Here's how long it takes Calgary renters to save up to buy a home
A new report from Zoocasa has shed light on how long renters in Calgary would need to save up to reach the minimum down payment on a house.
Calgary’s average rent price is among the lowest in the country. The Canadian national average is around $2,121, while here in Calgary, the average rent for a one-bedroom unit is just $1,689.
If Calgarians saved their full $1,689 rent each month, reaching a down payment for a house could happen faster than expected.
For a condo with a minimum down payment of $16,480, it would take just 10 months to save. For a detached home, where the minimum down payment is $51,180, the saving timeline stretches to about two years and six months.
For detached homes, the timeline to save depends on which district of Calgary you would like to buy in. In East Calgary, the most affordable district, the average home price is $414,600, with a minimum down payment of $20,730, which would take around one year of saving the city’s average monthly rent of $1,689.
Zoocasa
West Calgary is the most expensive, with an average home price of $716,000 and a minimum down payment of $46,600. Saving the same $1,689 per month would take around two years and four months to reach that amount.Â
Just up the road in Edmonton, there’s a similar story, just on a smaller scale. With an average one-bedroom unit rent of only $1,369 and a cheaper average detached home price of $322,103, the minimum down payment is only $16,103, which would take about a year of saving, roughly the same timeline as East Calgary, but with a lower overall cost.Â
Even in Calgary’s pricier districts, putting aside full monthly rent could get you a down payment in under two and a half years, showing that homeownership is within reach for renters willing to save and plan ahead.Â