Alberta ranks most affordable province for home ownership: Study
Posted September 6, 2024 3:19 pm.
A recent study by calgaryhomes.ca stated that Alberta ranks as the more affordable province in terms of home ownership.
The study showed Alberta increased the average cost of housing by 76 per cent from 2006 to 2024 followed by Newfoundland and New Brunswick. And one of the reasons is the demand and the population density compared to Vancouver and Toronto.
“It’s always about demand and supply. So if you look at the population of Edmonton right now, we’re roughly about 1.28 million … so when our population isn’t quite as high as theirs, it’s probably contributing to why it’s still quite affordable,” said Erik Yip, a realtor with REMAX Elite.
Despite ranking the most affordable in the country. One advocacy group says this is only great news to a certain group in Edmonton.
“We often failed to understand we also have a whole lot of people that cannot afford the market rate … so-called affordable prices that we see now do not contribute in any way to the people that have low incomes being able to have decent housing,” said Jim Gurnett, Edmonton Coalition on Housing and Homelessness.
Even when it comes to rent, Edmonton is in the top spot of affordability — averaging $1,400 in a one-bedroom apartment according to Rentals.ca’s August 2024 report. But Gurnett says whether you are renting or buying, income is still the issue.
“If your income can’t afford market rates then you’re in serious trouble because we’re not building social housing, we’re not building non-market housing.”
Gurnett says that provincial and federal governments need to pay attention to social housing to address the homelessness issue in the city.
