Canada, land-wise, is an incredibly massive country. And for the most part, whenever we hear about real estate in Canada the conversation largely covers the province of Ontario and particularly the areas around Toronto. Not this article.
So let us start in British Columbia.
Here there’s the obvious hot real estate market of the lower mainland aka Vancouver. Over the past decade, and only if you’ve been living under a rock, you have likely heard of the Vancouver housing bubble. It’s no myth. It’s an actual “thing”.
In late 2018 we saw the average home price in Vancouver shoot above the $1 million mark while inventory (listings) dipped. Yes its true that later home sales would steeply climb and has not slowed since making the market hyper active.
Since the time we began taking notice of this growing phenomenon called the Vancouver housing bubble, we have seen a few pullbacks. In fact it is being reported now that we are witnessing a pullback right now.
Outside the lower mainland we have Victoria which surprised us all when it landed itself on the list of the top three housing bubbles in Canada in 2018 where it remains today. The average price for a home in Victoria today will cost you over $700k. Which also happens to be almost double what a millennial could afford to pay.
While those two markets on the Pacific coast continue to deal with their own rising housing markets, Alberta has emerged on the radars of homebuyers but not for the reason you might think. In fact its quite the opposite.
Alberta traditionally isn’t synonymous with any sort of housing bubble however as a biproduct of what’s happening in British Columbia and Ontario, people are beginning to take note of Alberta and in particular, the Calgary region. Here’s why.
Calgary is Canada’s 3rd largest metropolitan with a populous of roughly 1.4 million. Situated about an hour and a half from Banff, a world recognized national park in the Rocky Mountains.
Without a doubt Calgary’s residents are largely the outdoorsy type and wish so many nearby parks, trails, hiking, lakes and rivers, it’s easy to see why.
But you’re probably wondering why Calgary? Why are people moving to Calgary? Well the city itself offers everything you’d imagine in a metro lifestyle including stadium events like hockey and other sports, theaters, parks and cultural centers. But what people mostly come here for is the affordable home prices.
Calgary’s average home prices are $420,500 (read the article here)
In the case of Calgary, there are numerous up-trending neighborhoods where you’ll find everything a family, or single person could want. Below are a few of those areas.
Mahogany. Here you’ll find a neighborhood centered on lakeside living. It is a suburban residential neighbourhood with Mahogany homes for sale in the region of $400-450k. The community began development in 2007 so it is considered Calgary’s newest lake community.
Mckenzie Towne is another area situated southeast of downtown Calgary. Here you’ll find a master planned residential neighbourhood being developed by Carma Developers LP. The community centers around an active recreational lifestyle for all ages including seniors. There is the Mckenzie Towne Council that is responsible for beautification and maintenance of the community. Average McKenzie Towne homes for sale range in price around the $400k mark.
In general the entire Calgary region offers up immense opportunity for new homebuyers looking to purchase a homes for sale in Calgary at a reasonable price they can afford.