Canada and America’s relationship has been a long-standing friendly rivalry that has citizens constantly wondering if the grass is greener on the other side. One of the large points of contention is real estate!
Whether you’re considering looking at Calgary homes for sale, or you’re eager to find out how much land you can get in America: this is everything you need to know.
Canada’s 56% More Expensive In Most Areas
The average Canadian has to pay an alarming 56% more to buy a home, or 25% more to rent a property than in any comparable city in the USA. For many, this makes sense since the average Canadian makes 35% more than the average American, but Canada has been ranked time and time again as the most overpriced housing market in the world. This makes it difficult to find a good deal on a property, but selling is wonderful because of the massic payoff.
Both Are Obsessed With Single Family Homes
Both America and Canada are currently focused on purchasing single-family homes. This is largely due to the pandemic and the need many people have to seek out space that’s uniquely theirs after that. Although it’s more expensive to buy a stand-alone building, it’s a better long-term investment and can offer people and their families the chance to have a space all their own.
The Wages in America Are Lower, Holding Back Home Prices
As mentioned previously, American wages are notoriously low. Although the average annual salary is $51,916: America has more billionaires than any other country on Earth. Although that sounds nice, the wage gap between billionaires and the working class is so large that the actual median wage of workers is closer to $34,000, not $50,000. This alone is enough for many people to consider settling in Canada and giving up on America entirely.
Both Saw Wild Sales in 2021
2021 was a real estate year like none other than we’ve seen in years. Property prices skyrocketed, and homes stayed on the market for far shorter periods. Both America and Canada saw this leap, yet Canada’s is a little more tumultuous because many believe that some portions of this country are in a housing crisis bubble that will devastate the local economies.
Although there’s been plenty of discussion about whether or not the American property prices are due to a housing bubble or simply just rising with the times, there’s no clear answer that will let us know either way.
Although America and Canada Differ Both Have Wild Markets
Although America and Canada have plenty in common, there are also countless ways to vary. The Canadian market is currently far more volatile and harder to predict, with homes extremely overpriced and still flying off the market instantly. The American market is currently a big mystery. Please get to know both before you decide to invest in either: although they’re similar, your decision could be the difference between investing in a housing bubble or a viable investment.