Income to buy a home in Calgary must rise further: report

 

The income required to buy an affordable home in Calgary has skyrocketed in the past year. Data from ratehub.ca shows it was $120,450 in December. At the beginning of 2023, it was $105,680. Calgary had the second highest income among the major cities surveyed.

The report also indicates that Calgary home prices will increase by $44,600 to an average of $554,500 in 2023. Rates are based on a mortgage that includes a 20 percent downpayment, 25 years of amortization, $4,000 in property taxes and a $150 monthly heating fee.