Housing Market Really Hot in Calgary
While many housing markets across North America are cooling down, Calgary's housing market continues to heat up.
If you aren't familiar with Calgary, it's in the middle of Canada's oil patch, just east of the Rockies, in the province of Alberta. With the current market for oil (and the push to find more stable sources than the Middle East), Calgary has experienced a "boom" in the past few years that might just rival the Yukon "gold rush".
Think you might like to follow the money? Unless you've already got a lot of money, think again! The entry-level home in Calgary could put you back $350,000 Canadian, and that's assuming you don't want anything fancy. At that price, you might expect to get a reasonable home -- in fact, you'd likely have to expect to do some fixing up for that price!
However, if you are into house-flipping, this is one area where you could find some success. A friend of mine who lives in Calgary reported to me just last night that his home has gone up over $50,000 in the 6 months or so. Increases like that make it pretty easy to turn a profit in flipping properties.
The same friend told me that the demand for workers is vastly outstripping supply. In fact, he and his wife have a running bet to see who can find a local small business without a "help wanted" sign in the window. Apparently, you can make $11 an hour in Calgary slinging hamburgers for Wendy's -- that's how big the demand is for workers.
With the price of oil boosting the Calgary economy, jobs galore and the city growing at an astonishing rate -- over 1 million people in the last 5 years or so -- Calgary's housing boom isn't likely to slow down for some time yet.