Okotoks and High River are high among the least affordable places to buy a home in Alberta.

The latest rankings from Zoocasa have Okotoks as the fourth least affordable and High River at number six on the list.

Zoocasa Managing Editor Penelope Graham, says it comes down to buyer versus seller.

"Even though they're (High River and Okotoks) considered smaller markets and generally considered to be more affordable by home buyers. The reality in both of these is they are sellers markets. And what that means is the number of sales is either on par or outpacing the number of new listings that are coming available."

Graham, says part of the cause is wages not keeping up to high home prices.

"Even if you have a relatively low home price. If you've also got a relatively low income, that means that homeowners aren't able to service their mortgage debt, they aren't able to carry those monthly mortgage payments without it being a burden on their finances, and that's where the affordability metric comes into play."

Canmore is the least affordable spot in Alberta with the average home price of $676,093 with an average income for a single person of $52,224, which puts the income to price ratio at 12.9, which means the average price of a home in Canmore is 12.9 times what the average income is.

For a two income family, that drops to 5.8, which is still high as Graham says the ideal number should be around 3.0.

In Okotoks, the metric is 8.3, with an average home price of $441,597 for a single income of $53,424.

That number falls to 3.4 with a two income household and an average income of $128,219.

In High River for a single income household with an average income of $41,456 and an average home price of $320,922 the income to price ratio is 7.7.

For a two income family that number drops to 3.5 on an average income of $90,598.

Camrose comes in as the second least affordable in Alberta followed by Calgary with Edmonton at number five.

Airdrie, tops the list of affordable Southern Alberta city's or towns to buy a home, with an income to price ratio of 3.0 for a two person income.

The best spot?

Fort McMurray.

Even though house prices are high at $439,664, wages are high, with two income households earning an average of $221,425 brining the ratio down to 2.0 making the price to income ratio the lowest in the province.

 

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