Alberta has improved housing affordability according to the last RBC quarterly report. For Alberta, in particular, the plummeting oil prices have contributed to the improvement in housing affordability.
The RBC housing affordability quarterly report, published by RBC Economics Research, focuses on home ownership affordability in Canada entitled Housing Trends and Affordability.
The affordability Measure is based on the costs of owning properties, like a detached bungalow, two-story home, and/or a standard condominium apartment, at market value. The higher the reading is for the property, the less affordable it is for a particular family.
Alberta’s Standard bungalow is sitting at a 31.8% Affordability Measure and has actually decreased by 0.7 of a percentage point from the previous quarter.
As for Calgary’s standard bungalow, its sitting at 32.8% Affordability Measure with a decrease in 1 percentage point.
The RBC Affordability Measure for a standard bungalow in Edmonton is 32.8% and this also is a drop by 0.8 of a percentage point since last quarter.