The RBC report, published by RBC Economics Research, focuses on home ownership affordability in Canada.
The affordability Measure is based on the costs of owning properties, like a detached bungalow, two-story home, and/or a standard condominium apartment.
A detached bungalow in Calgary will set you back, on average, $496,700. This represents a decrease of 0. 4 percent since last quarter. It will take 32.4 per cent of a Calgarian’s household income to finance the home.
The price of a standard two-storey home will now set you back $473,000 on average. This equates to 31.9 per cent of household income. This represents a decrease of 0.8 per cent since last quarter.
The measurements for a condo, which costs $291, 900 on average, shows a marginal increase of 0.1 per cent to 19.1 per cent.
This report speculates that the more affordable housing prices in Calgary are the result of the oil and gas industries having a strong influence over the market. With those industries in a state of limbo, downward pressure on housing prices is expected.