...Here are some stats I pulled off http://www.jimsparrow.com/market-stats.php about the current housing prices in Calgary. I don't know if any of you live in Calgary, but this is pretty darn expensive. I remember (and here is when I start to sound old) when a good starter home was in the $160000 range. Siiigh. Well, here you go:
The average price of a Calgary house is now $473,876, up 13% from the end of January and 19% higher than the average house price the end of December 2006.
The average price of a Calgary condo is now $331,253, up 23% from the same period in 2006.
Uber siiiigh. And it's just Alberta, too! I could move to Saskatchewan and buy a perfectly wonderful home for $90,000. No jokes. Problem is, I don't want to move to Saskatchewan. Too bad their house prices couldn't come here.
I was talking yesterday to my mom about house buying and she called my desire to own a home in the next couple of years "ambitious." I'm not sure if she meant it in a good way or not. I know it's an ambitious goal, but I refuse to pay rent when I could be paying the same amount for a mortgage. I don't think she has faith in my ability to accomplish that. She said the same thing when I told her I wanted to save $20,000 (or 80%) of my income between now and next June. I think deep down she's trying to cushion the blow if I don't accomplish it, however, aiming to save only $10,000 instead of $20,000 isn't making the goal easier, really, it's just changing the outcome.
I'm seriously, SERIOUSLY hoping that the housing prices will start to drop and/or crash so that I could finally afford something other than a bench/shack/extra room in someone's garage...Hmmm.
The (non-professional) financial ramblings of a Justice Studies student from Canada.
And the House Prices today are....
Thursday, May 31, 2007
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2 comments:
At $473G and 7% interest rates you'll be paying $33G/year just in interest... which is probably more than your yearly salary. Spending money on rent vs. interest payments sometimes may make it to your financial benefit to rent. Sorry for the glum news.
Yeah, unfortunatly that's the realization that i've come too. In talking with several people, I've decided that I could most likely afford a $200,000 place with a $20,000 down payment. However, $200,000 houses don't exist in my city, even in the horrible areas. I have my fingers crossed for a housing-crash, though. Thanks for the comment! :)
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