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Fort McMurray most affordable housing market in Alta.: report
Published Thursday, November 22, 2018 11:00AM MST
Fort McMurray is the most affordable housing market in Alberta, found a study released on Thursday—National Housing Day.
Zoocasa’s report determined the average income needed to buy a home in Alberta’s 25 major markets.
Zoocasa assumed a 20 per cent down payment, a 30-year amortization, and a 3.33 per cent mortgage rate.
In Fort McMurray, the average home price is $374,360, and the average income needed to afford it is $51,066.
Beaumont, Cold Lake, Sherwood Park and St. Albert rounded out the top five.
Edmonton (21st) has an average home price of $364,102, and the income required for that price is $49,667.
Canmore is the most expensive market on the list, with an average home price of $696,421 and a required income of $94,998. Calgary was a distant second: their average home price is $468,634, and the required income is $63,925.
Zoocasa Managing Editor Penelope Graham said housing affordability in Alberta “is relatively healthy in all markets across the province, as wages have kept pace with home values.”