Quote:
Originally Posted by Rutuu
It seems that housing prices are like wages and EXTREMELY sticky; no one is willing to take a hit on thier house unless something drastic changes in thier life (i.e: moving to another city). I believe firmly in the sustainability of the 3-4times income ratio for mortgage affordability, however, most people in Calgary tend to stay in this ratio, not by making more money themselves, but by having more incomes in the house (aka two people working or having a roommate).
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Isn't average median wage here around > $70K?
Lots of people have jobs here that pay $100K before bonuses.
Sounds like a $400K house isn't unreasonable.