Last Updated on October 24, 2023 by Ephraim Vecina
In a new analysis, real estate information portal Zoocasa culled data from Alberta’s real estate boards to calculate each metropolitan market’s price-to-income ratios, and thereby rank them in terms of affordability for dual- and single-income households.
Coming up on top was Fort McMurray, with an average home price of $439,664. This amount is only 2 times the average income of a dual-income household in that market, and only 4.1 times that of a single-income household.
Other affordable markets in Alberta are as follows, with dual- (DIR) and single-income (SIR) ratios listed:
- Cold Lake – average price of $281,231, DIR of 2, SIR of 4.1
- Grande Prairie – average price of $319,084, DIR of 2.6, SIR of 5.6
- Fort Saskatchewan – average price of $368,921, DIR of 2.7, SIR of 6.1
- Airdrie – average price of $359,148, DIR of 3, SIR of 6.2
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Canmore’s homes are the most out of reach for Albertans, with an average home price of $676,093, a dual-income ratio of 5.8, and a near-crippling single-income ratio of 12.9.
The Zoocasa analysis ranked the province’s least afordable markets as such:
- Camrose – average price of $337,143, DIR of 3.5, SIR of 9.3
- Calgary – average price of $479,266, DIR of 4.1, SIR of 9.1
- Okotoks – average price of $441,597, DIR of 3.4, SIR of 8.3
- Edmonton – average price of $382,849, DIR of 3.4, SIR of 7.8
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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