Gudivada04
Bewarse Legend Username: Gudivada04
Post Number: 46120 Registered: 09-2004
Rating: N/A Votes: 0 | Posted on Monday, February 07, 2022 - 4:13 pm: | |
Cheap interest rates, people hoarding cash and did well in the last 2 years due to stock market, not enough inventory, demand is high due to Covid. These are the main known reasons for these insane prices. I don’t think it is sustainable. Average people/earners are priced out of the market everywhere. Now Toronto area became most expensive with an average home price around $1.5M which is higher than Vancouver. Lot of realtors from west and east are visiting Calgary regularly and tied up with local realtors and selling Calgary as an investment opportunity in Toronto/Vancouver area. People are taking line of credit there and buying multiple properties here. In the last year, 50% or more transactions are done by these outsiders. Calgary is probably cheapest metro in North America now and bidding wars started here in the last month or so. Not as crazy as in Toronto or other US cities but one local realtor told me that he is busiest ever in the last two years. Everyone is talking about real estate, makes me think probably we are at the peak if not peaked generally |