Calgary rent prices have risen by about 40% since 2020

If you thought rent prices in Calgary have risen wildly since last year, you aren’t wrong. A new report from the city is detailing the sky-high prices Calgarians are facing.

The city released its Housing Needs Assessment on Wednesday, highlighting the ballooning of prices for housing in YYC.

When it comes to Calgarians looking to rent, the city says an annual income of $84,000 is needed to adequately afford average market rent in 2023. That number has increased from $67,000 in 2022, a staggering increase of $17,000. 

Looking back to 2020, the average rent price has increased by around 40% between now and then.

For Calgarians looking to buy their first detached home in 2023, an annual household income of $156,000 is required to adequately afford it, meaning they would not be spending more than 30% of their income before housing tax.

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If you are in YYC and are looking to buy an apartment, you’ll need an annual household income of $70,800 to adequately afford the median purchase cost of an apartment in 2023. 

“Calgary is experiencing a housing crisis. The latest data published in the Housing Needs Assessment shows us that an increasing number of Calgarians are struggling with housing affordability,” said Tim Ward, Manager of Housing Solutions, in a news release.

“The findings in the assessment also highlight that the housing crisis is affecting a wide range of Calgarians including those looking to buy or rent a home, and those that are in greatest need of affordable housing supports.”

The future isn’t looking so bright, either. Based on Calgary’s forecasted population growth and historical rate of housing need, the number of households in need of affordable housing is expected to reach close to 100,000 households by 2026.

The City of Calgary defines a household in need of affordable housing when it earns less than 65% of Calgary’s median income and spends more than 30% of that income on housing costs.

The assessment is published every five years and will be reviewed by members of Council at the Community Development Committee meeting on September 14.