News article mentioning the 13th Annual Demographia International Housing Affordability Survey
• CHAT Television, 30 January 2017
MEDICINE HAT, AB — A recently released survey on International Housing Affordability from the Atlantic Institute for Market Studies ranked Medicine Hat as the most affordable place to buy a house compared to other Alberta cities.
The ranking is based on the cost for a median priced home versus the median household income.
Local real estate board president Vincent McKenzie said it’s good news for Medicine Hat.
“It goes to show the Medicine Hat advantage does actually exist for all the talk we hear about it,” he said. “Now with the studies it’s really nice to hear.”
The median home price in Medicine Hat during the third quarter of 2016 was $247,900, according to the survey. In that price range, McKenzie said home buyers are looking at one to two bedroom starter homes, likely built between 1970 and 1990.
“Between that $200,000 and $250,000, it’s going to be that first time home buyer, possibly even a downgrade to a smaller home,” said McKenzie.
The report aimed to highlight middle income housing affordability.
Jaime Rogers with the Community Housing Society said it’s an accurate report that highlights how affordable the city can be for those middle income families. However, Rogers added that doesn’t mean housing is affordable for everyone.
Read the full article on the CHAT Television website.