Those who are looking for affordable homebuying markets in the country should pay attention to Wild Rose Country. Alberta still tops the list of affordability when it comes to residential real estate. Wages in Alberta have kept pace with housing prices -- one of the primary reasons potential homeowners can still think about buying their dream homes that are still within reach.
After an analysis of the 25 major housing markets in the province, it was found that, when using the median household income of Albertans, they could afford homes in all of those markets. Leading the pack on affordability is Fort McMurray, followed by Beaumont and Cold Lake. The least affordable areas (although still within reach of most Albertans) are Canmore and Calgary.
Edmonton, Alberta's capital, ranked fifth in affordability. Bedroom communities like Sherwood Park and Spruce Grove, were in the middle of the bunch. When compared to other areas of the country like Ontario and British Columbia -- which have the highest priced residential real estate in the country -- Alberta is very healthy. Only four of 19 markets were affordable in British Columbia, while nine of 28 markets were still affordable in Ontario based on an income to market ratio.
Albertans who are able to purchase a home thanks to an affordable residential real estate market will want to ensure all goes well contractually so that they can close the deal on their new home. By having a real estate lawyer look over a contract and help with the closing, potential snags may be avoided. A home is likely the largest purchase a person will ever make. He or she will want to make sure everything is completed using the letter of the law.