Money moves: These are the most affordable major cities in Alberta
If you are looking to move to Alberta or relocate within the province, a new report has detailed the top four most affordable major cities in Wild Rose Country.
According to a recent Royal LePage survey of Canadians living in the greater regions of Toronto, Montreal and Vancouver, conducted by Hill & Knowlton, half of
respondents say they would consider buying a property in one of Canada’s most
affordable Canadian cities if they were able to find a job or work remotely.
Royal LePage identified the 15 most affordable cities based on the percentage of income
required to service a monthly mortgage payment using provincial median total household
income data and city-level aggregate home price data.
The mortgage calculation is based on a three-year fixed-term loan at 5.71%, amortized over 25 years with a 20% down payment.
Two spots in Alberta made the top 15, and four of the 62 regions Royal LePage includes in its quarterly home price update made the cut.
4. Calgary
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Landing at the 21st spot in Canada and lowest in Alberta, Calgary households require a whopping 44.1% of monthly income required to service a mortgage payment.
The aggregate price of a home in YYC in the first quarter of this year was $676,400.
3. Fort McMurray
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Fort McMurray secured the 17th spot in Royal LePage’s national affordability ranking, where 37.1% of a household’s monthly income would be required to service a mortgage payment.
The aggregate price of a home in YYM in the first quarter of this year was $569,400.
2. Edmonton
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Edmonton ranks fifth among the most affordable cities in the country, where 28.9% of a household’s monthly income would be required to service a mortgage payment.
The aggregate price of a home in YEG in the first quarter of this year was $442,200.
Edmonton was also the most popular relocation destination among respondents in the greater regions of Toronto and Vancouver.
1. Red Deer
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Red Deer ranked third among the most affordable cities in Canada and first in Alberta, with 25.7% of a household’s monthly income required to afford a mortgage there.
The aggregate price of a home in YQF in the first quarter of this year was $392,900.
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