Okotoks has been ranked as one of the least affordable communities to live in Alberta. According to a study put out by online real estate brokerage Zoocasa, Okotoks ranked fourth in terms of least affordable municipalities in the province. The data is based on comparisons between average home prices and average salaries in the town. “The purpose behind doing this study is to be an education piece for homebuyers,” said Penelope Graham, managing editor for Zoocasa. “Whether or not a housing market is considered affordable goes beyond just the average home price.” Zoocasa pulled data from Statistics Canada to learn the median income of single and dual-income families in 24 communities across Alberta and then looked at average home prices as reported by local real estate boards – the Calgary Real Estate Board in Okotoks’ case. The numbers were used to calculate a price-to-income ratio. Basically, if a household were to take 100 per cent of its income and dedicate it toward their housing costs, how long would it take to pay off a home at the average price? “The financial benchmark for being considered affordable is three years, so taking that calculation we applied it to each of the markets to see whether or not they’re within that benchmark or if they’re over, and rank them accordingly,” said Graham. Okotoks ranked fourth at a 3.4 ratio on the average two-plus person household, behind Canmore at 5.8, Camrose at 3.5, and Calgary at 4.1. High River wasn’t far behind, ranking sixth at 3.5. For Okotoks, these numbers were based on an average home price of $441,597 and single household incomes of $53,424, and households with two or more people having incomes of $128,219. “Even though Okotoks ranks fourth on the higher end of the scale, its ratio from our affordability calculation is still just 3.4,” said Graham. “So it is slightly outside the realm of affordability, but not by a drastic amount.” What that means is for those making the median income it might be a bit of a stretch financially to own the average home, but overall it’s not an entirely unaffordable market, she said. At the other end of the scale was Fort McMurray, which registered an average home price of $439,664, but with higher average incomes its ratio for a two-plus person household came in at just 2.0, she said. “People there are earning more and therefore their shelter costs take up less of their budget, which is what granted its high status of an affordable market,” said Graham. Okotoks Mayor Bill Robertson said the Zoocasa study results show how important it is for the Town to look at diversifying its housing. “It’s all the more reason to explore affordable housing,” said Robertson. “Certainly young people graduating from high school, young couples starting out, trying to purchase a house is very difficult. “We want our people, if they so choose, to be able to stay in our community. They shouldn’t have to go elsewhere because they can’t afford housing here.” He said the Town’s affordable housing task force is made even more important in the face of the study results. The task force has been looking into everything from transitional housing for Rowan House Emergency Shelter to a range of different housing types. The proposed tiny home village by Vagabond Tiny Homes is also part of the big picture, he said. “We’re trying to look at everything we need to be looking at,” said Robertson. “We’ve got some very accomplished stakeholders on that committee, so I’m looking forward to seeing what kind of recommendations they come up with.”
