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Housing prices in Western Canada

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  • Housing prices in Western Canada

    Housing prices in Edmonton is one of the fast rising Canada....

    http://www.cbc.ca/story/business/nat...k.html?ref=rss

    I wonder till when Calgary will be on such a high note.

  • #2
    am i crazy or does anyone else think housing prices are bat **** crazy. i was looking around on MLS and to see what you can get for less than $350K is absurd.

    how exactly are you people affording to buy houses?

    mortgage on a $350K house/townhouse is $1700 a month. add in insurance, utilities etc and you seriously have to be making $100k to afford this!

    I am in the market for my first place right now and it is ridiculously frustrating to say the least. anyone else feeling this too?
    be offended! figure out why later...

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    • #3
      ^you are crazy Median family income in edmonton is close to 100k, Edmonton is very affordable:

      Edmonton was ranked #1 in the world as the most affordable major housing market outside of the USA. Yes, #1 in the world! Edmonton’s median household income in 2011 was $84,100 and the median home price was $293,000. Divide the house price by the household income in Edmonton and the answer is 3.5 times. Compare that to Vancouver, the second most expensive housing market in the world at 10.6 times! Or, you could live in Detroit and really save at 1.4 times.
      http://www.edmontonrealestatemarket....ble_2012_.html

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      • #4
        ^ i suppose if you have a wife/husband that also works then that's fine but what about us single persons?

        i also call BS on median home prices being $293K
        be offended! figure out why later...

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        • #5
          ^I think includes condos. If u are single, then why do u need median home, wouldn't something smaller often do?

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          • #6
            ^ i do want a smaller place (hate cleaning and yard work) but i dont want to live in one of those 4 story stick frame condos that line the henday. ive got a dog so want a small patch of grass for him to do his business on. also at least 2 bedrooms and an unfinished basement to turn into gaming/movie/getting drunk with buddies room.

            you cant really get that for under 300K which sux. also the new mortgage rules that come into effect on july 9th are a bit of a kick in the face
            Last edited by richardW; 01-07-2012, 01:42 PM.
            be offended! figure out why later...

            Comment


            • #7
              Originally posted by richardW View Post
              am i crazy or does anyone else think housing prices are bat **** crazy. i was looking around on MLS and to see what you can get for less than $350K is absurd.

              how exactly are you people affording to buy houses?

              mortgage on a $350K house/townhouse is $1700 a month. add in insurance, utilities etc and you seriously have to be making $100k to afford this!

              I am in the market for my first place right now and it is ridiculously frustrating to say the least. anyone else feeling this too?
              People are taking advantage of low interest rates and maxing the total amount they can spend on a house. They are getting the hardwood, tile, granite and throwing in all the stainless steel appliances on their mortgages. No need to worry about tomorrow when interest rates rise.

              The answer for the reasonable person is NE Edmonton there are some nice areas with decently priced homes.

              Comment


              • #8
                My first place was a rowhouse condo. Not at all fancy, but 3 beds, 1250 sq ft. and a small yard in the back. It was great for 11 years. Had a roommate for a few years to help pay the bills.

                Then when I got married and we were talking about kids, I had enough equity built up that I was able to get into a house. As a single guy, the rowhouse condo was PERFECT.

                Comment


                • #9
                  Originally posted by SP59 View Post
                  The answer for the reasonable person is NE Edmonton there are some nice areas with decently priced homes.
                  Agreed. You can get what you seek (a smaller, older house with a basement) here (McCaulay, Alberta Avenue, Parkdale, Delton, etc.) for under $200k.

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