Homes are falling for the first time in years, with prices down to the point that many homeowners are now unable to pay the mortgage payments.
Key points:Druker Property owner John Druker said he can’t afford to live in Calgary anymoreHe says the price of the market has been driven up by high interest rates and a lack of competitionDrukers property is on a path to being worth $100,000 to $200,000The prices of many properties have been driven higher by a lack or unwillingness to pay for mortgages and a glut of new homes in Calgary, which is seeing a population boom as people head to cities like Edmonton, Regina and Winnipeg to look for jobs.
The market has started to shift in the last few years, when a glut in new homes allowed the province to boost home prices, but many of those homes have been built at much higher prices than before.
A couple of months ago, I was out in the market and it was just unbelievable.
And I don’t think that’s going to change any time soon.””
I couldn’t afford it.
And I don’t think that’s going to change any time soon.”
Driesker is one of many in the industry, who are seeing property prices fall due to high interest rate, rising mortgage costs and a low supply of housing.
The city of Calgary, like most Canadian cities, has been dealing with the economic impact of high interest payments for the past decade.
But with the economy now back on track, Calgary’s property market is back on its heels.
Home sales fell last month for the second straight month, falling 2.9 per cent from a year earlier to a seasonally adjusted annual rate of 4.7 per cent.
The fall in sales is being driven by higher prices in the residential sector, which accounted for nearly $2 billion of the city’s sales in the month of May.
That is the lowest level since November of 2013, according to data from CoreLogic.
Demand for new homes has also been lower in Calgary this year, as a glut continues to emerge in the city.
Drucker said he is trying to find a home that he can afford in Calgary.
He said the property on the corner of Main and Cambie Street in downtown is the only one he has ever owned.
The house is a five-bedroom house that he bought in 2011, and he said it is a nice house with a big yard and a pool.
“We had a good run here in Calgary,” said Driescher, who now has a job at the local police department.
“You know, it’s been a long time, but you know what?
It’s time to sell.
We are out of money.”
It is not the first condo that has fallen to Drieskers hands.
He bought a four-bedroom, two-bathroom home in 2013 for $1,200, which he paid off at the time.
The condo was renovated and now sells for $500,000.
Drieskers new home is a little different.
He said he decided to build a four bedroom, two bathroom condo for his wife.
“This condo is going to be an addition to our house, it will be a new piece of land that we can live in and enjoy our life together, which I think is really important to me,” said Mr. Drieser.DRIKER SAYS HIS HOUSE CANNOT BE A PARTNER”We’ve been living in a house for three years now.
It is not going to allow us to be a partner in the life that we have,” he said.
He added he is not sure where he will live in the future.
“It’s kind of been a year-and-a-half of looking at other places, and I am kind of thinking, ‘What am I going to do now?'”
He said he will continue to work and help his wife and kids to help pay for the $100K mortgage.
“I think it’s time for me to move on and just start thinking about something else,” he added.
“As soon as we get a new condo, I’m going to move there, because I have enough money.”DRIKERS HOME IS UNDER BUILDING PROTECTION, BUT HE HAS NO IDEA WHERE HE WILL LIVE FOR LONGER”I’ve got two years left on the mortgage, and it’s not going anywhere.
So, it might not be in my lifetime, but it’s definitely not going in my house,” said he.DRAWING IN NEW CARS, HAVING TO DRIVE HOMES”I know that I’ve got a mortgage on the house, I know I can pay it, and if there