Quote:
Originally Posted by troutman
I think low rates might be part of the surge, but rates were low the last two years too.
|
I think wages might be catching up to house prices?
I'm waiting for the 2011 census results but as of 2009 the average Calgary "Couple" family was taking home $95,630/year.
link I used "Couple" vs. "Lone" because they're more likely to be in the market for a single family home instead of a condo? Anyway, factoring in a few years of inflation it's probably not out of the question that the average family in the market for a house in Calgary is earning more than $100k/year today. (ie, 2 earners @ $24/hour each) $100k/year will qualify you for an average home in Calgary so homes are rather affordable today.
Is it that simple? Nope. I also reckon prices will continue to "fall" when you factor in inflation but maybe not in terms of absolute value??