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Author: A guy with A camera
According to the latest RBC Economics report, housing affordability improved in Alberta in the fourth quarter of 2009 throughout the slower economic recovery, compared to other regions across the country.
Robert Hogue, senior economist at RBC noted that the downturn in the housing market has created large surplus homes available for sale. This has been holding back the pace of price increases in the province since the market rebound took effect he noted.
This means, the higher the measure, the more difficult it is to owning a home. In other words, the higher the measure, the more of your pre-tax household income is necessary to own that housing type.
The cost of owning a home declined in all housing types in the 4th quarter of 2009 for Alberta.
The detached bungalow benchmark reach 0.4% lower, making it 33.7 %; the standard townhouse decreased by 0.4% to 25.8%; the standard condominium decreased by 0.1% to 2.58% and the standard two storey home decreased by 0.2% to 37.9%.
RBC Housing affordability measure is based on the cost of owning a home. The higher the reading, the more it will cost to own a home.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
