Alberta Housing at Record (Good) Affordability

According to the RBC affordability index, showing historical affordability of all provinces across Canada, most provinces show poor housing affordability in relation to historical norms with one huge exception- Alberta. Both Edmonton and to a lesser extent Calgary, show historically good affordability. In fact affordability in Edmonton has reached historical lows (low cost of ownership in relation to incomes-which is good) matched only in 1996 and 2004. With the rest of Canada struggling with the high cost of ownership, could this historic affordability in Alberta in conjunction with the perfect storm of great fundamentals including job, wage and population growth, mark the beginning of a new housing boom? Most experts believe so.

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