_QR77 Newsroom
11/25/2009
Albertans are spending more of their income to afford homes.
RBC Economics has released a report which says after a long string of improvements in housing affordability in the province, the situation deteriorated in the third quarter.
Housing prices have stabilized or are increasing as activity in the housing market has picked up since last winter.
According to RBC, Albertans will spend anywhere from 22 per cent to 38 per cent their pre-tax income on housing, depending on whether they buy a condo, townhouse, bungalow or two-storey home.
Calgary's housing market is rebounding after a 14 year low resale activity earlier this year.
RBC says affordability measures in Calgary rose up to 2 per cent in the third quarter.
Calgary comes in 5th on the list of most expensive cities in Canada for home ownership.
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