The majority of first-time home buyers face large financial hurdles to attain their dream. .If you’re in that category, looking for affordability and are in a position to move if needs be, the real estate team at Edmonton Homes dug into some facts and figures to find the ten most affordable cities for first-time homebuyers..Of the 10, five are on the Prairies and two are Alberta’s largest cities, Calgary and Edmonton..The Edmonton Home team says it compared and ranked the 25 most populated cities in the country across three metrics: average annual income compared to house prices, property tax and electricity bills to determine the affordability of city..“St. John’s ranks first on the list with an affordability score of 58.8 points out of 70,” says Edmonton..“The city’s homeowners' median salary of $104,630 forms 37.31% of the average house prices in the city. Property tax sets them back by $3,650 for a $500,000 house, a 3.49% hit on residents’ median salaries. Homeowners pay an annual electricity bill of $1,656, equating to 1.58% of the average yearly income..Winnipeg, Regina and Saskatoon join Calgary and Edmonton as the Prairie cities on the list..Edmonton comes in at number five, with an affordability score of 46.4. Homeowners in the city, which has a median annual income of $107,450, with 29.04% of that covering house prices, which average $370,068. .Edmonton’s property tax takes 4.04% of the median income and with an average annual electricity bill of $2,004, residents spend 1.87% of their income to turn on the lights..Calgary ranks seventh with an affordability score of 37.5. The average home price is $511,944, and with the city’s median annual income at $109,520, 21.39% of that goes to house costs. Calgarians pay on average 2.9% of the income on property tax for a $500,000 house. .The Edmonton Home team said in a statement: “Real estate in Canada has been a hot topic in recent years due to its rapid growth and high demand. The country's real estate market is considered one of the most stable in the world, with a diverse range of options for investors and homebuyers alike.” .“The study reveals where is most favourable for first-time buyers to start their search, and it highlights the difference in how much people need to embark on the adventure of home ownership depending on the city they are in.” .Methodology.To find the most affordable cities, Edmonton Home calculated the percentage of annual income spent on: housing fees; property taxes on an average home, and; energy costs, to arrive at an affordability score, with 50 being the most affordable score. Property tax and electricity bills were graded on a 10-point scale, with 10 being the most affordable..The top 10 most affordable cities for first-time home buyers:.1: St. John’s - affordability score: 58.8.2: Regina - affordability score: 56.6.3: Saskatoon - affordability score: 56.1.4: Quebec City - affordability score: 52.2.5: Edmonton - affordability score: 46.4.6: Winnipeg: affordability score: 46.1.7: Calgary - affordability score: 37.5.8: Montreal - affordability score: 36.6.9: Ottawa - affordability score: 36.0.10: London - affordability score: 28.3.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
The majority of first-time home buyers face large financial hurdles to attain their dream. .If you’re in that category, looking for affordability and are in a position to move if needs be, the real estate team at Edmonton Homes dug into some facts and figures to find the ten most affordable cities for first-time homebuyers..Of the 10, five are on the Prairies and two are Alberta’s largest cities, Calgary and Edmonton..The Edmonton Home team says it compared and ranked the 25 most populated cities in the country across three metrics: average annual income compared to house prices, property tax and electricity bills to determine the affordability of city..“St. John’s ranks first on the list with an affordability score of 58.8 points out of 70,” says Edmonton..“The city’s homeowners' median salary of $104,630 forms 37.31% of the average house prices in the city. Property tax sets them back by $3,650 for a $500,000 house, a 3.49% hit on residents’ median salaries. Homeowners pay an annual electricity bill of $1,656, equating to 1.58% of the average yearly income..Winnipeg, Regina and Saskatoon join Calgary and Edmonton as the Prairie cities on the list..Edmonton comes in at number five, with an affordability score of 46.4. Homeowners in the city, which has a median annual income of $107,450, with 29.04% of that covering house prices, which average $370,068. .Edmonton’s property tax takes 4.04% of the median income and with an average annual electricity bill of $2,004, residents spend 1.87% of their income to turn on the lights..Calgary ranks seventh with an affordability score of 37.5. The average home price is $511,944, and with the city’s median annual income at $109,520, 21.39% of that goes to house costs. Calgarians pay on average 2.9% of the income on property tax for a $500,000 house. .The Edmonton Home team said in a statement: “Real estate in Canada has been a hot topic in recent years due to its rapid growth and high demand. The country's real estate market is considered one of the most stable in the world, with a diverse range of options for investors and homebuyers alike.” .“The study reveals where is most favourable for first-time buyers to start their search, and it highlights the difference in how much people need to embark on the adventure of home ownership depending on the city they are in.” .Methodology.To find the most affordable cities, Edmonton Home calculated the percentage of annual income spent on: housing fees; property taxes on an average home, and; energy costs, to arrive at an affordability score, with 50 being the most affordable score. Property tax and electricity bills were graded on a 10-point scale, with 10 being the most affordable..The top 10 most affordable cities for first-time home buyers:.1: St. John’s - affordability score: 58.8.2: Regina - affordability score: 56.6.3: Saskatoon - affordability score: 56.1.4: Quebec City - affordability score: 52.2.5: Edmonton - affordability score: 46.4.6: Winnipeg: affordability score: 46.1.7: Calgary - affordability score: 37.5.8: Montreal - affordability score: 36.6.9: Ottawa - affordability score: 36.0.10: London - affordability score: 28.3.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
