Property in the Canadian cities of Calgary and Edmonton are the most affordable in the country as prices in the cities start to rise. Thatââ¬â¢s the conclusion of a new real estate report which shows that Brits looking to buy in Canada could snap up a property bargain in these two locations.
Prices rising and affordability increasing for homes in Canada
The RBC Housing Affordability report says that property prices in Calgary finally seem to be recovering after several years of stagnation. The report comments: ââ¬ÅHome resales grew for the second consecutive time in the first quarter of this year, advancing the most since the middle of 2009.ââ¬Â
The RBC Housing Affordability report measures the amount of pre-tax household earnings required to meet monthly mortgage repayments and associated taxes and utilities. For example, an affordability measure of 40 per cent means that 40 per cent of a householdââ¬â¢s pre-tax income is paid out in mortgage and associated costs.
In Calgary, the affordability measure for a standard two storey home was 36.8 per cent, down almost 5 per cent from the same time last year. The long term average (since 1985) is 40.9 per cent.
Sano Stante, president of the Calgary Real Estate Board, said: “We might look back in the not-so distant future and look back at this period and recognize that this was a good time to invest in real estate.ââ¬Â
With prices looking to be starting to rise again, it could be the perfect time to buy property in Canada ââ¬â particularly in these popular Alberta cities.
The RBC report concluded that: ââ¬ÅStable or slightly declining prices… contributed to substantial improvement in affordability in Alberta last year. While market conditions have become more balanced in recent months, there remains very little pricing momentum in the provincial market at this stage, maintaining attractive affordability levels – the RBC Measures for all housing categories in Alberta stood below their long-term average in the first quarter.”
