Calgary housing affordability easing
Sharp rise in household income helping
By Mario Toneguzzi
Calgary Herald October 29, 2013
CALGARY - A sharp rise in average household income is keeping Calgary house price affordability in check, says a new report released Tuesday by Desjardins Group Economic Studies.
The report’s affordability index showed that it is only slightly under the historical average in Calgary, despite relatively high home prices of $438,793 in the third quarter.
It said the average household income of $110,000 “makes home purchases easier” in Calgary.
But the report said the Canadian housing market is now less affordable than it has been on average for the last 25 years.
“This decline stems from average home prices outpacing household income in the third quarter as well as a small hike in mortgage rates,” said the report.
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