Red Deer named Canada’s third-most affordable city in Royal LePage report
A recent report by Royal LePage has found Red Deer to be Canada’s third-most affordable city in Canada, and the most affordable city in Alberta.
“I think it shows that there’s confidence in our economy here in central Alberta,” said Chad Jensen, broker and owner of the Royal LePage Network Realty Corp. in Red Deer.
Based on aggregate data, Red Deer was found to have an average monthly mortgage payment of $2,049.88 and a house price of $392,900, based on a median total household income of $95,900.
“It’s obviously a very good time to buy right now, either if you are in that starter type position or if you’re in an existing home and you want to move into a larger home, we’re in a great marketplace for that right now and very affordable still,” said Jensen. “As we become more attractive and obviously the word is out that Red Deer is very affordable, we can expect our house prices to climb here in central Alberta to what would be a normal price range for our marketplace.”