of new units on the market in the last 5 years.
The rental market is fine because of reason #2: people are doing poorly so they don't have enough money for a downpayment.
 

Travisty

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I know this isnt the right thread but so be it. Calgary is the fastest growing metro (1M+) in the country even in these economic times. Still the youngest city. When immigration opens after Covid, immigrants are going to continue to choose Calgary over places like Toronto and Van in per captia margins. Its cheaper to live with lower taxes, safe, clean and a good place to raise a family compared to other metro options.
 

outoftheice

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The rental market is fine because of reason #2: people are doing poorly so they don't have enough money for a downpayment.

Or, as is the case for many of our friends, they have the money for the down payment but they have too much career uncertainty right now because of Covid and what's going on in the oilpatch so they're hanging on to their cash for now. Once the uncertainty clears and they're still working, they'll pull the trigger on purchasing in short order.
 

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