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Alberta is the third most challenging province in the nation to save for a down payment on a home, a new study has found.
Researched by MetroVancouverHomeSource.com, the study used a variety of measures — from average home price and median income to income taxes and utilities costs — to create a housing purchase index score.
Alberta had a score of about 43 out of 100, with only British Columbia and Ontario ranking lower.
The score for B.C. was about 22 points, while Ontario scored about 21 out of 100.
In Alberta, the average price of a home was about $447,000 (using 2022 data) while median income was about $44,850. In Ontario, the average home price was nearly $932,000 while median income was about $42,000.
In B.C., the average price of a home was more than $996,000 with a median income of around $42,000. But it ranked as more affordable than Ontario because insurance and utility costs were lower, the report noted.
Atlantic provinces fared best for affordability in Canada, led by Newfoundland and Labrador with a score of more than 85 out of 100. There, the average price of a home was nearly $292,000 with a median income of more than $57,000. The next most affordable place to save for a home was New Brunswick with a score of nearly 67 where the average price of a home was nearly $290,000 and the median income was about $38,000 — the lowest among all provinces.
Third was Prince Edward Island where the average priced home is about $389,000 and median income was nearly $40,000. It had a score of about 66 out of 100, while Nova Scotia’s score was nearly 59 — good for fourth among most affordable provinces. There, the average price of a home was nearly $412,000 with a median income of about $38,000.
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