Housing affordability in Calgary continues to look up, with house prices and the income required to buy one falling 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 September and October 2024 real estate data.
According to the report, the average home price in Calgary was $577,700 in October, a $4,400 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 $2,350 to $113,250 in September.
“Steadily dropping mortgage rates made buying a home slightly more affordable in most of Canada in October,” 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.
“Overall, affordability conditions have been improving since June, when the Bank of Canada first started cutting its benchmark interest rate,” 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.
Hamilton, Ontario, led the charts on improved housing costs. That city’s house prices decreased by $10,600 over the last month, followed closely by a $8,500 decrease in Toronto.