Quote:
Originally Posted by DoubleF
My wife and I are being contacted by a few friends of friends or alumni asking about Calgary. Many mention that million dollar town houses is kinda daunting and having a full detached home in Calgary with change left over for a million bucks when they can work remotely seems pretty awesome to them.
Some people are treating it almost like a bizarre lifestyle/tourism work from anywhere sort of thing. Why not? The prices here are less than half over there.
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This sounds a bit like what I hear from my inlaw's who live in Osoyoos. People in Vancouver sell a moderate place for 1.5 million there...they can build a massive place in Osoyoos for like 800 and they pocket the other 700k. They don't think anything of the fact that they're spending 800k on a house because it's like found money to them. The fact that the local economy is made up of retirees and a bunch of people earning less than 60k a year means nothing.
I would think this recent run in Calgary is also influenced by low rates, and a bit of market panic to buy now before the rates go up. That said, is getting a Mortgage for a quarter point lower for 5 years worth paying 60 grand over list on a house that was listed for less than 600k? Than add in people throwing in the towel for living in Vancouver or Toronto where it's just too damn expensive and also coming in with some found money to the market. It's likley making the prices move more than they would in more normal conditions.