How affordable are homes in Calgary?

Calgary's housing market is amongst the five cities considered "moderately affordable", according to a study by RE/MAX.

House prices in Calgary are on a decline, falling by 3.7% last year to an average $484,601. The average sale price of homes this year is expected to remain the same.

"With the prices on the decline, Calgary lands in the middle of the pack when it comes to Canada’s most-affordable housing markets," RE/MAX said.

Calgary ranked 7th out of 16 Canadian cities included in RE/MAX's Housing Affordability Report 2020. Homeowners in the city typically save around 19% of their income for mortgage repayments.

Read more: Budget cuts threaten Calgary's housing affordability

The cheapest homes in Calgary can be found in the neighbourhoods of Pine Ridge, Martindale, and Abbeydale. On the other hand, Upper Mount Royal, Bel-Aire, and Pump Hill have the highest-valued homes in the city.

Condominiums are the popular pick amongst first-home buyers in the city. Prices for this property type usually range from $140,000 to $300,000.

"Younger and first-time home buyers are having to rely on support from parents to meet the required down payment and enhance affordability, but have yet to venture into property co-ownership, which has been an emerging trend in other regions," RE/MAX said.

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