It may have the word "cold" in its name, but Cold Lake is pretty hot where real estate is concerned. In fact, the northern Alberta town is one of the top places in the country for affordable residential real estate. A leading real estate website in Canada figured out home prices to income ratios for all significant Alberta markets and used that data in a comparison to single or dual median household incomes in that area.
What those calculations show is how long in years it would take a home owner to pay off what is considered to be an average priced home in that market figuring that 100 per cent of total household income is put towards paying down the mortgage. Data shows that Cold Lake is second only to Fort McMurray when it comes to Alberta residential real estate affordability. The Canada Mortgage and Housing Corporation (CMHC) suggests that believes that the ratio should be three or less for a home to be considered affordable.
The Alberta communities that are at that three threshold or below are as follows: Medicine Hat, Leduc, Stony Plain, Lethbridge, Beaumont, Spruce Grove, Sylvan Lake, Lloydminster, Airdrie, Fort Saskatchewan, Grande Prairie and Fort McMurray. It seems that Canmore is the least affordable area for single-income households, with a ratio of 12.9. With its close proximity to Calgary, it is considered a luxury bedroom community.
Real estate deals can be both exciting and complex. Many dreams are wrapped up in residential real estate. A real estate lawyer can let his or her client know what needs to be included in an offer to purchase and will ensure everything adheres to legalities whether a client is a purchaser or a vendor.