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Originally Posted by InTheSlot
Anyway, didn't mean to ramble, but I hope that helps you remain positive - as someone who enjoys home ownership despite its ups and downs, I hope one day you get what you're looking for, sooner rather than later.
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Thanks for this. Your experience is roughly what my wife and I were already considering for our first house purchase, as something newer/renovated with the things we're looking for is most likely outside our purchasing power. I'll be learning how to do lots on my own, I'm sure.
Quote:
Originally Posted by #-3
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.
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I don't really disagree with you. I have a few friends who will benefit from their purchases at the last peak recovering some value. It's just some frustration on my part that after clearing a bunch of debt and saving a ton for years to finally have something you can call a reasonable down payment, and then watch the market start to heat up at the same time you start to seriously consider buying.
I've been fortunate with my job too so I can only imagine how someone working in a below average salary job is supposed to feel like they can enter the market in anything but a tiny condo. It feels like my parents got a huge place with way less purchasing power, and my generation doesn't get anything like that.
This thread has been quite helpful though as it's helped reinforce the decision that we don't want to rush into buying, at least. I don't want to get caught in some hysteria or bidding war about housing, and if it means another year of saving like mad to get what we want, then so be it.