We know that it can get cold and miserable in the winter months, but don’t let that discourage you from staying put! As it turns out, Calgary and Edmonton have it better than most cities in the country – if home ownership is something you desire.
According to a new report from Zoocasa, Alberta is kind of the place to be when weighing the median income and local housing prices.
With an average price tag of $382,610, Edmontonians reportedly only need to make $62,313 a year to afford a home – making the capital city the most affordable in all of western Canada
Calgarians, however, require an income of about $83,000 if they’d like to purchase a home, which typically costs around $512,000.
Other notable cities included Winnipeg, Ottawa, Halifax and Newfoundland and Labrador – where at just $46,838, houses were the most affordable from coast to coast.
So how exactly did they figure out which cities were the most affordable in Canada?
“Zoocasa calculated the maximum mortgage a household with a median income could afford,” they explained,
“…assuming a 5.14% interest rate and a 25-year amortization.”
Other typical household expenditures were not considered, but we’d be willing to bet Alberta would still come out on top.
Now if we could just do something about this darned snow – it would be a prairie paradise,