Calgary houses offer pre-boom affordability
Published Monday, September 14, 2009 6:23PM MDT
A new report claims homes in Calgary are the most affordable of Canada's big cities.
The RBC study says homeownership costs have dropped steeply in Alberta taking it back to pre-boom levels.
The study says housing here is now as affordable as it was in late 2005 and early 2006.
The RBC study based the report on the costs of owning a detached bungalow and it takes salaries and homeownerships costs, like mortgage payments, property taxes and utility bills, into account when determining affordability.
"In Alberta you have to remember we also had the fastest price growth in all provinces in Canada at one time and we also experienced the sharpest decline," said Lai Sing from the Canada Mortgage and Housing Corporation, "so in terms of affordability its not surprising affordability has increased the most here in Alberta."
The CMHC believes housing prices in Alberta have now bottomed out and will continue to rise.