Sky of Blue said:
I have been crunching numbers for rent vs buying and I would say the rents are not covering the costs. Not when factoring in carrying costs, condo fees/maintenance/insurance, property tax, and property value is likely to decline instead of appreciate going forwards for likely many years. I’d say the average rental owner is having to subsidize on top of the rent. Even if I buy cash to remove carrying costs, I still lose the interest/dividends the money makes invested, so I have to factor that is as a cost. A purpose built rental building would stand a better chance of being profitable.
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I don't think the property value is likely to decline on a condo building over a long period. My prediction is they'll stay stagnant for a while, but will go back up again. Will it go up like it did in the early 2000's? Probably not, but they'll go up again.

I agree that a purpose built rental building will be more likely to be profitable. They wouldn't be building them by the dozens if there wasn't some kind of pay back. Purchasing a condo and renting it out is a tough investment right now, no question.
 
I guess that explains why rental towers are going gangbusters. I'm glad to see more rental units go up, Calgary is way most cities when it comes to rental stock, time for a bit of catch up.
JustDandy said:
fwiw newer purpose rentals are doing well actually. we have seen average go over $2 a foot. Incentives have started to be removed by landlords, so that is a positive.
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There was some action on site today. Minor activity but at least a couple of guys working. Prep work for possible construction?

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I was wondering the same thing. It's a ways back, but I kind of remember them submitting a permit to change to residential about 5 years ago.....then again do the permits have a time limit? I thought it was 3 years.
 
I would be happy even to see the podium done, but getting a couple of towers on top will be a bonus. It's nice thinking about all the retail and residential that has gone into an area that was devoid of life.
 
Adding 6th and Tenth, and the two Marriott towers, and the 5th street cycle tracks has made a big difference to the feel of the area, especially the intersection at 10th ave and 5th street. It used to be homeless central, now it's plain busy. This will make things even better.
 
How much noise from the trains do buildings along the tracks get? I lived in Bromley Square (not sure what it's called now) when I first moved out of my parents place many years ago, and even on the south side of the building there was constant noise from the trains at night.
 
I was once told the closer you are to the tracks the better if you’re high up.
I used to have a friend that lived in Mount Royal House Apartments right by Bromley and right beside the train tracks. She was on the 29th floor, and I don’t remember much noise. Might be different if she was on the 9th floor.
Mountain Man said:
How much noise from the trains do buildings along the tracks get? I lived in Bromley Square (not sure what it's called now) when I first moved out of my parents place many years ago, and even on the south side of the building there was constant noise from the trains at night.
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I live two blocks south of the tracks in the Beltline. I can hear them though far enough away that the noise is not disturbing. I would imagine that living right next to the tracks and the noise being amplified between all of the tall buildings, will be an issue. The trains are not occasional. They are pretty steady all hours of the day and night..
 
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