Quote:
Originally Posted by blankall
Households will have more than one person. Average household size in Canada is 2.5, but that also includes a lot of empty nesters. So take your numbers and multiply them by three plus.
Also many existing homeowners are looking to upgrade to larger places but can't. Many people in their thirties and forties with growing families would like to make the transition into a detached home or suitably sized townhouse but can't. The townhouses don't exist. House prices in places, even like Edmonton, are getting out control.
Average house price in Edmonton is almost $500k now:
https://wowa.ca/edmonton-housing-market
The combined capacity of Canada's smaller more "affordable" cities is probably a combined 1-2 million. Even if everyone who could moved to a less sought after destination, that wouldn't solve the problem. Lethbridge has a population of 100k. How many people can that accommodate before housing there runs out? 15-20k? |
Edmonton is not overpriced.
The Median family income supports the median SFH. There is still room for that to go up. Alberta was undervalued due to the lack of growth the last 5 years.
A homeowner looking to change the type of home does not affect a housing shortage. They are already housed in a non rental property.
Alberta is not an example of an overpriced market.