Average cost of a house in Calgary is 43% more than median income
If it seems like you’re doing everything you can to save for a house in Calgary, but no matter how many pennies you pinch, it doesn’t seem to be enough, a new report might help normalize your struggle.
A report released by Ratesdotca has found the average cost of a house in Calgary is 43% higher than the average household income.
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Data from the Multiple Listing Service (MLS) shows the median household income in Calgary is $95,194, which would be eligible for a maximum insured purchase price of $385,000. However, the average cost of a house in the city is $550,700, which is $165,700 more than the average household can afford.
Alberta is still considered more affordable than other provinces like Ontario and British Columbia. The report found that “Stampede City has seen heavier interprovincial and international migration in the past few months, resulting in a rise in the cost of housing.”
It’s not all from migration, though. Calgary’s booming tech sector has “attracted a post-pandemic bump of new residents.”
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Edmonton has once again come out on top, with Edmontonians able to, on average, afford to buy a house in the city.
“Edmonton has generally maintained a higher inventory of homes for sale in existing and new home markets,” says Taylor Pardy, an economist with Canadian Mortgage and Housing Corporation (CMHC).
“Consequently, market conditions are not as tight as Calgary and buyers have more choice when shopping for a home or a unit to rent.”
At least it’s not as bad as in Vancouver, where the cost of a house is 249% higher than what the average household can afford.
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