In a "Normal" enviroment, the average home price should be 3:1 to the average yearly household income. If the average income in calgary is 80,000.00/year the average home price should be 240,000K...
That's of course varies to 4:1 in a "Hot Market" but anymore then that and tive the affordability is outta wack. Some of the places in the US like san diego are at 10:1 and higher... The more the price is out of wack with the average income the more creative the financing has to be "on average"...
That's where the price should be in calgary and how it gets back to there is anyones guess, but a smooth and slow ride to it would be nice but unlikely..
|