Home affordability levels in Calgary improve
Posted Mar 7, 2012 7:04 am.
This article is more than 5 years old.
Canada’s largest bank says thanks to income gains and real estate price drops in the final months of 2011, home affordability levels in the country have improved.
Vancouver remains the most expensive housing market in the country, with people looking to buy having to commit more than 86 per cent of their pre-tax income to put a roof over their head.
Those costs cover mortgage payments, taxes and utilities.
RBC economist Robert Hogue tells 660News Calgary remains one of the most affordable places in the country to own a home.
Hogue says people looking to buy a home in the Stampede city need to budget just over 36 per cent of their pre-tax income to make that a reality.
He says he’s surprised at the lacklustre performance of Calgary’s real estate market but expects activity to pick up in 2012, because of strong hiring intentions.
According to the numbers home affordability in Calgary is at its best level in six years.
