Here's how much you need to make to buy a home across Alberta
If you’re looking to buy a home and happen to live in Alberta, you’re actually in luck.
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.
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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.
Least to most affordable cities/towns in Alberta (Zoocasa)
The most affordable place to live in Alberta is Fort McMurray, according to Zoocasa, though that seems to be largely influenced by the sky-high median salary of $195,656 a year — which stands in stark contrast against the needed income of $51,066 to own the average house in the area.
Cold Lake, Lethbridge, Lloydminster, CamroseMedicine Hat, and High River were the least expensive places to live when you didn’t take into account the median income, as all saw average home prices valued at less than $300,000.
A full infographic was provided by Zoocasa, with statistics being pulled from the Calgary Real Estate Board, Realtors Association of Edmonton, Lethbridge and District Association of Realtors, Medicine Hat Real Estate Board, Central Alberta Realtors Association, and the Canadian Real Estate Board.
All prices and incomes were from October 2018, with the exception of Camrose, Red Deer, and Sylvan Lake, where September was the latest available statistics.
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