Hot Potato

From Friday’s Globe & Mail:

Soaring real-estate prices and household debt are Ottawa’s biggest financial concerns right now, Mr. Flaherty told The Globe and Mail’s editorial board on Friday.

And he is particularly troubled by Toronto’s condo market. Mr. Flaherty said developers appear to be willing to build new units until sales dry up, which could lead to a crash. He is concerned that buyers who enter the market just before the music stops could get burned.

“I do worry about the last person buying a condo in Toronto, and people getting caught,” Mr. Flaherty said.

Calgarians are all too familiar with what happens when the music stops and the real estate euphoria ends.

The condominum market here peaked in April/May 2007, just a few months before the single family home segment.

Here we are almost 5 years later, and you’ll the see majority of condo owners that have sold in Q1 2012 weren’t able to recoup their money.

I’ve found the units that sold between Jan 1-Mar 31, 2007 and again between Jan 1-Mar 31, 2012:

Community:  Winston
2012 sold price: $195,000
2007 sold price:  $249,500
-21.8%

Community:  Inglewood
2012 sold price: $222,500
2007 sold price:  $238,000
-6.5%

Community:  Downtown West End
2012 sold price: $440,000
2007 sold price: $480,000
-8.3%

Community: Palliser
2012 sold price: $365,000
2007 sold price:  $295,000
+23.7%

Community: Downtown
2012 sold price: $498,000
2007 sold price: $547,000
-9%

Community: Bridgeland
2012 sold price: $313,100
2007 sold price: $422,500
-25.9%

Community: Tuscany
2012 sold price: $305,000
2007 sold price: $331,555
-8%

Community: Crescent Heights
2012 sold price: $288,800
2007 sold price: $330,000
-12.5%

Community: Evergreen
2012 sold price: $232,500
2007 sold price:  $267,000
-12.9%

Community: Richmond Hill
2012 sold price: $298,000
2007 sold price:  $344,000
-13.4%

Community: Discovery Ridge
2012 sold price: $310,000
2007 sold price: $375,000
-17.3%

Community: Connaught
2012 sold price: $297,000
2007 sold price: $306,000
-2.9%

Community: Altadore
2012 sold price: $237,500
2007 sold price: $240,000
-1%

Community: Kingsland
2012 sold price: $252,500
2007 sold price: $295,000
-14.4%

Community: Red Carpet/Mountain View
2012 sold price: $175,000
2007 sold price:  $250,000
-30%

Community: Richmond Park
2012 sold price: $530,000
2007 sold price:  $543,000
-2.4%

Community: Crescent Heights
2012 sold price: $410,000
2007 sold price: $395,000
+3.8%

Community: Silver Springs
2012 sold price: $340,000
2007 sold price:  $355,000
-4.2%

Community: Victoria Park
2012 sold price: $565,000
2007 sold price: $629,000
-10.2%

Community:  Strathcona Park
2012 sold price: $421,000
2007 sold price: $417,500
+0.8%

Community: Citadel
2012 sold price: $279,000
2007 sold price: $290,000
-3.8%

Community: Lake Bonavista
2012 sold price: $399,000
2007 sold price: $395,000
+1%

Community: Erlton
2012 sold price: $399,900
2007 sold price: $415,000
-3.6%

Community: Hawkwood
2012 sold price:  $175,000
2007 sold price: $198,000
-11.6%

Community: Citadel
2012 sold price: $305,000
2007 sold price: $333,500
-8.5%

Community: Bridgeland
2012 sold price: $358,000
2007 sold price: $388,000
-7.7%

Community: Connaught
2012 sold price: $280,000
2007 sold price: $298,000
-6%

Community: Evergreen
2012 sold price: $226,500
2007 sold price: $296,000
-23.5%

Community: South Calgary
2012 sold price: $358,000
2007 sold price: $404,000
-11.3%

Community: Inglewood
2012 sold price: $211,500
2007 sold price: $250,200
-15.5%

Community: Panorama
2012 sold price: $218,000
2007 sold price: $252,000
-13.5%

Community: Oakridge
2012 sold price: $283,000
2007 sold price: $306,000
-7.5%

Community: Country Hills
2012 sold price: $236,000
2007 sold price: $282,888
-16.6%

Community: Connaught
2012 sold price: $315,000
2007 sold price: $322,500
-2.3%

Community: Falconridge
2012 sold price: $165,000
2007 sold price: $240,000
-31.3%

Community: Signature Parke
2012 sold price: $202,000
2007 sold price: $207,000
-2.4%

Community: Victoria Park
2012 sold price: $326,000
2007 sold price: $344,000
-5.2%

Community: West Springs
2012 sold price: $378,000
2007 sold price: $388,888
-2.8%

Community: Canyon Meadows
2012 sold price: $242,500
2007 sold price: $195,000
+24.4%

Community: Royal Oak
2012 sold price: $205,000
2007 sold price: $226,000
-9.3%

Community: Renfrew
2012 sold price: $232,900
2007 sold price: $180,000
+29.4%

Community: Connaught
2012 sold price: $373,000
2007 sold price: $372,500
+0.1%

Community: Sunalta
2012 sold price: $265,000
2007 sold price: $263,000
+0.8%

Community: Sunalta
2012 sold price: $276,000
2007 sold price: $212,000
+30.2%

Community: Applewood
2012 sold price: $117,500
2007 sold price: $198,000
-40.1%

Community: Glamorgan
2012 sold price: $235,000
2007 sold price: $271,500
-13.3%

Note: Bear in mind the costs associated with selling the property, renovations, carrying costs vs renting, etc

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