As Ontario’s sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams.
“In Ontario, especially Toronto, within our budget we were restricted to a two-bedroom condo. And that really would not have cut it for us, with the kind of plans that we had.” Mrug and Mistry’s experience is not unique. A quick perusal of housing-related forums on online mediums like Reddit turns up dozens of recent inquiries from GTA residents asking about weather, commute times and popular neighbourhoods in Alberta cities, especially Calgary.
The benchmark price for detached homes in Calgary rose to $620,500 in March, which is over $73,000 higher than December levels and 20 per cent higher than levels recorded last year. Many homes are receiving multiple offers and selling over the asking price. While the federal government committed in its most recent budget to taking steps to cool Canada’s overheated housing market, for many first-time homebuyers, it’s too little, too late. Data analyst Ryan Sekulic — who had been working in the U.K. — accepted a job at Calgary tech company Helcim last year, after looking at opportunities in both Toronto and Vancouver.
Outside buyers also appear to be attracted to Calgary’s proximity to the Rocky Mountains. Recreation properties in Alberta are now the most expensive in all of Canada, outstripping even B.C., according to a recent report from Royal LePage Realty. In Canmore, a desirable mountain town located 80 km west of Calgary, single family home prices have soared 33 per cent year-over-year, to $1.36 million.
I can't imagine what would be worse: living in Ontario or Alberta.
Last place I would move would be anywhere in Alberta.
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Priced out of Ontario, homebuyers turn their eyes to the Calgary real estate marketAs Ontario's sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams. House prices in Ontario are nuts. Everyone is getting offers that are over the asking price. Even people with 1 million dollar and up homes are looking elsewhere. Why not cash in and buy a nice lil house in AB or the east coast? Live mortgage free with money to live. This city isn't worth the $$ Jobs jobs jobs
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Priced out of Ontario, homebuyers turn their eyes to the Calgary real estate market | Globalnews.caAs Ontario's sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west. the 'tent generation' is coming.
Source: GlobalNational - 🏆 81. / 51 Read more »
Priced out of Ontario, homebuyers turn their eyes to the Calgary real estate marketAs Ontario's sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams. House prices in Ontario are nuts. Everyone is getting offers that are over the asking price. Even people with 1 million dollar and up homes are looking elsewhere. Why not cash in and buy a nice lil house in AB or the east coast? Live mortgage free with money to live. This city isn't worth the $$ Jobs jobs jobs
Source: CP24 - 🏆 30. / 67 Read more »
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