Calgary, the bustling heart of Alberta, is experiencing a real estate frenzy akin to the gold rushes of old, surpassing even the heydays of the oil boom. Experts report an average household income of $140,000 per annum, outstripping Toronto's by 20%. Meanwhile, the cost of living in Calgary is a cool 20% lower. Thanks to generous salaries and accessible mortgage rates, a whopping 75% of Calgary's workforce qualifies for home loans.
Recent statistics reveal a marked surge in housing construction over the past three years. However, demand continues to outstrip supply by a significant margin. Analysts predict that Calgary's real estate market will remain enticing to investors until prices reach parity with Toronto, a shift not expected for another 5-6 years.
The implementation of restrictions on foreign property purchases this year had minimal impact on the market, failing to yield anticipated changes. Additionally, experts foresee that a decline in interest rates by 2025 could further propel the escalation of property prices in Calgary in the near future.
Recent statistics reveal a marked surge in housing construction over the past three years. However, demand continues to outstrip supply by a significant margin. Analysts predict that Calgary's real estate market will remain enticing to investors until prices reach parity with Toronto, a shift not expected for another 5-6 years.
The implementation of restrictions on foreign property purchases this year had minimal impact on the market, failing to yield anticipated changes. Additionally, experts foresee that a decline in interest rates by 2025 could further propel the escalation of property prices in Calgary in the near future.