Quote:
Originally Posted by kevman
http://34.66.255.77/index.php/6-metros/
Up a whopping 7% or so in the last 15 years. One of those things (two including Edmonton) is not like the others.
Side note, does anyone remember that Plunge-O-Meter guy from 2006/07? Here we are 15 years later and his "price target" of homes returning to sub $300,000 never did materialize.
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That's a great link for anyone wondering where a lot of the money flowing into Calgary is coming from.
In July of 07, the avg Calgary price was 10% above Toronto; now Toronto is ~3x.
At the same point, Vancouver was only 20% higher than Calgary; now the avg home in Vancouver is nearly 4x the average in Calgary.
A $500k mortgage in Calgary in July of 07 would result in essentially zero net gain outside of the portion of payments going principle. The same mortgage holder in Vancouver and Toronto would each have over a million dollars in equity built up... And that's average. In two cities with millions of people...
TRILLIONS of dollars of equity sloshing around.
Edit - Even someone in Ottawa has gone from their home being 40% less than the average in Calgary to having built up nearly enough equity to pay cash for the average Calgary home today.