In Calgary, the largest city in Alberta, there's a real estate boom reminiscent of the gold rush, surpassing even the years of the oil boom. According to experts, the average household income here is $140,000 per year, which is 20% higher than in Toronto. Meanwhile, the cost of living in Calgary is 20% lower. Thanks to high salaries and affordable mortgage rates, 75% of the working population in Calgary can qualify for a mortgage.
Statistics also show a significant increase in the construction of housing over the last three years. However, demand for real estate still significantly exceeds supply. It is forecasted that the real estate market in Calgary will remain attractive to investors until prices align with those in Toronto, which is estimated to occur no sooner than 5-6 years from now.
The introduction of a ban on foreign property purchases this year went largely unnoticed in the market and did not bring the expected changes. Experts also anticipate that a reduction in interest rates by 2025 may further fuel the growth of property prices in Calgary in the coming years.
Statistics also show a significant increase in the construction of housing over the last three years. However, demand for real estate still significantly exceeds supply. It is forecasted that the real estate market in Calgary will remain attractive to investors until prices align with those in Toronto, which is estimated to occur no sooner than 5-6 years from now.
The introduction of a ban on foreign property purchases this year went largely unnoticed in the market and did not bring the expected changes. Experts also anticipate that a reduction in interest rates by 2025 may further fuel the growth of property prices in Calgary in the coming years.