Living in Calgary: Minimum (Average) Salaries vs. Sectors vs. Property Types
If you’re thinking about buying a home somewhere in Calgary sometime soon, then surely you’ll want to look at these maps done by Zoocasa, a real estate website specializing in Canadian markets.
Unless you spend some serious time analyzing the Calgary Real Estate Board’s (CREB®) reports, it can be more difficult than expected to determine just how much money you need to afford living in different parts of Calgary.
Thankfully, these colour-coded maps clearly indicate the relationship between property types, sectors of the city and average minimum cost – or average income needed to be able to afford a home in that area (important word: average!!). These numbers were generated using CREB’s June 2018 monthly market update.
Compared to other major metropolitan areas in Canada, Calgary still has affordable product for low income earners in most sectors. For example, a row house in the east sector is estimated to require an average minimum salary of $26,374 – or about $13.50 per hour.
Something to keep in mind is that in many cases a household will have more than one person living within and as a result additional income to pay the bills anyways. These figures aren’t the end all, be all.
If you’re wondering if you can afford a home you want, it’s a good idea to get pre-approved for a mortgage as the first step. Also see… What Documents Do I Need for a Mortgage Pre-Approval?
Key Points from the Maps:
- Minimum average income needed to afford living in any area of Calgary is $26,327 (row home in the east sector)
- Minimum average income needed to afford living in the most expensive sector of Calgary is $765,900 (semi-detached home in the city centre)
- Most affordable homes are in the east and northeast sectors
- Most expensive homes are in the city centre and west sector
- Apartments are the most affordable type of product across the city, then row houses, semi-detached houses and finally detached houses
- Apartment affordability in least to most expensive order: east, north, northeast, south, northwest, west, southeast, city centre
- Row housing affordability in least to most expensive order: east, northeast, north, south, southeast, northwest, west, city centre
- Semi-detached housing affordability in least to most expensive order: east, northeast, north, southeast, south, northwest, west, city centre
- Detached housing affordability in least to most expensive order: east, northeast, north, southeast, south, northwest, city centre, west
*Note: all figures are averages, therefore true minimum salary needed to afford various product in various sectors may vary
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