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Edmonton Journal editorial urges homebuyers to “spring into action”

Edmonton ranks first among Canada’s largest cities in RBC’s “housing affordability measure,” a benchmark indicator based on the costs of owning a detached bungalow at market value. An affordability reading of 50 per cent, for example, means that home ownership costs, including mortgage payments, utilities and property taxes, take up half of a typical household’s monthly pre-tax income. Edmonton’s measure is 32.4 per cent, compared with Calgary’s 36.7 per cent, Montreal’s 40.4 per cent and Toronto’s 54.5 per cent. Vancouver’s affordability measure is a staggering 91 per cent.

OK, the winters are longer here, the potholes are bad and the hockey team hasn’t won in a while. But we earn a lot more on average than folks elsewhere and our houses are a better buy. The sum should contribute to more happy homes. The RBC report asserts that “attractive affordability and a vibrant provincial economy are providing powerful incentives for Alberta homebuyers to spring into action,” which they have. Home resales across Alberta between April and June were the best they’ve been in five years.

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