Thought I'd play with some other numbers today. I was curious to see how far our income would go towards housing in other cities. I thought it only fair to compare one government city to another, so stuck with the capitals.
Here we go:
Obviously if you've lived and owned in Edmonton this past year, you're feeling like you won the sweepstakes. Charlottetown might have you feeling a bit worried. If I'm in St. John's, I'm scratching my head about how old Danny is blustering away our new-found oil wealth and not translating that into economic prosperity and real estate demand.
Victoria's doing OK, but at $570K is $190K more expensive than it's nearest comparison for a difference of 46%. On average then, you're out of pocket nearly 50% more to live in BC's government wonder-town. It's also interesting to note we are now officially more expensive than Vancouver. They must have discovered a way to make land over there last year.
Why did I choose to compare government towns? Baseless assumptions on my part lead me to believe that if I could find (I looked and couldn't without paying money) average incomes in these cities, my guess is they'd be relatively close.
Unless something changes, I don't think I'm comfortable with paying a 50% premium to earn the same money here, to own here. Yes, the weather is nice and the mosquitoes are rare, but come on, do you really believe that the savings in OFF! and the 28 days of rain in December are worth the premium? Maybe when your 65, but I'll tell you, Whitehorse is looking pretty appealing to this 32 year old. I can earn more, and live in a castle for less than it costs me to own a condo here. And 22 hours of sunshine is pretty nice too right?