Anyone that lives in Calgary knows it has its perks, from its stunning views to its financial ones too. In fact, compared to cities across North America, Calgary is one of the most affordable.
The latest North American housing affordability report from Oxford Economics found that Calgary is the ninth-most affordable city on the entire continent. It was beat out by three other Canadian cities, including Winnipeg, Edmonton and Quebec City. Chicago, Illinois, sits at the top spot.
When it comes to the least affordable cities, it’s no surprise that Vancouver leads the pack, followed by Boise, Idaho; Toronto, Ontario; Portland, Oregon; and Hamilton, Ontario rounding out the top five.
Although it’s expected that housing affordability will worsen slightly in Calgary over the next year, homes in the Prairies are forecast to remain well within the borrowing capacity of local households in the medium term, according to the report.
It also indicates that affordability is predicted to worsen next year across Canada, despite the forecast for a plateauing of house prices, due to mortgage rates rising from historically low levels.