Calgary house prices aren't so bad compared to these US cities

It’s no secret that house prices in Calgary have been exploding lately, but the good news is that they’re much more affordable than in other cities in North America.

A new report from the real estate company Zoocasa shows that the city is one of the most affordable on the continent.

Their findings show that Calgary has the highest median household income in Canada at $64,444, making the median home price of $340,741 within reach for many buyers.

Zoocasa

Once again, Edmonton comes out on top in Alberta in terms of affordability, with a median household income of $62,222 and a median home costing around $351,703. That means that the average Edmonton household makes $56,888 more than what is needed to afford to buy into the housing market.

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Canada generally seems to be doing well in comparison to households in the United States.

The report found eight cities where median-income earners can afford the current median home price, and five of them are located in Canada; Calgary, Winnipeg, Edmonton, Saskatoon, and Saint John all made it onto the list.

Oklahoma City is the most affordable city in the States, with average home prices hovering around $250,000 and the average income sitting at $64,251.

Zoocasa using data from CREA and Statista.com

Despite many Canadian cities making it onto the affordable housing list, the country also suffers from a noticeable income disparity. Canadians generally make less money than Americans and have a wider gap to close when buying houses.

In 2022, the average home price in Canada was still over $30,000 higher than in the US, even though Canadians had a median income that was $20,000 lower.