Our market in Calgary has changed quickly. It's starting to feel like who is still wanting to able to buy a property? Buying a home in Calgary in the past was a very affordable thing to do. What about now and in the future? Who is still buying a home here?
Since 2020, we've witnessed a 40% increase in average rent, a 37% rise in detached house prices, and a significant drop in vacancy rates to just 3%. But the real question is, who can still afford to buy a home in Calgary?
Join us as we explore the challenges faced by younger individuals and families trying to enter the property market. With the median income failing to keep pace with rising housing costs, it's becoming increasingly difficult for many to achieve their homeownership dreams.
We'll also examine the impact of rising living expenses, including surging gasoline and food prices, as well as unemployment rates among different age groups. To define what's considered "affordable housing" in today's market, we'll break down the income thresholds necessary to comfortably afford both average rent and the median cost of a detached home in Calgary.
Despite these challenges, the Calgary housing market continues to thrive. Cash buyers, newcomers from other provinces and countries, and investors are actively participating in property transactions. We'll delve into the reasons behind this sustained demand and explore creative strategies that homebuyers are using to achieve their homeownership goals in Calgary.
If you're wondering about the future of Calgary's real estate and how to navigate this complex market, this video provides valuable insights and potential solutions for aspiring homeowners.
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