Reality check of Calgary real estate

Hello Everyone,

So the City is doing a major overhaul of a neighbourhood east of the downtown main core called East Village. For years it was a haven for drug addicts, crime etc. but now it's mostly cleaned up and they've got major development going on.

This is going to be a great neighbourhood and we thought it would be a good place to invest in our first home.

And there is a really great condo being built.

Just for people like us. Bike lockers, a bike wash, across the street from the pathway system, rooftop patio, cafe downstairs. I looked at floorplans and got really excited.

Then I saw the prices.

And the prices were cheaper than the other condos in the area.

1 bedroom condos start at $227,900
1 bedroom + den condos start at $273,900
2 bedroom condos start at $327,900

And the square footage with these starting prices are less than 600. But, you get a balcony.

So now I'm sad.

Because I don't want to pay $300,000 for a 1 bedroom + den, under 600 square feet. Oh, and $150,000 to the bank in interest. And some crazy $500+ condo fees.

Even though it looked really great.

When I looked at the fine print, you need $5,000 up front. Then you have 10 days to secure a mortgage. And within the 10 days put down 15%. That's another $15,000 (in my imaginary condo). But since it isn't built yet, you have another year or two before you have to pay for the rest.

It's very discouraging.

But Jerry and I have talked and we've put off home ownership for another two years. By then he'll be full-time, I'll be done school and have my career established. And that's two years of savings we can put toward a down payment.

For now, our apartment is pretty great :-)