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.
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!
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%.