Quote:
Originally Posted by 1stLand
77k seems low to me.......alot of new university grads make an average of 50k a year once graduating, assuming they get married to another person with an education within a few years, that is 100k a year and rising as they get more established in their careers.
Calgarian's are very educated. Other Canadian cities are not as young and well educated.
I do not foresee the average household income declining in Calgary. I see it plateauing as well as the average price of a SFH.
If interests rates stay reasonable and hover around 6 or 7%, I dont think we will see a huge decline in prices.
Don't buy into the "Buy now or be priced out forever" or "Wait for the crash" arguments at all.
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I would have guessed the household income to be around 80 - 85 k so I'm not surprised by the 77k number. Unfortunately there is information posted here that says it's 77k, your estimate of 50k/yr for a new grad is based on nothing..
50K a year for a brand new graduate is not THAAAAT common . I myself have been out for a couple years and do quite well, however when I first got out I was working for about 35 k/yr.. Several of my friends who graduated at the same time (with a range of degrees) were all in the same boat....
I don't think the housing market will completely crash, but I do think that the prices will decline.
If the interest rates hit 6-8% in the next couple years housing prices will have to come down there is no way around it. There are people who have mortgages at 2.5% when they have to renew and it's at 6% they are likely in a lot of trouble don't kid yourself.
Will this happen for sure? Who really knows...