These 10 stats show Calgary\u2019s bumpy road to housing recovery continues after the first half of 2018<\/a><\/strong>\r\n <\/div>\n\u201cIn contrast, that’s not the case in the Toronto or Vancouver markets. There are parts of the markets here where even if you have a dual income, you’re still well priced out of the detached and the semi-detached market,\u201d Penelope Graham, Managing Editor at Zoocasa, tells Livabl. <\/span><\/p>\nIn the report, the real estate search site and brokerage calculates the minimum income required to buy a home at the benchmark price in Calgary\u2019s eight main districts. The calculation is based on a 20 per cent down payment and accounts for property taxes, but does not include utilities or condo fees. The data used is from Canada\u2019s 2016 census and the Calgary Real Estate Board\u2019s (CREB) June 2018 market report. <\/span><\/p>\nIn June, the city-wide benchmark price of a home in Calgary was $436,500 \u2014 a significant difference from the average price of a home in Toronto, which hit $1,033,574 last month, according to the city\u2019s real estate board. <\/span><\/p>\nUnlike Toronto and Vancouver, one-person households earning a median income of <\/span>$53,342 can also afford most property types throughout Calgary.<\/span><\/p>\n[T]hey’re not just limited to condos, people who are earning the single median income do have access to row houses and semi-detached homes in some of the more affordable parts of the city. It’s really quite a stark difference in what your typical individual can afford,\u201d says Graham. <\/span><\/p>\nEven an individual earning the minimum wage of $26,327 annually in Calgary can afford a rowhouse in the city\u2019s eastern neighbourhoods.<\/p>\n
\u201cIf you make less than $50k, you can still afford a semi-detached, you still have the option of purchasing a rowhouse in each of the quadrants and you can still afford the benchmark condo in any district. If you’re making under $50k you still have the ability to be a property owner and that’s certainly not the case in Canada’s largest markets,\u201d says Graham.<\/p>\n
While there\u2019s a significant gap between the price of a detached home in Toronto and Calgary, Graham notes that there\u2019s also a notable price disparity between the cities\u2019 most affordable housing type, condos.<\/p>\n
In June, the average price of a condo in Toronto was just over $600,00 while it was $259,100 in Calgary \u2014 \u00a0close to a $350,000 difference. <\/span><\/p>\n\u201cBoth at the lower end and at the higher end of the market you’re looking at almost double the housing costs and the carrying costs to own the same type of real estate in either city,\u201d says Graham. <\/span><\/p>\nWith a salary of $27,915, homebuyers can purchase a condo in Calgary\u2019s east end at a benchmark price of $182,800. <\/span><\/p>\n
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