The RBC Housing Trends & Affordability report was released today detailing that housing affordability improved in Q4 2013.
Royal Bank excerpt on Alberta: “Owning a home at market value in Alberta became slightly more affordable for most housing categories in the fourth quarter…Affordability levels in Alberta continue to compare favourably against both historical averages in the province and nationally. We expect that constructive affordability conditions, a booming provincial economy, and strong population growth will continue to fuel demand for housing in Alberta in the year ahead.”
Royal Bank excerpt on Calgary: “Homebuyer demand in Calgary continues to benefit from a hot labour market, fast-rising population, and booming provincial economy. It is also likely supported by fairly attractive affordability levels. RBC’s affordability measures for Calgary remain some of the better ones among Canada’s major markets.”
“This is not to say that home prices are cheap in the area – they are in fact the third-highest in the country after Vancouver and Toronto – it is instead a reflection of just how strong household incomes are in Calgary,” said Craig Wright, senior vice-president and chief economist for RBC. (Read Calgary Herald article)
To download the entire 11 page report, click here