Relative Affordability
It’s nice to see that, notwithstanding the record-high prices and country-leading growth Calgary’s real estate market has been enjoying, it remains among the most affordable markets in the country.
“Well, that’s weird,” you say. “How could a highly-valued market also be an affordable one?” Easy: despite some revenue dips, Alberta’s still rocking and rolling on the economy front. Our version of a ‘tough times’ budget would be welcomed with open arms in many other provinces, especially Ontario and BC, which are the two other biggest provinces for real estate sales. In the article cited above, RBC’s Affordability Index listed bungalows in Calgary at requiring just under 39 percent of an average household’s pre-tax income; in BC, that number is 82 percent.
Many of us make good money for honest work in Alberta, and we like to put it into our homes. Fortunately a middle class family here can afford to do that without having to live on just 18 percent of our gross. That kind of Alberta Advantage helps to make up for snow in May, doesn’t it?
Tags: Alberta Advantage, calgary alberta real estate, calgary real estate, calgary real estate market, RBC Affordability Index, record-high prices, relative affordability
