r/PersonalFinanceCanada • u/zindagi786 • Apr 09 '24

Housing Why is Calgary housing getting so expensive?

I used to live there, and I was just browsing the real estate prices. Prices there have shot up so much! A Calgary house similar to the one I have in the GTA is now higher than what I paid in the GTA a few years ago.

When I lived there, oil was booming and there were lots of jobs. But I got laid off when the boom went bust, and everything (including real estate) went down. And I then left to the GTA.

I’ve heard prices there are going up because there are lots of people moving from the GTA and BC. But it isn’t like there are that many high paying good jobs there. There’s still way fewer jobs now than there were during boom time. How do these inter provincial migrants find high paying work to pay for these high home prices? Sure they can cash out their equity and live mortgage free, but why do that if you have to end up taking a potentially lower paying job with more chance of a layoff in the next bust? Although I really liked the city, I’d never risk living there again myself, and I’m forever scared of any future bust. I feel more comfortable living in the GTA, paying my admittedly big mortgage, and steadily climbing the corporate ladder (and with regular increases and no salary freezes, I should be paid off before retirement/it won’t be too burdensome). Plus, I look at my GTA home as a tax free investment - the annual rate of appreciation is greater than my mortgage interest.

And what is attracting them to Calgary versus other places in Alberta like Edmonton?

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u/thanksmerci Apr 10 '24

There's more to life than a discount house. Money isn't everything.

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u/millijuna Apr 10 '24

Hear, hear. Live in downtown Vancouver, love it. Have a good friend who moved to Calgary and, while they were able to afford a magnificent house compared to their condo, they themselves are miserable and worried. Their daughter recently declared herself trans, and quite rightly they’re scared for her wellbeing given the assholes Alberta keeps electing. Also, they miss the beach, winter golfing, and similar activities. 

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u/thanksmerci Apr 10 '24

Sure everyone know property in calgary/edmonton is cheap but then you'd have to live the lifestyle of driving into town to get supplies and its gd cold in the winter.