Calgary has the third least affordable real estate in Alberta

Aug 29 2018, 3:43 pm

While cities in Alberta may not be plagued by the ridiculous rent and mortgage prices that have become infamous in places like Vancouver or Toronto, that doesn’t mean that just any Albertan city is affordable for all.

The province has its own housing highs and lows just like anywhere else, and a new study from Zoocasa has found the exact order that its cities stack up.

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According to the study, the sprawling city of Calgary came in third for least affordable, when weighing the average home price against the median income, clocking in at $479,266 to $52,765, respectively.

That leaves a single person household needing to earn (and save) 9.1 times their annual income to fully pay off the average home in the city — but there are two places in Alberta where it is even less affordable.

Camrose takes the second spot, with a median home price of $337,143, which may seem low compared to Calgary, but with the average earner taking home just $36,096 a year, it registers the price to income ratio at 9.3.

And finally, taking the top spot for unaffordability in Alberta, we have the mountain town of Canmore, where both the home prices and the incomes are quite high.

According to the study, the average home will cost a hefty $676,093 bill, while the average single household income sits at $52,224 — making for a price to income ratio of 12.9.

It’s not all bad news on the Albertan front, of course, as Zoocasa made sure to mark down the three most affordable places to purchase real estate in the province as well.

Starting at third we have Grande Prairie with a 2.6 ratio (Median home price of $319,084 to average income of $54,062), Cold Lake with a ratio of 2 ($281,231 to $68,267) and coming in as most affordable (mostly thanks to the sheer amount of money people make there) is Fort McMurray at a ratio of 2 ($439,664 to a whopping $106,912).

Full statistics can be found below on an infographic provided by Zoocasa.

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Housing affordability in Alberta cities (Zoocasa)