A recent Globe and Mail story is putting the attention on Calgary in a positive way, focusing on the fact that our city just might be the most affordable place in Canada. Fantastic for first-time buyers (or any buyers)!
Suggestion for first-time home buyers looking ever further outside Toronto to find something affordable: Check out Calgary. People used to look to Calgary for its strong job market; now, the attraction is affordable housing along with median incomes that are well ahead of the other cities in this comparison. [Globe and Mail]
Yes, energy prices have been down for a few years, and incomes and house prices have been lower. But what this has done is caused incomes to gain that ground on houses.
According to figures from CREA, the estimated 2016 median family income in Calgary was $107,804, which is $3,179 ahead of incomes pegged to house price gains.
With so much talk about the unaffordable hot markets in Toronto and Vancouver, it’s important to remember that Calgary is sitting here with a ton of investment and home buying opportunities. Our city is boasting both affordable housing options and median incomes, that despite drops, are still sitting above averages across the country.
Affordability and stability were also the key themes at CREB’s 2017 forecast, which took place a few weeks back. Bottom line—it’s a great time to be in a position to buy! If you have any questions about home buying, mortgages or Calgary real estate, please contact me.
