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According to RBC's Housing Trends and Affordability report for May, housing
affordability continued to be attractive in Alberta for the first quarter of
"The levels of Alberta's measures remained among the lower, if not, the lowest, among the provinces," stated the report. "With such attractive affordability and a provincial economy that is ramping up considerably, it is not surprising to see home re-sale activity taking off recently."
Re-sales in Alberta were up 11.5 per cent year-over-year.
"As Alberta continues to lead the country in economic growth this year, we expect brisk housing activity to persist," stated the report.
Alberta's neighbouring prairie market Saskatchewan saw home re-sales surging to record high levels in the first quarter of 2012 while there was little change in Manitoba's numbers.
According to CREB, the average price of a home in Calgary for the month of May (from the first to press time) was $445.120, an increase of 3.03 per cent compared to the same time last year.
At a national leve, according to the RBC report, Vancouver continues to rank as one of the most unaffordable markets in Canada while Alberta and Atlantic Canada ranking at the more affordable end.