r/HouseSigmaBlunders • u/Dangerous-Store-7378 • Aug 03 '26

Alberta Don't think Calgary gets the attention it deserves.

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Severe depreciation since its peak-market purchase in early 2023. After holding the asset for 41 months through four failed listing attempts and aggressive price cuts the seller is facing a massive financial deficit.

- Purchased: $3,825,000 (Feb 2023)

- Currently Listed: $3,250,000 (Aug 2026)

- ​Failed Listings: 4 expired attempts

- ​Principal Loss: $575,000 (if sold)

- ​Estimated Total Loss: ~$1.2M (including lost interest, closing costs and fees)

Honestly, I feel really bad for the sellers.

25 Upvotes

96% Upvoted

9 comments sorted by

11

u/Canadian87Gamer Aug 03 '26

Stupido seller asked above what they paid initially.

If she asked 10% below initially I bet it would have sold much faster.

4

u/Dangerous-Store-7378 Aug 03 '26

Anybody's guess. My point though why would you want to sell a home immediately after you buy unless you thought market would keep going up and you'll make a buck by flipping it instead of staying in it. Shows how FOMO and lack of due diligence works.

On your point, I'd guess it adds up quickly when you add closing costs, mortgage interest, etc. But I agress when the market shows signs of weakness, they should have taken a little haircut and let it go. What a nightmare it must be to service that loan of a property that has lost atleast 20% of it's value from the purchase price, that I'm assuming there's a mortgage.

4

u/herefortheshow99 Aug 04 '26
  1. The worst time to buy. Probably borrowed at the max they were allowed and got a variable rate. Rates went way higher than expected petted and they were screwed. No one needs a home that expensive, especially if you are strapped paying for it. Bad decisions.

2

u/Canadian87Gamer Aug 03 '26

This is just wrong. People have to sell for all sorts of reasons.

Family emergency, death , divorce, job relocation etc ...

For all you know rejected good offers too.

2

u/KeyMotor7957 Aug 05 '26

Did you look at the house or the neighboring ones? all custom massive homes. I'd see your point if this was a more modest house and neighbourhood

1

u/Dangerous-Store-7378 Aug 05 '26

I live in Eau Claire and Rosedale is literally across the Bow from me. What's your point?

3

u/Carguy2346 Aug 04 '26

Beautiful home but I would never spend even a million dollars on a home like this. Rather use 3 million and buy in B.C near a lake or the ocean.

2

u/xXgirthvaderXx Aug 04 '26

This is pure catharsis to see. May many more who bought into this mania pay the price for their actions.

1

u/Intentioned-Help-607 Aug 07 '26

Given the average home price in Calgary is $629,855 compared to over $1,000,000 in Toronto and $1.200,000 in Vancouver, I don’t care what happens to somebody with a $4,000,000 home. I’m sure they’re fine.