These neighbourhoods have the cheapest condo down payments in Calgary

As the cost of rent continues to climb around the province and across the country, condo demand has also increased significantly in Calgary.

Renting in Calgary may be cheaper than major cities in other provinces, but the city saw the steepest rent increases in the country last year. According to a report from Zoocasa, these exploding rental prices have contributed to higher condo costs.

In September, the benchmark price for a condo in the city reached $312,800. That number is 15% higher than it was in September of 2022, according to the Calgary Real Estate Board, but some areas of the city are more affordable than others.

 

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Zoocasa created a study to determine how long the average renter would have to save to afford a down payment in the city, assuming the renter did not have to pay rent over that time period. They calculated the minimum down payments in eight regions of the city and found how many months of average rent in Calgary the down payment is equivalent to. The average rent that was accounted for is $1,956 a month.

One area of the city was significantly cheaper than the rest. 

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Zoocasa

Zoocasa

If you’re looking to buy a condo, you might want to start looking in East Calgary, where the cost of a down payment is $11,100. That’s $5,470 cheaper than the most expensive quadrant, the City Centre. Communities included in the city’s East quadrant include Dover, Valleyfield, Southview and Forest Lawn.

The second most affordable condos in the city are in the North East area, which includes Sunridge, Rundle and Marlborough.

The report says it doesn’t expect the demand for these types of properties to go down any time soon, but the good news is that Calgary condos are still considered affordable when compared to other major markets.