Affordability Index…

It’s a great time to buy in Calgary!

RBC released their Q1, 2016 housing affordability report last month.  The affordability index shows average home ownership costs (mortgage payments, utilities and property taxes), compared to average pre-tax household income.

Calgary

Ownership of the average home in calgary, costs the average family 31.5% of their gross household income.  The graph below shows that Calgary is more affordable now than the historical average (the dotted line at 39.8%).  It’s a great time to buy! 

Toronto

The Toronto housing costs have risen to 60.6% of the average gross household income, surpassing their historical average of 47.8%.

 

Vancouver

The Vancouver housing costs have also risen.  They are now unto 87.6% of the average gross household income, surpassing their historical average of 59.2%.

Vancouver

 

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