[Burninator]

Calgary home rated 'seriously affordable'

An international report says Calgary housing is "seriously unaffordable" and at the same level as Toronto.

The 5th Annual Demographia International Housing Affordability Survey looked at third-quarter 2008 data in 265 metropolitan markets across the globe, including Australia, Canada, the Republic of Ireland, New Zealand, the United Kingdom and the United States.

The survey of housing afford-ability said Calgary and Toronto were tied for 29th in Canada and 190th in the world.

To assess affordability, Demographia divided median house prices in individual markets by the median annual gross house-hold income.

In Canada, on average, citizens require 3.5 years of annual income to purchase a home. In Calgary, it would take 4.8 years.

http://www.calgaryherald.com/busines...822/story.html