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Condo Crazy June 2, 2008

Posted by DustinRJay in Calgary real estate, condos, supply and demand.
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There are massive levels of new construction about to hit the condo market. There are a record 3,000+ condo units for sale in the resale market. This is relatively small in comparison to the whopping 20,000+ multi-family residential units that are in construction, approved or proposed for Calgary.

The following mosaic and slideshow was compiled based on condo construction due for Calgary.

Hat tip to Boris2K7 for providing detailed information on the Calgary Construction Forum.

Condo Crazy

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Comments»

1. Mike - June 3, 2008

Good Points – I enjoyed reading over your article, made sure to bookmark your site for future reference. Talk to you later.

2. Carioca Canuck - June 3, 2008

OMFG……!!!!!

20,000 units under construction !! I thought it was half that……wow !!

That is 40 months supply at the rate they are currently selling them at.

I assume that these projects have already sucked in final round of “investors” sufficiently to get the various banks to release funds for construction.

All I have to say is “Where’s the beach ?” There were 25,000 condos under construction at the peak of the boom in Miami. We don’t even have a beach.

Can you say “bloooodddbbbaatthh” boys and girls ?

3. watcher - June 3, 2008

Please how does one stop the automatic slide show. Or can you make the default setting “off” so that people have to click on it to start. Can you give readers a choice??

4. radley77 - June 4, 2008

I had desired to make the web application more interactive and less slideshowish (which it sounds like what you are wanting as well). WordPress currently only allows certain web applications to be used on their blogs, and this was the best one available I could find at the time. I found that if you want to scroll through the pictures in a more user friendly way, you can click on “View All Images.”

There is no default off setting at this time, but you can stop the the slideshow by clicking the stop button at the top of the slideshow.

5. Chris - June 4, 2008

I’ve read through your recent posts. This is some of the most intellectually stimulating analysis that I have read. One of the best blogs ever. On another note, I agree with your conclusions and the facts and data that you use to support them. Continue the excellent work.

6. Anonymous - June 16, 2008

i am seeing tons of office space”for lease” signs and also new office buildings, when there are no tenants for existing buildings, who is going to rent them? i guess the commercial real estate crashes before residential.

7. Anonymous - June 18, 2008

the condos in downtown area are already down by the price of $50,000 and if some one trying to buy , just be aptient and u get much better deal

8. Anonymous - June 28, 2008

$70,000 of a brand new condo in downtown. Thing is its still too bloody expensive. buying a condo in manhattan is cheaper

9. section31 - July 4, 2008

You can get much nicer units in Toronto’s downtown financial district. Calgary? Pass!

10. section31 - July 4, 2008

On another note; I have also noticed/heard that people are starting to pass on rural housing now because of the high cost of commuting (gas prices), it will be very interesting to see how the downtown urban condo market plays out in these next few years. If there lucky, perhaps they can defy the overall housing bubble?

11. Darrell - July 17, 2008

What is the real number? How many units on the market and under construction? Proposed it just that. If the condo market sinks the proposed amount will never be constructed.

12. radley77 - July 18, 2008

Total residential units under construction has doubled from ~8,000 to ~15,000 over the past 4 years. We now have some of the highest record units under construction. I have not heard of any condo projects being cancelled to date besides Lausanne/Montrex (rumour). And although I believe at this stage a lot of condo projects should be cancelled, the reality is that at the height of the boom in 2006 and 2007, many projects were already in their infancy… They likely acquired land in 2006, designed in 2007 and are building in 2008 and 2009. A lot of their financing has already taken place. The lag time for bringing MFH on stream is much larger than for SFH and once the majority of the capital has been committed and the majority of the sales been made there is no turning back.

You can see this graphically on Andrew’s blog:
http://www.andrewkyle.com/blog/2008/06/too-many-condos-too-few-buyers/

Arguably so, SFH has already corrected to demand, whereas the condo market is still soaring.

MFH should correct similarly to the SFH market (at least back to 2004 construction levels) but we are still seeing a lot of MFH in the pipeline. Projects will continue proceeding until margin levels drop, and proposed projects will continue going ahead until they deemed as unprofitable by the developers.

13. Steve - July 29, 2008

Watcher, Click the stop button.

14. Ken - November 30, 2008

I told my broker to find out which banks, REITs etc. are financing this mess cuz lets get the hell out of them.

The credit risis is coming to Calgary. How could people be so stupid. This is gonna bring us all down, and anyone who invested in thesse condos are toast.

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