Here's how much you need to earn to afford a home in Calgary right now
The journey towards buying a home can be a long one, and a new report has revealed just how much money you need to make to afford one in Calgary.
The minimum annual income needed to buy an average home in Calgary last year was calculated by Ratehub.ca, and there’s a beacon of hope after enduring rising real estate prices over recent years.
Looking at the change in income required between January and December 2024, YYC saw a drop in the cash needed on hand, falling by $2,500.
The peak of the amount a homeowner hopeful needed to earn was hit in June when it stood at $120,670, and the stress test rate landed at 7.49%, and the mortgage rate was 5.47%. The lowest amount needed was in November when it stood at $112,460. The stress test rate was 6.81%, and the mortgage test rate was 4.81%.
As of December 2024, the minimum income required to buy a home in Calgary sat at $113,500.
Ratehub
Our pals up in Edmonton was one of the few cities in the country that saw an increase in the income required in 2024, rising by $1,050, with just St. John’s and Fredericton besting it with $2,370 and $6,130, respectively.
If you are not into the idea of buying a home or simply can’t afford one, a new report also laid out where you can find the cheapest rent in Calgary. Best of luck!
Check out the full Ratehub report on how much you need to earn to buy a home in Canada in 2024.