If you're like many Calgarians, you're expecting to make a lot. A new poll that has been released by BMO and conducted by Pollara shows that 33% of the residential home owners here in the city believe that their home is worth twice as much now than it was at the time of purchase.
The survey also shows that 32% of Canadians think that their home is worth double the amount they first invested into it. The results were also high in major cities across the country. In Montréal, 48% of those polled believe that their home is worth twice the amount while 43% of the residents in Vancouver and 42% of the home owners in Toronto believe the same thing.
Nationally, average Canadian homeowners are expecting to see a 62% ROI on the sale of their homes. They believe that their properties could sell for an average price of $369,968, which would translate into a $141,686 profit before fees and commissions are paid.
According to the report, Canadian prices for home sales have gone up 153% since 1994 and 78% since 2004. In Calgary, home owners are expecting to see a 47% ROI when they sell their properties. The average price that a Calgary home owner paid for a home was $308,541 while the expected sale price is $452,769. In Alberta, the average purchase price was $260,642 and the expected sale price is $403,287.
According to the BMO report figures above, the expected return on investment on a Calgary home is $144,228. The ROI for an Alberta home is $142,645.
Owning a home is one of the best investments that you can make in your lifetime. It's something that you can enjoy while at the same time watching it increase in value. It's a place where memories can be formed and where a family can grow.