A group known as Demographia International has released a large study of housing affordability around the world. They make the assertion in the work, that housing density has a large effect on housing affordability.
They took a look at the housing affordability of many real estate markets around the world, and state that Vancouver is the most unaffordable city in the world for the average person/family to purchase a home.
Edmonton is ranked above the median (#19 of Canadian cities – Vancouver is tops at #29, with Calgary at #22)
Edmonton's average real estate price (all types) was $286,700 with a median income of $70,300.
Compare this with:
Calgary’s average real estate price (all types) at $353,900 and median income of $76,500.
Vancouver’s average real estate price was $540,900 and a median income of $58,200.
You can find the .pdf document of the study at: http://www.demographia.com/dhi.pdf
Taking into account the price of homes and condos in Edmonton and area, with the median household income we have, this makes Edmonton only slightly to somewhat unaffordable. Not a great statistic and definitely something to keep an eye on.
If city planners and city councils use this information in the future to apply to new developments, then they can help to keep housing affordable for those who want and need it.
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Ben Officer, CD REALTOR®
RE/MAX Real Estate
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