Fantastic four? Saving for a home in Calgary now takes four years

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If you are starting to save up for a home in Calgary, it is going to take some time, with a new report suggesting it will take four years.

According to The National Bank of Canada’s Housing Affordability Monitor for Q1 of 2023, it will now take people in Calgary 48 months to save up for a home.

That is based on a household income of $145,251 and savings of 10% a month.

National Bank of Canada

For many first-time home buyers in YYC, these are among the worst numbers they’ve seen in their lifetime. Based on the median mortgage payments as a percentage of income (MMPI), Calgary’s housing market has seen the third biggest drop in affordability since 1990.

If you are in the market for a condo in Calgary, it will take close to two years to save up. With a household income of $76,000, it will take you 21 months.

National Bank of Canada

Those numbers may seem intimidating but it is a lot better than our friends to the west.

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If you are looking to save up for a house in Vancouver, with an annual household income of $322,245 and savings of 10% each month, it will take a mere 454 months.

Saving up will take 304 months in Toronto, 93 months in Hamilton, and 336 months in Victoria.

Overall housing affordability in the country improved for the second straight quarter. This quarter was the biggest improvement we’ve seen in four years.