Affordable Cities
- Calgary Ranks 4th World-wide
According to the latest Affordability Index Report, 7 out
of the 10 most affordable global cities in terms of home prices are in North
America. What was also revealed by the report from Bloomberg Global City
Housing is that 3 of these cities are in Canada.
General Rule of
Thumb
Based on a general rule of thumb among mortgage lenders,
people should spend no more than 28 percent of their net income on their cost
of housing. In Canada, Calgary remained the most affordable housing market and
the 4th most affordable worldwide, with an average of 40.5% of monthly income
going to housing costs.
The Bloomberg Index
The Bloomberg index uses calculations based on the
affordability of buying or renting in city centers and suburbs. These rankings
are based on self-reported data, including mortgage interest rates and net
salary, which are compiled by Numbeo.com, an online database of city and
country statistics.
The second least expensive Canadian market and the 6th
least expensive globally, was Ottawa with the proportion at 46.1%. The third
was Montreal and it was 7th most affordable worldwide at 46.9%.
Least Affordable is Vancouver
Least Affordable is Vancouver
The least-affordable metro area in both Canada and the
U.S. is Vancouver due some say to the steady influx of foreign cash. It is
believed to have caused a surge in housing prices, in turn pushing most
domestic buyers out of the market.
Calgary- 5th
Most Liveable City
Also this year, Calgary was rated again as the fifth-most
liveable city in the world, according to The Economist. The
international magazine's annual Global Liveability Report gave
Calgary a score of 96.6 out of 100. It maintains its rank from the
previous year on the list of 140 major cities that are evaluated annually.
Another organization called The Calgary Economic Development is using this
information to promote Calgary. The Board of Directors of this not-for-profit
corporation has stated that Calgary isn't just a city to make a good living;
it's also a city to make a great life.
For more information and/or to book an appointment give Chris a
call 403-680-4479
E-mail: chris@yourhomeinalberta.com Website: http://www.YourHomeInAlberta.com
