Fort Saskatchewan is currently one of the most affordable places to buy a home in Alberta according to data released by real estate company Zoocasa.
Zoocasa compared average home prices to local household incomes to rank affordability in 24 Alberta cities and towns. On a list of most to least affordable, Fort Saskatchewan—with its average home price of $368,921--came in fourth after Fort McMurray, Cold Lake and Grande Prairie.
Fort Saskatchewan's median income for single-earner homes is $60,928. For households with two or more earners, median income rises to $134,490. For a home to be truly affordable, Zoocasa said, the home price-to-income ratio should be no higher than 3.
“The findings reveal that for households with more than one income, there are a number of viable options across the province; 13 Albertan cities boast a ratio of three or below, with an additional nine on the cusp, measuring between three and four,” the company reported.
Fort Saskatchewan’s dual income ratio sat at 2.7.
For single-income earners on the other hand, not one market was affordable, including Fort Saskatchewan with its score of 6.1.
Canmore ranked as the least affordable market. See the full list below.