Housing affordability improves

Until this recession housing prices where slowly and steadily creeping out of the territory of affordable for many first time buyers.

The truest example of this was a "starter home" in Vancouver for $700,000. Of course location and other market comparables would set aside this property from the rest, it's still not in my idea of the starter home region. Vancouver's housing affordability is still an unbelievable 63%. That means 63% of income must be devoted to mortgage payments.

Now we now why Vancouverites are so svelte - they can't afford food!

Housing prices cooled and low interest rates brought back affordability but how long will it last? According to some experts not so long.

"The two major contributors to the significant improvement during the past year or so — the decline in mortgage rates and the drift down in prices — appear to have reached turning points."

"Supply of properties for sale is dropping as demand bounces back, which is working to heat up prices again in many parts of the country."

RBC senior economist Robert Hogue

We are in a one-of-a-kind situation to pick up great properties with low interest rates at incredible prices. There is such demand in Canada and especially in Edmonton, Alberta for quality housing, price increases are going to return in the next year.

Vancouver- So Beautiful You Won't Mind Not Eating

If you live in Vancouver and think that 70% of your income is okay to spend on housing then don't read further. If you are worried about buying your first home then by all means Read This Article

Highlights Include:

*Finding a mortgage that feeds you, not eats you
*How to buy in the right area for maximum appreciation
*New trend of "Equity Sharing"

Eskies Are Going To Be Okay!

The first Eskimos challenge of the new season was the Edmonton housing crisis but 20 new Eskimo players have found many leads on places to live.

"Every second call we took to our administration office yesterday at the Edmonton Eskimo facility was someone in the Edmonton area, either offering up a place for a player to live, or telling us that they knew a friend of a friend who had a place, a basement suite and that kind of thing," Dave Jamieson Spokesman for Edmonton Eskimos

In a city with record low vacancy rates and high rents this situation is not uncommon.

"The province of Alberta's ascendant economy has meant that real estate prices have risen dramatically. The 40.5 per cent increase in the price of a new home over the past year in Edmonton is the highest anywhere in the country according to a Statistics Canada report." Click Here For More

Great to see that Edmontonians pulled together to help their city's CFL players find a place to live.

The Facts Speak For Themselves

This comment came from a disgruntled Edmontonian. I planned to email him directly but Dustin's email address was a dud.

"Dustin's email: Your "real estate investments" are going to put me on the street. Unfortunately, real estate has now become something that only investors can afford. I am a professional engineer making good money and housing in Alberta is simply unaffordable. I have absolutely no idea how it is affordable for a grocer or the rest of the working class to afford a home. Why not focus your business on helping people find affordable housing regardless of socioeconomic status? Your greed disgusts me."

Hello Dustin,

Thanks for your email.

I know how you feel about the rental and real estate market in Edmonton and Calgary, it is tough!

But, I think your impression of what we do is unclear.

We help people. We're the problem solvers that help folks moving into Alberta from other provinces, people who live in our cities, and others who need housing find a home. We provide, safe clean and affordable homes for people of all incomes, especially people just starting out or having financial difficulties.

In fact, we're active in helping the city come up with solutions to offer more housing and suites in the province. That way we can ease the pressure to renters and prevent unruly landlords from jacking their rents up $400 per month. We're the guys that are trying to stop the excessive rent hikes.

We help many folks of various income brackets and social classes invest in real estate too. Many of these people are looking for a way to grow what money they have and by investing into real estate are able to afford their own homes when they couldn't otherwise do so.

Another way we help out and other groups of investors do is by helping Habitat for Humanity. In fact, a group that I belong to raised of $65,000.00 to build homes for underprivileged people in Edmonton. Perhaps you'd like to get active and donate yourself?

Habitat For Humanity

Lastly, I think you'd be surprised to see the affordability of Alberta at the moment. Please go to RBC and take a look. Housing prices are actually quite affordable for many people despite the increases.

Thanks for your email.

Sincere regards,

Todd Millar.