'It’s depressing being a 40-year-old stuck at home': Why the dream of homeownership is fading for many Calgarians
https://calgaryherald.com/business/d...alberta-fading
Quote:
Jamil Thobani, a realtor in Calgary, said almost all properties he has sold were bought above their listing price, and nearly half of his clients are from outside the province.
“I’m telling you, there is a sense of frustration,” Thobani said. “It’s like, ‘Ah, we lost that one or we lost another one, we’re not going to find another place. Okay, my lease is coming up. I need to get out of this.’ Then they will maximize whatever they can and outbid the next person
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Bit of a sobering, depressing read. I feel for young people looking to enter into the home ownership world in this province; it's absolutely unreachable for many, which never used to be the case prior to even five years ago. The wealthy class / rental agencies buying up all the real estate in a market of limited supply has really done damage to this demographic - amplified when people who don't even live here are buying up the property. The growing wealth gap is causing greater, and unsustainable, problems.