Nov 23, 2018 4:35 pm
Zoocasa, a brokerage that looks into the statistics surrounding Canadian real estate, has found that the Wild Rose province is far more affordable to buy real estate in when compared to Ontario and BC.
All 25 Albertan markets had a median annual income that would be capable of affording the average home within their respective cities, though some had a little more breathing room than others.
Calgary was actually the province’s second least affordable city, though the difference between the income of $63,925 per year required to afford the average home (valued at $468,634 as of October) was still $33,409 less than YYC’s median household income of $97,334.
Least to most affordable cities/towns in Alberta (Zoocasa)
That margin was closed even more for the #1 least affordable municipality, Canmore, where the income required to own the average home ($94,998 a year) was only $3,908 less than the median household income ($98,906).
However, even the least affordable cities in Alberta are miles ahead of most cities in BC and Ontario, with the income gap between the average salary vs. what is needed to purchase a home being $97,866 over for those living in Vancouver.