Calgary, Edmonton in top 10 most affordable cities for homebuyers in Canada: report
Posted Mar 2, 2023 6:24 pm.
Last Updated Mar 2, 2023 6:26 pm.
Calgary and Edmonton are on the list of the top 10 most affordable cities for first-time homebuyers in Canada, according to a new study.
The study, done by real estate group Edmonton Homes, has Edmonton sitting in fifth place with a “total affordability score” of 46.4 per cent, where the average price of a house is around $370,000.
The study shows the median annual salary for Edmontonians is about $107,400, which is 29.04 per cent of the price of a house.
Also, people in Alberta’s capital spend more than four per cent of their income on property tax, and nearly 1.90 per cent on energy bills.
Meanwhile, Calgary sits in the seventh place, scoring 37.5 per cent on the total affordability score, where the average price of a house is slightly over half a million dollars.
People in Calgary make an average of about $109,500, which is about 21.40 per cent of the price of a house.
The study also shows Calgarians spend nearly three per cent of their income on property tax, and about 1.8 per cent on energy consumption.
City in Newfoundland and Labrador takes top spot for affordability
St. John’s occupies the first place, scoring 58.8 per cent on affordability, with an average annual income of about $104,600.
The study reveals the average price of a house there is about 37.30 per cent of people’s annual salary.
Saskatchewan’s two major cities, Saskatoon and Regina, occupy the second and the third place, consequently.
While Quebec’s two major cities, Quebec City and Montreal, sit in the fourth and sixth places, consequently.
Montreal, Ottawa, then London, Ont. take up the, eighth, ninth, and tenth places, consequently.
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Despite all these differences, a spokesperson from Edmonton Homes says Canada’s real estate status is better than other parts of the world, as people have more options.
“Real estate in Canada has been a hot topic in recent years due to its rapid growth and high demand. The country’s real estate market is considered as one of the most stable in the world, with a diverse range of options for investors and homebuyers alike,” the spokesperson said.
