Calgarians are the worst, and we’re the biggest loser
Residents in western Ontario are on the worst end of the national housing crisis, while residents in rural areas are experiencing the worst of it, a new study finds.
In Calgary, the population is projected to increase by over 20 per cent by 2031, to 792,000, according to the latest census data.
But in the city’s rural area, where fewer people have a home, the numbers are projected to decrease by nearly 5 per cent.
In the city, the average household income in the rural area is $32,879, down from $35,066 in the urban area.
The data, which is based on data from the Alberta Land Cover Assessment Program, is an attempt to shed light on the real cost of living in a community, said Andrew Dufault, senior vice-president of the Ontario Association of Realtors.
“This report provides us with a good baseline for us to understand what’s going on with our economy and the challenges we’re facing,” he said.
“It’s not just a number to show us how much we’re losing.
It’s also an indication of what’s happening with the cost of housing.”
In the study, the association estimates the average price of a single-family detached home in the Calgary area is now $1.35 million, down 2.7 per cent from the previous census.
That includes the $1,400 annual maintenance fee that residents pay on their property.
The study also shows the median annual salary in Calgary is $70,000.
That’s down 2 per cent, from $73,000 a decade ago.
Dufault said that could be a result of more people retiring and living longer.
More people are also buying homes.
The average price in the Edmonton area is expected to rise 7.5 per cent to $1 million in 2019, while in the other two Canadian cities, Calgary and Vancouver, it is expected more people will be buying homes than ever before.
The average monthly rent for a single family detached home is $1 2.5 million, up 1.4 per cent since the last census, according the study.
That increase in the average monthly payment is largely due to an increase in sales tax, according Dufaults report.
The report also showed the average annual household income per person in Calgary and Edmonton is $56,800, down 4.5 cent from $58,700 a decade earlier.
The data comes on the heels of the federal government’s decision to hike the property tax rates in the two cities.
The increase is also a consequence of the province’s decision last year to increase the maximum allowable income in Alberta from $100,000 to $125,000 for singles and couples.
However, Dufalt said the study shows that a majority of Alberta households are still paying taxes and benefits that were designed to benefit more households.
Alberta is one of the most expensive jurisdictions in the country for housing, said Dufaux.
He said while the increase in income tax rates could have an impact on housing affordability, the province is making it easier for people to afford to buy homes.
“That’s good for the economy and for the city,” said Dafault.
“If we’re going to get that tax increase back, we’re certainly going to do it.”
The study found Calgary is home to over 4,000 people in the downtown core.
The median household income for the inner-ring suburbs of Calgary and Kitchener-Waterloo is $78,500.
The study also found that in the inner suburbs, a median home value is now over $1 billion.
The research was released on Wednesday as more than two million people across the country are expected to vote in the upcoming provincial election.