Calgary home prices jump 37% in three years: report

A new report from the City of Calgary has some disheartening news for anyone looking to buy a home in the city.

As Calgary navigates a housing crisis, new numbers from the report released Wednesday, show things are only getting worse.

The data shows that not only has the cost to buy a detached home increased by 37 per cent in the last three years, but an income of $156,000 annually is needed to afford it.

“Affording” a home, according to the city, means not spending more than 30 per cent of one’s income — before tax — on housing.

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The situation isn’t looking much better for future apartment owners, as over $70,000 a year is needed to buy one in Calgary.

Calgary’s market is even tougher for those not looking to buy — at least $84,000 is needed to afford the average rental in 2023, up from $67,000 in 2022.

The number of households in housing need in 2021 was 84,600, according to the city — an increase of 4,600 from the 2018 assessment.

That represented one in five households in Calgary who couldn’t afford their housing, the city says.

Based on the current market housing conditions, the city expects this year’s numbers to be even higher.

The report expects nearly 100,000 households to require affordable housing options by 2026, based on population trends.

Calgary’s Housing Needs Assessment is published every five years, and helps to inform the city on the creation of affordable housing policies, it says.

Reports are constructed using data from the federal census, the City of Calgary Corporate Economics and Canada Housing and Mortgage Corporation.

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This comes ahead of an important decision for Calgary council — the refreshed housing strategy will be presented for approval at the community development committee meeting on Sept. 14.

The updated strategy will be presented for approval at the community development committee meeting at that time.

The affordable housing recommendations were first brought to council in June and denied, drawing criticism from some at the table, including Ward 11 Coun. Kourtney Penner who, at the time, called the outcome, “awful.”

Calgary-Nose Hill MP Michelle Rempel Garner called the decision to vote down the six recommendations “embarrassing”, “unacceptable,” and “ridiculous.”

In a matter of hours, council reversed course, voting 14-1 to accept the advice of the Housing and Affordability Task Force.

Mayor Jyoti Gondek said following that decision, the city had a “clear path forward.”

On Wednesday, the same day the report was released, Mayor Jyoti Gondek called a Special Meeting of Council for Saturday, Sept. 16.

1/2 We are in a housing crisis in Calgary. I have called a Special Meeting of Council for 1 pm on September 16, 2023 to take swift action. Compared to 2021, average market rent is 40% with vacancy at 3%. Median home prices for single detached 37%. The time to act is now. pic.twitter.com/mU1tI3tjTr

— Jyoti Gondek (@JyotiGondek) September 6, 2023

In a social media post, Gondek said the city is in a “housing crisis,” adding that “the time to act is now.”

The mayor said that according to the Calgary Homeless Foundation, 237 families are waiting for supportive housing, up from 173 in 2022 and 30 in 2021.

“Council must act now,” Gondek said.