Quote:
Originally Posted by Mazrim
For those of you who already own houses, I'm happy for all of you since you'll be making some value on your properties in the next few years at least. For people like me who are scrounging up a down payment for their first home, it's a little depressing to watch houses become even less affordable, potentially in a big hurry if the Toronto and Vancouver situation spill out to other Canadian cities.
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Home affordability in Calgary has actually skyrocketed over the past 15 year.
Interest rates have fallen by more than half.
Minimum Wage has more than double.
Average wages have gone up 30%
And from a small anecdotal sample of properties owned by me and my siblings/parents... property values have gone up about 5% between 2008 and 2020. (they are a little bit higher a this moment, but it's hard to know if there is a bounce back coming, partially due to limited supply, extremely low interest rates, high building material prices, and the pending drop in support for the still high unemployed population).
I does suck for those who don't own property, but overall it's probably a healthy thing for Calgarys economy if we see a little bit of roi for home owners that have lingered for 10+ years.