The Royal Bank of Canada has just released their latest Housing Affordability Report.

An excerpt in regards to Alberta:

Alberta — Officially the most affordable in Canada
At the other end of the affordability spectrum from British Columbia is Alberta,
which, in the fourth quarter of 2010, officially became the most affordable
provincial market in the country, according to the RBC Measures.
Those Measures fell once again by 1.0 to 2.4 percentage points in the province,
extending their long strings of declines since late 2007. In addition to
the lower mortgage rates, the further depreciation of home prices contributed
to lowering the cost of homeownership in the fourth quarter. Property values
were negatively affected by a substantial downswing in demand in the spring
and early summer, which put buyers in the driver’s seat. The significant improvement
in affordability is near the end of its line, however. Demand has
shown more vigour in recent months—alongside a provincial economy that
is gaining more traction—and the Albert market has become better balanced.
We expect that this will stem price declines this year, thereby removing a
potential offset to the negative effect of the projected rise in interest rates on
affordability.

Click here to read the full article.