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Calgary’s Housing Market Benefits Young Buyers

In Canadian cities like Toronto and Vancouver, the dream of home ownership is likely to remain just that. Even following the introduction of stricter federal mortgage rules, the cost of buying a house in one of these cities remains decidedly out of reach. So how are young Canadians finding their footing in the real estate market? Calgary condos and homes appear to be the answer.

 

Pursuing One Aspect of the Canadian Dream

For peak millennials aged 25-30 years old, the prospect of saving enough money to afford a down payment on a home can be daunting. With prices averaging upwards of $1 million in Canada’s hottest markets, it can be hard to imagine ever breaking through. In Calgary, on the other hand, the quieter market has served as a beacon of hope for young people looking to fulfill their home-owner dreams.

Putting Their Faith in the Recovering Economy

Calgary’s real estate market is just now emerging from a relatively rocky road but it is showing signs of promise. The city’s new normal is reflected in a quieter market with stable demand, adequate supply, and the support of a recovering economy.

Peak millennials are taking advantage of the current market conditions to find their perfect home. Whether they opt for a condo in the heart of the city or a detached home in the suburbs, these buyers are taking advantage of a market that is making a slow creep towards progress. According to the Calgary Real Estate Board, there exists a solid foundation to support the notion of modest recovery within the next two years.

For a generation recognized as being bold, innovative, and willing to take risks, an investment in Calgary’s housing market could pay off. Purchasing real estate is often one of the most significant transactions a person will make during their life and for Calgary’s millennials, there appears to be a benefit to getting a head start.

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