It’s funny how when you meet renters as a realtor… many people just assume that home ownership is not within their grasp!
So…How do we bridge the information gap for a huge group of potential home owners?
We start by letting our 1st time potential clients know that recent media reports across Alberta & even Canada to some extent…which have been suggesting a shift away from the desire of Canadians to own a home is largely unsupported…as this newly released research suggests!
Firstly…I should qualify why most people desire to own a property!
- Housing stability…Which creates a sense of permanence
- Personal investment…which means paying themselves instead of a landlord
- Cost certainty…which means knowing exact monthly costs without unexpected rent increases.
- Personal preference for upgrades & decorating choices!
So, if moderate-income Calgarians (who do not currently own a home) want to buy one, why aren’t they?
Not surprisingly in this 2020 housing market… the reasons are financially based!
It would seem that the top 3 reasons as reported by CREB for moderate-income renting Calgarians are:
- They don’t think they can afford the costs of home-ownership
- They haven’t been able to save a down payment
- They believe housing prices are too high
So…when over one-third of the Calgary respondents who think they could qualify for a mortgage (but have not) were asked what that would need to look like…
they indicated they COULD afford between $1,250 and $1,500 per month in mortgage and property taxes…
Surprisingly… this translates in Calgary to properties between $245,000 and $310,000…
According to the CREB 2020 housing supply stats priced at or below $300,000… Many may not know there are currently 2,161 resale and 715 new construction homes all currently available for purchase in the greater Calgary area.
So what does all this actually mean?
well…it translates to a huge disconnect between the renting markets perceptions and the actual prices & availability of what they can afford!
So… for those of you who would like more info or have been longing to get into the 1st time home owners club… the YYC Real Estate Club would love to meet you & help you …join the club!
Keni-Lynn Bouvier is a licensed realtor with Royal LePage Mission & a Certified Stager who is part of the YYC Real Estate Club..she can be reached at 403-200-7077