Calgary offers homebuyers the most affordable homes in Canada and to add to that, the province of Alberta is the most affordable in general.
According to an affordability report issued by RBC, Calgary is the most affordable it has been in six years. The average two-storey home in Calgary would require 38.5% of a family’s pre-tax income – this includes mortgage payments, property taxes and utilities.
Alberta has most affordable homes
The province of Alberta’s average is 36.4%. Even Edmonton is at 39.1%.
The beauty of these numbers can only truly be appreciated once you make the comparison to a city like Toronto, where the required amount of a family’s pre-tax income is a whopping 61.4%.
Vancouver? Well that is a whole other story unto itself – more than 95% of a family’s pre-tax income is required in that city. Let me repeat that in case you didn’t get it the first time: More than ninety-five-per-cent!
The average for the province of British Columbia is 76.6%.
Ontario was a touch more reasonable with 48.6%.
Alberta will see a homebuyer boom
According to the report, in Alberta, “homebuyer demand has been stuck in low gear up to this point, with existing home sales, new home construction and home prices continuing to exhibit flat month-to-month trends.”
Of course, with the attractive home affordability, upward rise in business and thus rising employment, the month-to-month trends will no doubt begin to improve.
If you’re looking to buy a home in Calgary, visit ComFree today.