Quote:
Originally Posted by pepper24
With the 10 year boom from 1997 to 2007 we've managed to get in a situation of housing prices becoming 4-11 times median income. Historical it's been 3-4 times median income.
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To say 11X median income is very misleading.
There are people who make 11X the median income who can afford that price relative to how others afford theirs.
What that really signifies is the Calgary has an extremely wealthy sector it historically didn't have who are increasing the range of home prices. The variation in Calgary home prices is much wider than ever before but so it the variation in income.
The wealthy are buying at prices much higher than the average, and historically the disparity was much closer.
More telling is to look at actual median income and median price. Those numbers are about $90,000 and $350,000 which comes to 3.9.