Priced out of Ontario, homebuyers turn their eyes to the Calgary real estate market
BNN Bloomberg
As Ontario's sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams.
As Ontario's sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams.
Like newlyweds Vineet Mrug and Kushbu Mistry, who relocated to Calgary from their hometown of Toronto last year, some residents of the GTA and other hot Ontario markets are moving to Alberta for what they believe is their last opportunity to own an affordable piece of real estate in a large Canadian city.
“We entertained the idea (of staying in Toronto), but it was very short-lived, just because of the sheer price of homes," said Mrug, adding he and his wife made the move with the intention of starting a family soon.
“In Ontario, especially Toronto, within our budget we were restricted to a two-bedroom condo. And that really would not have cut it for us, with the kind of plans that we had.”
Mrug and Mistry ultimately purchased a 250 square metre home with a walkout basement and a large backyard in Calgary's northwest neighbourhood of Valley Ridge.
"We got three times the amount of house for the same amount of money," Mrug said. "We're very happy with our decision."
Canada home prices fell to a nearly five-year low in January as sales dropped and new listings rose, according to CREA data.
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