Patience is key: Saving for a home in Calgary takes over 3 years
If you are starting to save up for a home in Calgary, you are going to need some patience as a report suggests it will take over three years.
According to The National Bank of Canada’s Housing Affordability Monitor for Q2 of 2022, it will now take people in Calgary 39 months to save up for a home.Ā
National Bank of Canada
If you are in the market for a condo in Calgary, it will take just 17 months of saving (assuming 10% savings each month).
And while affordability deteriorated in Calgary, it is still a whole lot better than it is across the country.
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If you are looking to save up for a house in Vancouver, it will take 472 months to save up if there is an annual household income of $328,822 and you are saving 10% each month.
Saving up in Toronto will take 382 months, 276 months in Hamilton, and 399 months in Victoria.
Overall housing affordability in the country is down 10.4 points, the sixth straight quarter to see affordability drop. Q2 in Canada marked the worst quarterly and annual drop in 41 years. It was the second largest quarterly drop in affordability ever in Canada.