How much do you need to make to buy a home in Calgary?
Posted Jun 19, 2024 5:35 pm.
Last Updated Jun 19, 2024 5:47 pm.
Housing affordability in Calgary declined once again last month.
A new report from Ratehub.ca, an online mortgage brokerage, suggests Calgary was among 11 of 13 Canadian big cities that saw a month-over-month drop in affordability.
Calgary ranked fourth in terms of worsening affordability with the average home price in the city at $587,100, up $6,200 from April to May.
“That’s a pretty big jump,” says Penelope Graham, a mortgage expert with Ratehub.ca.
According to the report, someone would need a household income of $120,000 in order to buy a home in Calgary. That number is up just over $1,000 compared to a month ago.
Graham says the increase underscores how quickly things are heating up in the city despite Calgary remaining considerably more affordable than Vancouver or Toronto.
“It is a market where affordability is relatively better than a lot of other big cities,” she says. “But that gap is very rapidly narrowing.
It continues to be easier to buy a house if you head up Highway 2 with the average house price in Edmonton at nearly $393,000 — up by about $4,200 from last month.
