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Residential real estate: The Fort most affordable area in Alberta

It seems that Fort McMurray tops the list of the most affordable housing in Alberta. Residential real estate is on the upswing in this Alberta community that has seen its share of problems in the last few years -- especially from devastating forest fires that nearly razed the entire population centre. Using the home price-to-income ratio, Fort McMurray wins the top prize for affordability.

The average price of a home in the Fort is a little better than $439,000 while the median double income is $221,425 and the single median income is a little more than $106,000. So the price-to-ratio incomes are 2:1 and 4:1, respectively. On the other end of the spectrum, the least affordable places to buy a home in Alberta are Edmonton, Calgary, Canmore, Okotoks and Camrose.

Canmore is actually the least affortable area of the province for real estate. The average home in Canmore will put residents out of pocket to the tune of more than $676,000. A two-income household sees about $116,975 while singles earn a little more than $52,000, so that price-to-income ratio is 5.8:1 and 12.0:1, respectively.

The affordable residential real estate climate of Fort McMurray may be the catalyst for more people to buy and sell in the community. An Alberta lawyer experienced in real estate law may be able to provide insight into the market whether a client is a purchaser or a seller. A lawyer will always ensure the best interests of his or her clients in any contractual agreements. In all cases, a seller and buyer may be best served by retaining a lawyer to represent each of their interests throughout a real estate transaction.

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