Quote:
Originally Posted by The Yen Man
I don't see Calgary's current housing market being in any sort of bubble, to be honest. Right now, house prices relative to average income in Calgary is still pretty good. Could there be a slight correction to curb the recent spike? Sure, but I think you'll be sorely disappointed if you're waiting for some sort of bubble to burst before diving into the market.
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It has been stated before - But to reinforce - Calgary housing is the most affordable city in North America compared to income.
So if you are looking to buy ANYWHERE in NA, based on value investing, Calgary should be the pick.
And if a lot of people start thinking that way, prices will get driven up, like in every other major city in the country except Calgary and Edmonton.
We already survived the worst with low Oil, net migration, crazy job loss, and a pandemic. What are people expecting to keep going wrong to drive prices lower?
Interest rates? Well every other city will literally be hit harder then Calgary, as we are the MOST AFFORDABLE already.
If Calgary house priced drop it will be because the rest of the country has completely imploded housing wise - And Calgary will see the lowest % drop I can almost guarantee.
It doesnt mean you should run out and invest in Calgary housing , the entire Canadian market could easily collapse dragging Calgary down a bit with it/stagnanting prices for another decade, but there just isnt market room for a large price decrease unless (somehow) another large % of people were to loose their jobs - And if a pandemic and oil crises didnt already max that out I am not sure what could!