Grande Prairie ranked 3rd most affordable housing market in Alberta
Homes in the Patterson area of Grande Prairie, Kyle Evans
A new report has pegged Grande Prairie as the third most affordable housing market in Alberta. Real estate company Zoocasa makes the claim based on comparisons of average housing prices to median incomes in 24 markets.
As of June 2018, GP is listed as having an average home price of $319,084, which 5.9 times the median single income of $54,062. It’s 2.6 times the median income of a two or more person household of $121,699. The home prices are based on the Alberta Real Estate Association’s June 2018 report, and the income from Statistics Canada.
In its report, Zoocasa says that for a home to be considered truly affordable, the home price-to-income ratio should not be more than three. It also notes that more expensive areas of a city could skew its affordability higher.
Fort McMurray claims the top spot as the most affordable market with a single-income household earning above average for the province at $106,912. That is offset by an above average home price of $439,664.
Cold Lake follows in second place. The least affordable market is Canmore.