Eight interest rate hikes in less than a year have left thousands of Canadians feeling like homeownership is out of reach for now — and maybe even forever.
“I even went above the asking price on that home, though not by much because I couldn’t afford to. But I actually cried over that one,” Fitzgerald said of the Rothesay home, one of multiple properties she bid on that were sold over asking price.On March 8, Fitzgerald closed on a 10,900-square-foot lot near some of her favourite hiking spots, right next to the Rothesay home she had lost out on.
"It's just wild," she said. "Even having a two-bedroom apartment is like we would be technically underhoused because I would be sharing a room with my son." "If a unit is going for $3,000 a month, one bedroom, one bathroom ... they're willing to put up $3,500 a month and one-year rent upfront," said Anis.On one occasion Anis, decided to make a similar offer only to find out the landlord was out of the country and not prepared to rent their place after all.
“When I spoke to the real estate agent, she told me that there are still so many bidding wars that the price would be driven up."“Although my plan was to buy alone, buying with a friend would allow us to have access to something a bit more interesting, like a duplex or triplex."Average Calgary rent: $1,862Landon Roett's buying power was significantly reduced when interest rates started climbing last year.