Cold Lake and Grande Prairie are other good choices, as well
The resurgent Fort McMurray real estate market, which has seen healthy housing construction numbers ever since the wildfires of two years ago, is currently the best choice for hopeful home owners in Alberta.
According to the analysis by real estate information portal Zoocasa, the average home price in Fort McMurray stood at $439,664 this year. Based on average incomes, this amount is only 2 times the median earnings of dual-income households, and 4.1 times that of single-income households.
Other noteworthy affordability destinations in Alberta are as follows (with price-to-income ratios listed, as well):
- Cold Lake - average price of $281,231, dual-income ratio of 2, single-income ratio of 4.1
- Grande Prairie - average price of $319,084, DIR of 2.6, SIR of 5.6
- Fort Saskatchewan - average price of $368,921, DIR of 2.7, SIR of 6.1
- Airdrie - average price of $359,148, DIR of 3, SIR of 6.2
Read more: Alberta’s recovery will owe a lot to the commercial segment – observers
Alberta’s largest urban markets – namely, Calgary and provincial capital Edmonton – are among the 5 least affordable markets. Surprisingly, however, it is Canmore that took the crown in the Zoocasa study, with an average home price of $676,093, a dual-income ratio of 5.8, and a single-income ratio of a whopping 12.9.
Other expensive markets in Alberta were:
- Camrose - average price of $337,143, DIR of 3.5, SIR of 9.3
- Calgary - average price of $479,266, DIR of 4.1, SIR of 9.1
- Okotoks - average price of $441,597, DIR of 3.4, SIR of 8.3
- Edmonton - average price of $382,849, DIR of 3.4, SIR of 7.8
