According to a new study published by EdmontonHomes.ca, Calgary ranks in the top 10 of Canada’s most affordable cities for first-time homeowners.
With an affordability score of 37.5, Calgary landed in sixth place on the list. We finished two spots behind Edmonton, which came in at number five with a score of 46.4.
According to the study, 21.39% of the average Calgarian’s salary goes towards housing fees, 2.9% goes towards property tax (based on a $500,000 house), and 1.83% of our income is spent on Energy.
St. John’s ranks first on the list with an affordability score of 58.8 points out of 70. The city’s median salary of $104,630 makes up 37.31% of homeowners’ salaries. For a $500,000 home, property taxes cost them $3,650, which is 3.49% of residents’ median income. The average annual electricity expense for homeowners is $1,656, or 1.58% of their annual income.
Quebec City faired fourth on the list with an affordability score of 52.2 out of 70. The average price of a home in Quebec’s capital is $357,754, with a homeowner’s income of $104,860 on average, making up 29.31% of the price.
For a $500,000 home, property taxes will cost a homeowner $4,389, or 4.19% of their yearly salary. Quebec City has some of the most affordable electricity rates in the nation, with new homeowners paying only 0.84% of their annual income toward their electric bills.
Other cities to make up the top five include Regina and Saskatoon.
Here’s how the rest of the top 10 rounded out:
The website’s research, conducted by real estate experts, compared and ranked the 25 most populated cities in Canada across three metrics: average annual income compared to house prices, property tax, and electricity bills to reveal the most affordable city for first-time homeowners.
With files from Allison Stephen