Housing affordability in Calgary is finally looking up, as house prices and the income required to buy one have dropped over the last month.
Ratehub’s latest report calculated the minimum annual income needed to buy a home in some of Canada’s major cities based on August and September 2024 real estate data.
According to the report, the average home price in Calgary was $582,100 in September, a $4,000 price decrease from the previous month.
The average income needed to purchase a home in Calgary also saw significant reductions over the last month, dropping by $1,760 to $115,600 in September.
Ratehub
“Those on the hunt for a home in September enjoyed a sweet spot in terms of affordability, as lower mortgage rates – combined with softening home prices and ample supply – took the pressure off buyers,” the report shared.
Ratehub’s data reflects how changing mortgage rates, stress test rates, and real estate prices are impacting pricing and income requirements throughout the country.
“Affordability conditions improved in 11 of 13 major housing markets across the nation, as a third Bank of Canada rate cut led to a month-over-month drop in borrowing costs,” Ratehub said.
Our neighbours to the north also saw house prices and the income required to purchase a home improve over the past month, with smaller decreases paving the way for more affordable housing.
Our coastal counterparts led the charts on improved affordability. Vancouver’s house prices decreased by $16,200 over the last month, followed closely by a $13,500 decrease in Toronto’s.