Well, here’s an interesting one. In a year where we’ve seen a global pandemic run directly into a ridiculously hot housing market in Canada, Calgary has just landed on top of a new study. What does it show? That Calgary has become the most affordable place in the world for housing. Let’s break it down.
According to their findings, it was due to changes in the average annual net salary, as well as per-square-foot condo prices over the last five years, that Calgary was able to snag the coveted spot.
So how did they figure this out you may be asking? Well, using data from Numbeo, the ‘the world’s largest cost-of-living database’, they were able to compare apartment price in a city average to the average net salary and price per square metre for one-bedroom apartments in a city centre.
We’re certainly not math wizards, but we’re not about to fight it.
“In 2020, full-time employees in Calgary could typically afford 93.4 square feet of space. This number has increased significantly to 153.7 square feet, meaning a local in Calgary on the average local salary can buy 60.3 square feet more in 2020 than in 2016,” they stated as part of the study.
Apparently, this ‘positive jump’ was greater than anywhere else in the world, which is pretty impressive… you know because the world is pretty big.
For local reference, the average price for a condo in Calgary is around $246,400, while a detached home is around $500,000 (approximately). This is FAR cheaper than in other Canadian cities like Vancouver or Toronto, where the average price for a condo is $802,591 according to Re/Max.
So there you have it, friends. Calgary now has a new title under its belt – the most affordable place in the world for housing. Pretty cool, if you ask us!