Last Updated on October 24, 2023 by Ephraim Vecina
Data from the Calgary Real Estate Board indicated that the metropolitan market is still one of Canada’s most affordable destinations for residential property, according to real estate information portal Zoocasa.
Taking into account average household incomes and benchmark home prices as of June 2018, Zoocasa calculated the minimum income required to afford a property in the region, assuming 20% down payment.
“With the exception of City Centre, households earning the Calgary median two-or-more person household income of $115,403 can afford every benchmark home, in any neighborhood,” Zoocasa reported.
“The median one-person household income of $53,342 can afford the benchmark apartment in all eight districts, a semi-detached home in five out of the eight districts, and a rowhouse in six of the eight districts.”
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More importantly, even those earning Calgary’s minimum wage (around $13.70) can still afford to purchase rowhouses in the city’s eastern neighborhoods, where the benchmark rowhouse price sits at $172,400 and only requires a salary of $13.43 per hour (based on a 40-hour work week and 49 work weeks annually), or a total of $26,327 per year. This is a far cry from the situation in red-hot markets such as Toronto and Vancouver, which have shut the door on low earners and single-income households.
The most affordable Calgary city quadrants for those looking to buy apartments are:
- East – benchmark home price of $182,800; required household income of $27,915
- North – benchmark home price of $208,500; required household income of $31,839
- Northeast – benchmark home price of $220,100; required household income of $33,612
On the other hand, the most affordable quadrants for rowhouses are:
- East – benchmark home price of $172,400; required household income of $26,327
- Northeast – benchmark home price of $197,900; required household income of $30,221
- North – benchmark home price of $261,200; required household income of $39,889
Meanwhile, semi-detached houses are most affordable in these Calgary quadrants:
- East – benchmark home price of $299,900; required household income of $45,799
- Northeast – benchmark home price of $299,900; required household income of $45,799
- North – benchmark home price of $ 316,800; required household income of $48,379
Finally, the most affordable quadrants for detached houses are:
- East – benchmark home price of $354,200; required household income of $54,091
- Northeast – benchmark home price of $376,100; required household income of $57,434
- North – benchmark home price of $432,900; required household income of $66,108
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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