Real estate across all of Canada is heating up, but Calgary’s market is burning hot, with homes selling quickly and for far more money than they were valued at just a couple of years ago.
These are some of the top reasons that the market is so hot right now and why anyone should consider moving out to this amazing city.
Desperate Job Market
The job market in Calgary is a huge problem right now. Companies are struggling to live up to worker expectations and are desperately putting out new employee packages and offers to make their jobs more tantalizing.
Because of this, employees are asking for higher pay, and better benefits, which is allowing more people to buy homes. Although the difference between the cost of a home and the average wage is still a far larger gap than fifty years ago, people are getting more confident borrowing money now that they’re getting paid a better amount.
Oil Prices Are Rising Again
It’s no secret that oil is the main export of Alberta and the reason it’s seen as the heart of energy of Canada. Because of this, the value of homes fluctuates almost perfectly parallel to the price of oil. The oil prices have been incredibly low in 2021, but many are noticing a trend that it’s starting to grow in value again.
This means that homes that are purchased now may be worth far more by the end of 2022. Although green energy can cause this price to drop again in the future, for now, it looks like it’s a steady upward projection for both oil and Calgary homes for sale.
Limited New Homes Hitting the Market
The labor shortage, mixed with the lack of supplies, has created a perfect storm of fewer homes hitting the market than needed. This has left the city in a permanent sellers’ market, meaning that home prices just keep getting higher and higher.
There’s no end in sight to this, and experts are saying that this is completely unprecedented, unsure if this is a bubble that will pop or if this is how real estate will be in the future: constantly growing in price. People who don’t want to risk it are grabbing a home the moment they can, which is inflating the costs further.
People Escaping Larger Cities
Both Vancouver and Toronto have seen huge shifts in price in the last year, reaching historic highs that most are incapable of paying for. Because of this, people are escaping city prices in droves, moving out to more affordable areas like Calgary that offer affordable real estate and a great work-life balance that isn’t so devoured by city living.
Although Calgary is a city in its own right, it feels like a breath of fresh air after the pressure and constant noise of these bigger cities.
Calgary is the Right Move for Most!
Whether you’re considering Calgary for the job market, or you want to find a house that you can actually afford: there’s no wrong reason to take an interest in this gorgeous city. The real estate market may be hot right now, but it’s worth the heat.