The following news article ran on the front page news of the Calgary Herald this morning. Family physicians are facing tough times in operating their businesses with the high cost of real estate.
“The Calgary Health Region study found the majority of physicians in the poll — 70 per cent of the 137 doctors who reported leasing office space — will be renegotiating their rental contracts by July 2009.
And 46 per cent of those doctors plan to quit their local family practice, retire or move their offices outside the city.
The report concludes that operating a family doctor’s office in Calgary “is not sustainable as significant overhead increases of 30 per cent or more are being reported” thanks to the city’s overheated real estate and labour markets.
Local doctors’ groups said the study is concerning, despite its small sample size, because it reflects the trend of Calgary physicians closing their offices as their income fails to keep pace with growing overhead expenses.”
It appears now that even medical professionals are now feeling the squeeze of Calgary’s overvalued real estate market.
Do you still think that this market at the current values is sustainable?
The answer is evidently, no.
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