Tired of renting? This is how much a monthly mortgage costs in Calgary

With housing prices on the rise, it appears renters may have the advantage in Calgary when it comes to monthly housing costs.

According to a new real estate report from Zoocasa, Calgary is the 11th most expensive city in Canada to buy a home, with the average cost coming in at $594,542.

Zoocasa calculated how much a monthly mortgage would cost, and if you’re currently in the rental market, it might be better to keep it that way and save for a while.

The real estate site obtained average home prices from the Canadian Real Estate Association and calculated mortgage costs based on a fixed rate of 4.84% with a 10% down payment for homes under $1 million and a 20% down payment for homes over $1 million.

Zoocasa’s analysis utilized biweekly and monthly mortgage payments amortized over 15-year and 25-year terms.

With Calgary’s average home price, a monthly mortgage would be $4,303 on a 15-year term and $3,159 with a 25-year mortgage.

Compare that to the average cost of a one-bedroom apartment in Calgary, which is currently $1,711, per Rentals.ca.

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Zoocasa

Just to the north in Edmonton, the average home currently costs $398,960. With a 25-year mortgage term, Edmontonians spend, on average, around $2,119 per month.

In Canada’s most expensive city to buy a home, Vancouver, a 25-year term will run you a whopping $5,866 monthly.